| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 3,291 | 2,114 | 55.68 | ||
| Gross Profit (Loss) | 1,412 | 924 | 52.81 | ||
| Operational Profit (Loss) | 305 | 3 | 10,066.67 | ||
| Net profit (Loss) | 265 | -46 | – | ||
| Total Comprehensive Income | 427 | -93 | – | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 6,603 | 5,420 | 21.83 | ||
| Profit (Loss) per Share | 0.87 | -0.16 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | – | – | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Group Financial Highlights
Seera Group Holdings Reports a Net Profit of SAR 265 million for FY 2023 FY 2023 has reported strong results, with record booking volumes and revenues feeding down to strong bottom-line growth. Net booking values crossed the 10 billion threshold recording SAR12,486m, up 35% from FY 2022 booking value. Revenues for FY 2023 were up 56% to SAR 3,291m (FY 2022 SAR 2,114). EBITDA rose 97% to SAR 848m, relative to modest OPEX increase of 15% to SAR 1,184m. Net Income for FY 2023 was up 676% to SAR 265m and earnings per share swung back to SAR 0.87 per share. Net booking value up 35% to SAR 12,486m, a record booking value in Seera Group’s 40+ year history (FY 2022 SAR 9,279m) reflecting continued demand across each segment. Revenues for FY 2023 up 56% to SAR 3,291m (FY 2022 SAR 2,114) driven by 60% growth in Travel Platform (Almosafer), 41% growth in Car Rental (Lumi) and 66% growth in the UK-based travel investment (Portman) revenues, as travel business normalises to pre-Covid 19 activity levels and all segments cross new thresholds in their scale. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Group Revenue an increase of 56% in year 2023 at SAR 3.3 billion relative to SAR 2.1 billion in year 2022, driven by increased travel demand across verticals, whilst maintaining healthy revenue margins.
Net profit/loss after zakat in the year ending December 31, 2023 the company generated net profit after zakat of SAR 265 million, an 676% improvement over a net loss after zakat of SAR 46 million for the year ending December 31, 2022. Net profit /loss after non controlling interest in the year 2023, the company recorded a net profit before controlling interest of SAR 257 million relative to net loss after controlling interest of SAR 48 million in year 2022, approximately a 635% improvement. Gross margins improved +135bp for the group to 11.3% (FY 2022 9.96%) helped by improved product mix, particularly in hotel bookings and holiday packages from Almosafer and Portman Travel. Significant operating leverage built in the businesses, OPEX recorded an increase of 15% t0 SAR 1,184m (FY 2022 SAR 1,029) relative to 35% and 56% growth in booking value and revenues respectively. Recovered to full year profitability across all business segments and recorded Net Income of SAR 265m, a significant increase of 676% relative to a loss of SAR 46m in FY 2022 reflecting profitable operating performance. |
| Statement of the type of external auditor’s report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain comparative figures are reclassified to conform to current year classification. |
| Additional Information | Other information:
1- The revenue for the current year is SAR 3.3 billion as compared to SAR 2.1 billion during the previous year showing an increase of 56%. 2- The gross profit for the current year is SAR 1,412 million as compared to SAR 924 million during the previous year with an increase of 53%. 3- The operating profit for the year is SAR 305 million as compared to SAR 3 million operating profit of previous year with an improvement of 10,067%. 4- The net profit after zakat and tax before non controlling interest for the current year is SAR 265 million as compared to net loss of SAR 46 million for the previous year showing an improvement of 676%.The net profits after non controlling interest for the current year is SAR 257 million as compared to net loss of SAR 48 million for the previous year with an improvement of 635%. 5 – The total comprehensive income for the current year before non controlling interest is SAR 427 million as compared to total comprehensive loss of SAR 93 million for the previous year improved by 559%. The total comprehensive income after non controlling interest for the current year is SAR 419 million as compared to total comprehensive loss of SAR 95 million of previous year showing an improvement of 541%. 6 – Earnings per share for the current year is SR 0.87 as compared to loss per share of SR -0.16 for the previous year. 7- The shareholders equity (without non controlling interest) as at the end of December 31, 2023 is SAR 6,603 million as compared to SAR 5,420 million in the previous year ended December 31, 2022 (without minority interest) increased by 22%. 8- Excluding the impact of below one off item, the company posted a normalized net profit of SAR 181 million for the year ending December 31, 2023 vs net loss of SR 139 million with an improvement of 230% as compared to year ending December 31, 2022. ● Income from Careem Holdback of SAR 15 million (2022: SAR 48.5 million) ● Gain on Bargain purchase SAR 96.7 million (2022: SAR nil) ● Gain on investment in private fund SAR nil (2022: SAR 45 million) ● Lumi IPO expense SAR 27.5 million (2022: SAR nil) 9- The Company has adjusted its revenue and cost of sales for an amount of SAR 156.3 million during the year ending 31 December 2022. Refer to note 38 of the financial statements for details. For more additional information, kindly refer to the attachment. |
| Attached Documents |  |
