“Seera” records SR 57 mln profit during Q1

Seera Holding Group recorded a net profit after zakat and tax in the first quarter of 57 million riyals, compared to a loss of 63 million riyals in the same quarter of last year. This came after today’s announcement of the preliminary financial results for the period ending in 03-2023. 31 (three months).

The operational profit amounted to 78 million riyals in the first quarter, compared to a loss of 55 million riyals in the same quarter of the previous year.

The total shareholders’ equity “without minority rights” amounted to 5.4 billion riyals in the current period, compared to 5.3 billion riyals in the same period last year, an increase of 2.2%.

Earnings per share in the current period reached 0.19 riyals, compared to a loss of 0.22 riyals in the same period last year.

Seera Group achieves a net profit of 55 million riyals in the first quarter of 2023 at the group level.

Seera Group recorded a total value of reservations (GBV) amounting to 2.7 billion riyals in the first quarter of 2023, an increase of 59% compared to 1.7 billion riyals recorded in the first quarter of 2022, as a result of the increasing demand for travel and the continuous growth in all sectors. Group sectors, and this was reflected in revenue growth by 61% to 794 million riyals in the first quarter of 2023 compared to 493 million riyals in the first quarter of 2022. This led to a positive operating profit at the group level of 78 million riyals in the first quarter of 2023, an improvement of 242% compared to operating losses of 55 million riyals in the first quarter of 2022. In line with the remarkable improvement in operating profit, the group recorded a net profit after non-controlling interests of 55 million riyals in the first quarter of 2023, an improvement of 187% compared to losses of 63 million riyals in the first quarter of 2022.

Travel platform (Almosafer).

Almosafer (the travel platform of the Seera Group), which manages the travel sector for individuals (Almosafer), corporate travel (Business traveller), destination management company (Discover Saudi Arabia) and Hajj and Umrah services company (Seasons) grew by 55 percent. % in the total value of reservations (GBV) amounted to 1.7 billion riyals in the first quarter of 2023 compared to 1.1 billion riyals in the first quarter of 2022, as the strong demand for domestic and foreign travel continued in the first quarter of 2023 . The travel platform achieved revenues of 169 million riyals, an increase of 27% compared to 133 million riyals in the first quarter of 2022, with an increase in the reservations of the consumer travel unit. The travel platform also recorded profits before interest, tax, depreciation and amortization of 0.3 million riyals in the first quarter of 2023, an improvement of 101% compared to a loss of 32 million riyals in the first quarter of 2022, which indicates the operational efficiency built into the platform. ,

Lome car rental

“Lumi” car rental company in Sira continued its rapid growth path and recorded a remarkable growth of 61% in revenues to reach 267 million riyals in the first quarter of 2023 compared to 166 million riyals in the first quarter of 2022, driven by continuous growth through Long-term and short-term rental income streams. And a reflection of the growing fleet base, as well as the increasing contribution of revenue from the sale of used cars. In line with the revenue growth, Lumi achieved profits before interest, taxes, depreciation and amortization amounting to 132 million riyals, an increase of 28% compared to 103 million riyals in the first quarter of 2022. The decision of the Capital Market Authority Board was also issued on 09/07/1444 AH (corresponding to 03/29/2023 AD), which includes approving the request of the Lumi Leasing Company to offer 30% of the total shares of Lumi.

Hotel

Hotel business revenues grew to reach 33 million riyals in the first quarter of 2023, an increase of 74% from 19 million riyals in the first quarter of 2022, driven by a recovery in occupancy levels through hotels operating in Makkah and Riyadh. , and Jeddah, including Choice International-branded hotels. And the hotel sector was able to reduce losses before interest, taxes, depreciation, and debt amortization by more than 600%, achieving profits before interest, taxes, depreciation and amortization of 17 million riyals in the first quarter of 2023, which is a significant improvement in losses before interest, taxes and depreciation. And the amortization of 3.4 million riyals in the first quarter of 2022

investments

Under the umbrella of the Investments segment, the Portman Group has grown across its three segments: business travel, luxury leisure travel, and sports travel. Driven by the increasing global demand for travel, which achieved a gross value of bookings (GBV) of 677 million riyals in the first quarter of 2023, a growth of 79% compared to the volume of gross value of bookings (GBV) amounting to 379 million riyals in the quarter the first of 2022, as this was reflected in the level of revenues amounting to 313 million riyals in the first quarter of 2023 compared to 183 million riyals in the first quarter of 2022, and in general, the Portman Group achieved profits before interest, taxes, depreciation and amortization of a value of 23 million riyals in 2023, which is a significant turnaround from a loss before interest, taxes, depreciation and amortization of 2 million riyals in the first quarter of 2022.

Other disclosures

Group revenues increased by 61% in the first quarter of 2023 to reach 794 million riyals, compared to 493 riyals in the first quarter of 2022, driven by an increase in travel demand across sectors, while maintaining good revenue margins.

Net profit after zakat for the period ending March 31, 2023: The company achieved a net profit after zakat of 57 million riyals in the first quarter of 2023, which is a 190% improvement over a net loss after zakat of 63 million riyals for the quarter ending March 31 , 2022.

Net profit after non-controlling interests in the first quarter of 2023: The company recorded a net profit after non-controlling interests of 55 million riyals, compared to a net loss after non-controlling interests of 63 million riyals in the first quarter of 2022, an improvement of 187%.

Excluding the effect resulting from reversing impairment losses of 12 million riyals (first quarter of 2022: nil), the company achieves a normal net profit of 45 million riyals compared to a net loss of 63 million riyals in the first quarter of 2022 with an improvement Its capacity is 171%

The gross value of reservations (GBV) increased by 4% for the first quarter of 2023 to 2.6 billion riyals, compared to 2.5 billion riyals for the fourth quarter of 2022. This is evidence of the recovery in the travel market.

Group revenue increased by 23% in the first quarter of 2023 compared to the fourth quarter of 2022, to reach 794 million riyals in the first quarter of 2023 compared to 644 million riyals in the fourth quarter of 2022.

Net profit after zakat: The company achieved a net profit after zakat (before non-controlling interests) of 57 million riyals compared to a net profit after zakat (before non-controlling interests) of 31 million riyals during the previous quarter, an improvement of 84% ,.

Net profit after non-controlling interests: The company achieved a net profit after non-controlling interests in the amount of 55 million riyals, compared to a net profit of 31 million riyals during the previous quarter, an improvement of 77%.

Excluding the effect of reversing impairment losses of 12 million riyals (fourth quarter of 2022: nil), the company achieves a normal net profit of 45 million riyals for the first quarter of 2023 compared to a net profit of 31 million riyals , an improvement of 45% over the fourth quarter of 2022.