| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 186 | 397 | -53.148 | 228 | -18.421 |
| Gross Profit (Loss) | 59 | 185 | -68.108 | 65 | -9.23 |
| Operational Profit (Loss) | -111 | -103 | 7.766 | -96 | 15.625 |
| Net Profit (Loss) after Zakat and Tax | -131 | 1,112 | – | -750 | -82.533 |
| Total Comprehensive Income | -127 | 1,098 | – | -743 | -82.907 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 5,758 | 6,953 | -17.186 |
| Profit (Loss) per Share | -0.43 | 3.71 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Group’s gross booking value (GBV) decreased by 54% for the first quarter 2021 to SAR 879 million vs. SAR 1.9 billion Q1 2020. The drop is solely explained by precautionary measures and restrictive impact as a result of the COVID-19 outbreak that has directly affected the travel and tourism sector across all verticals.
Reverberations of the pandemic were felt across the Group, however, Seera has taken stringent measures to soften the financial impact as the Group pivoted strategies and positioned itself favorably for the rebound in travel over the coming years. Seera’s Car Rental unit, Lumi, has remained consistent as compared to Q1 2020 with a marginal drop in 2021, as the unit’s GBV has dropped by 2% from SAR 121 million in 2020 to SAR 118 million in 2021, largely due to the cost-effective sale of its excess fleet and through multiple wins of large-scale lease contracts with corporate and government sectors, resulting in the delivery of more than 3000 new vehicles in 2020. As a consumer driven business, Seera’s Almosafer and Tajawal brands have been hit hard by the pandemic with GBV dropping from SAR 663 million to SAR 261 million, a 61% decrease relative to Q1 2020. Despite the drop in overall bookings, the consumer travel business unit continued to invest for the future in technology, products and customer service, including the development of real-time COVID-19 health & safety platform, as well as further efforts into the development of a fully-fledged omni-channel offering. While travel had halted for most corporate and government clients under the Elaa Travel Management brand, resulting in a drop in GBV of about 15%, from SAR 496 million in Q1 2020 to SAR 420 million in Q1 2021, the government health travel sector had continued operating primarily due to its efforts in combating the virus. Mawasim, Seera’s Hajj & Umrah business, posted SAR 16M revenue for the Q1 2021 vs SAR 23 million in 2020. The drop is due to the temporary full closure of Hajj & Umrah visa services along with long-lasting restrictions on Umrah for citizens and residents. Discover Saudi, Seera’s integrated DMC recorded a GBV of SAR 6 million, as the destination management company provided transport and accommodation services to the 2021 Dakkar Rally in KSA. As a close ally to the Ministry of Tourism, Discover Saudi has participated in various initiatives and campaigns run by the tourism authority. It has also developed and operated in-house adventure activities, nature trips and culture tours across the Kingdom in its efforts to grow its offerings of domestic activities within KSA. Seera’s Hospitality unit yielded revenue of SAR 6.4 million in Q1 2021 representing a 75% drop from the same quarter of previous year due to closure of commercial operation as a result of COVID-19. The Group’s Corporate Ventures unit posted a GBV of SAR 68 million in Q1 2021, a decline of 88% as compared to Q1 2020, due to the impact of COVID-19. Group Revenue declined by 53% in Q1 2021 v’s 2020 driven by drop in GBV due to COVID – 19. Net profit/loss after zakat The company generated a net loss after zakat (before non-controlling interest) of SAR 131 million in Q1 2021 as compared to net profit after zakat (before non-controlling interest) of SAR 1.1 billion during the same quarter of previous year, primarily driven by profit recognized on Careem transaction amounting to SAR 1.563 billion, partially netted off with one off exceptional items. Net profit/loss after non controlling interest The company generated a net loss after non-controlling interest of SAR 130 million in Q1 2021 as compared to net profit of SAR 1.1 billion during the same quarter of previous year, primarily driven by profit recognized on Careem transaction amounting to SAR 1.563 billion, partially netted off with one off exceptional items. Excluding the impact of below exceptional items, the company posted a normalized net loss of SAR 146 million for the Q1 2021 Vs net loss of SR 135 million with a decrease of 8% in losses as compared to 2020. Portion of gain recorded in current year on disposal of investment is SAR 16 million (2020: SR 1.563 billion) Impairment losses amounting to SAR NIL (2020: SAR 315 million) |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The Group’s gross booking value (GBV) decreased by 7% for the first quarter 2021 to SAR 879 million vs. SAR 942 million Q4 2020. The drop is solely explained by precautionary measures and restrictive impact as a result of the COVID-19 outbreak that has directly affected the travel and tourism sector across all verticals.
Group Revenue declined by 18% in Q1 2021 v’s Q4 2020 driven by drop in GBV due to COVID – 19. Net loss after zakat The company generated a net loss after zakat (before non-controlling interest) of SAR 131 million as compared to net loss after zakat (before non-controlling interest) of SAR 750 million during the previous quarter. Net loss after non controlling interest The company generated a net loss after non-controlling interest of SAR 130 million as compared to net loss of SAR 748 million during the previous quarter. Excluding the impact of impairment losses of SR NIL for Q1 2021 vs SR 640 million in Q4 2020, the company posted a normalized net loss of SAR 146 million for the Q1 2021 Vs net loss of SR 108 million with an increase of 35% in losses as compared to Q4 2020. |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Non |
| Reclassification of Comparison Items | Certain comparative figures are reclassified to conform to current period classification. |
| Additional Information | Other information:
1 The revenue for the current quarter is SAR 186 million as compared to SAR 397 million during the same quarter of previous year showing a decrease of 53%. 2 The gross profit for the current quarter is SAR 59 million as compared to SAR 185 million during the same quarter of previous year with a decrease of 68%. 3 The operating loss for the current quarter is SAR 111 million as compared to SAR 103 million for the same quarter of previous year with an increase of 8%. 4 The net loss after zakat and tax before non controlling interest for the current quarter is SAR 131 million as compared to net profit of SAR 1.1 billion for the same quarter of previous year showing a decrease of 112%. The net loss after non controlling interest for the current quarter is SAR 130 million as compared to net profit of SAR 1.1 billion for the same quarter of previous year with a decrease of 112%. 5 The total comprehensive loss for the current quarter before non controlling interest is SAR 127 million as compared to total comprehensive income of SAR 1.098 billion for the same quarter of previous year decreased by 112%. The total comprehensive loss after non controlling interest for the current quarter is SAR 126 million as compared to total comprehensive income of SAR 1.099 million for the same quarter of previous year showing a decrease of 111%. 6 Earnings per share for the current quarter is SR -0.43 as compared to earnings per share of SR 3.71 for the same quarter of previous year. 7 The shareholders equity (without non controlling interest) as at the end of the current quarter is SAR 5,758 million as compared to SAR 6,953 million in the same quarter of previous year (without minority interest) decreased by 17%. |
