| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 716 | 524 | 36.64 | 757 | -5.42 |
| Gross Profit (Loss) | 345 | 222 | 55.41 | 312 | 10.58 |
| Operational Profit (Loss) | 102 | -49 | – | 78 | 30.77 |
| Net Profit (Loss) after Zakat and Tax | 67 | -68 | – | 57 | 17.54 |
| Total Comprehensive Income | 126 | -142 | – | 68 | 85.29 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,473 | 985 | 49.54 |
| Gross Profit (Loss) | 657 | 385 | 70.65 |
| Operational Profit (Loss) | 181 | -104 | – |
| Net Profit (Loss) after Zakat and Tax | 124 | -131 | – |
| Total Comprehensive Income | 194 | -245 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 5,619 | 5,265 | 6.72 |
| Profit (Loss) per Share | 0.42 | -0.45 | |
| 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 | Seera Group continues its return to sustainable profitability and achieves its highest quarterly net profit since Q1 2020, reaching SAR 67 million
GROUP-WIDE In Q2 2023, Seera Group generated a net booking value (NBV) of SAR 3.2 billion, a 23% growth relative to SAR 2.6 billion recorded in Q2 2022, and corresponding revenue growth of 37% to SAR 716 million in Q2 2023 from SAR 524 million in Q2 2022. Continuing on a path of sustainable and diversified growth, the group has seen the highest quarterly net profit post-pandemic, with positive results recorded across its portfolio of businesses. Driven by significant operating efficiency and strong demand across all sectors, Seera has seen the second consecutive positive quarterly group-wide operating profit in 2023 at SAR 102 million in Q2 2023, which reflects a 308% improvement over an operating loss of SAR 49 million in Q2 2022. The Group recorded an overall net profit after non-controlling interest of SAR 67 million in Q2 2023, an 199% gain relative to losses of SAR 68 million in Q2 2022. Despite recording significant growth across all portfolio businesses, overall operating expenses have remained stable, with revenue growth outpacing costs, Seera Group is gaining profitability for the second quarter in 2023. TRAVEL PLATFORM (ALMOSAFER) With travel demand exceptionally high during the summer season across leisure as well as religious travel, Almosafer, Seera’s travel platform (which operates the Consumer and Business travel business lines, as well as the Destination Management company Discover Saudi and Hajj & Umrah tour operator Mawasim), has achieved 24% growth in NBV to SAR 2.1 billion in Q2 2023 from SAR 1.7 billion in Q2 2022. Almosafer’s consumer travel businesses achieved its highest-ever NBV of over SAR 600 million in June 2023 as the business capitalized on the unprecedented travel demand amongst Saudi customers across domestic and international bookings. The travel platform overall achieved a revenue of SAR 186 million, up 55% from SAR 120 million in Q2 2022 and posted EBITDA of SAR 20.6 million in Q2 2023, a 140% improvement relative to a loss of SAR 51.9 million in Q2 2022, driven by higher revenue margins and marketing efficiencies. CAR RENTAL (LUMI) Seera’s car rental & leasing business, Lumi, recorded a 36% growth in revenue reaching SAR 233 million in Q2 2023 relative to SAR 171 million in Q2 2022. Renewal and capture of newly-signed short and long-term lease agreements have contributed to the positive financial results of the business. Lumi notably signed long-term lease contracts with Saudi Arabian Oil Co. (Saudi Aramco) for a total value of SAR 471.2 million. The continuous success of the used car sales vertical has further supported the growth and profitable fleet turnover of the business, enabled by the expansion of Lumi car showrooms to Jeddah. Lumi achieved EBITDA of SAR 140 million, a 41% growth relative to SAR 99 million in Q2 2022. HOSPITALITY Seera’s hospitality business grew its revenues to SAR 65 million in Q2 2023, a 132% increase from SAR 28 million in Q2 2022, driven by increased occupancy levels across its property portfolio in the Kingdom and improved average daily rates. The hospitality segment achieved EBITDA of SAR 28 million in Q2 2023, compared to an EBITDA of SAR 3.4 million in Q2 2022, an improvement of 724%. CORPORATE VENTURES Portman Travel, the largest corporate venture of Seera Group, which provides travel arrangements across corporate, luxury leisure and sports tourism for travellers from the UK, Europe and USA, has achieved a NBV of SAR 685 million in Q2 2023, a growth of 35% relative to SAR 507 million in Q2 2022. Portman Travel has seen booking volumes increase across its travel verticals, resulting in a revenue of SAR 208 million in Q2 2023 relative to SAR 167 million in Q2 2022. Overall, the Portman Group achieved EBITDA of SAR 14 million in Q2 2023, an improvement of 103% against SAR 6.9 million in Q2 2022. Group Revenue improved by 37%, achieving SAR 716 million in Q2 2023 vs. SAR 524 million in Q2 2022, an increase of 49% in H1 2023 at SAR 1.47 billion relative to. SAR 985 million in H1 2022, driven by increased demand for travel across verticals, whilst maintaining healthy revenue margins from hospitality and car rental segments Net profit after zakat The company generated a net profit after zakat (before non-controlling interest) of SAR 67 million in Q2 2023 as compared to net loss after zakat (before non-controlling interest) of SAR 68 million, a 199% improvement, during the same quarter of previous year, primarily driven by Growth in revenue and maintaining operating cost. In the overall period ending June 30, 2023 the company generated net profit after zakat of SAR 124 million in 2023, a 195% improvement over H1 2022’s net loss after zakat of SAR 131 million. Net profit after non controlling interest The company generated a net profit after non-controlling interest of SAR 68 million in Q2 2023 as compared to net loss of SAR 69 million during the same quarter of previous year, a 199% improvement, while in H1 2023, the company recorded a net profit after controlling interest of SAR 124 million relative to net loss after controlling interest of SAR 132 million in H1 2022, approximately a 194% improvement. Excluding the impact of below one off item, the company posted a normalized net profit of SAR 53 million for the Q2 2023 Vs net loss of SR 69 million with an improvement of 177% as compared to 2022. ● Income from Careem Holdback of SAR 14.9 million (2022: SAR nil) |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | NBV: The Group’s net booking value (NBV) increased by 23% for Q2 2023 to SAR 3.2 billion vs. SAR 2.6 billion Q1 2023. which was a testament to the rebound in the travel market.
Group Revenue decreased by 5% in Q2 2023 vs. Q1 2023, achieving SAR 716 million in Q2 2023 vs. SAR 757 million in Q1 2023. Gross profit increased by 11% in Q2 2023 at SAR 345 million vs. SAR 312 million in Q1 2023. Net profit after zakat The company generated a net profit after zakat (before non-controlling interest) of SAR 67 million as compared to net proft after zakat (before non-controlling interest) of SAR 57 million during the previous quarter. Excluding the impact of below one off item, the company posted a normalized net profit of SAR 52 million for the Q2 2023 vs net profit of SR 45 million with an improvement of 16% as compared to Q1 2023. ● Income from Careem Holdback of SAR 14.9 million (Q1 ,2023: SAR Nil) ● Reversal of impairment loss of SAR NIL (Q1 2023: SAR 12 million) |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | NBV
YTD NBV in 2023 is 38% higher than 2022 posting SAR 5.9 billion 2023 vs. SAR 4.3 billion in YTD 2022 due to the resurgence of travel demand. Revenue Revenue increased by 49% in 2023 at SAR 1.47 billion vs. SAR 985 million in 2022 as a result of healthy margins and increased NBV. Gross Profit GP increased by 71% in 2023 at SAR 657 million vs. SAR 385 million in 2022 Net Profit after Zakat The company generated a net profit after zakat (before non-controlling interest) of SAR 124 million in 2023 as compared to net loss after zakat (before non-controlling interest) of SAR 131 million during the previous period. Excluding the impact of below one off item, the company posted a normalized net profit of SAR 97 million for the period 2023 vs net loss of SR 131 million with an improvement of 174% as compared to 2022. ● Income from Careem Holdback of SAR 14.9 million ( 2022: SAR Nil) ● Reversal of impairment loss of SAR 12 million (2022: SAR Nil) |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| 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 716 million as compared to SAR 524 million during the same quarter of previous year showing an increase of 37%. 2 -The gross profit for the current quarter is SAR 345 million as compared to SAR 222 million during the same quarter of previous year with an increase of 55%. The gross profit for the current period is SAR 657 million as compared to SAR 385million during the same period of previous year with an increase of 71%. 3 -The operating profit for the current quarter is SAR 102 million as compared to a loss of SAR49 million for the same quarter of previous year showing an improvement of 308%.The operating profit for the current period is SAR 181 million as compared to a loss of SAR 104 million during the same period of previous year with an improvement of 274%. 4 -The net profit after zakat and tax before non controlling interest for the current quarter is SAR 67 million as compared to net loss of SAR 68 million for the same quarter of previous year showing an improvement of 199%. The net profit after non controlling interest for the current quarter is SAR 68 million as compared to net loss of SAR 69 million for the same quarter of previous year with an improvement of 199%. The net profit after zakat and tax before non controlling interest for the current period is SAR 124 million as compared to net loss of SAR 131 million for the same period of previous year showing an improvement of 195%. The net profit after non controlling interest for the current period is SAR 124 million as compared to net loss of SAR 132 million for the same period of previous year with an improvement of 194%. 5-The total comprehensive income for the current quarter before non controlling interest is SAR 126 million as compared to total comprehensive loss of SAR 142 million for the same quarter of previous year increased by 189%. The total comprehensive income after non controlling interest for the current quarter is SAR 128 million as compared to total comprehensive loss of SAR 143 million for the same quarter of previous year showing an increase of 190%. The total comprehensive income for the current period before non controlling interest is SAR 194 million as compared to total comprehensive loss of SAR 245 million for the same period of previous year increased by 179%. The total comprehensive income after non controlling interest for the current period is SAR 195 million as compared to total comprehensive loss of SAR 246 million for the same period of previous year showing an increase of 179%. 6 -Earnings per share for the current quarter is SR 0.231 as compared to loss per share of SR -0.235 for the same quarter of previous year. Earnings per share for the current period is SR 0.418 as compared to loss per share of SR -0.449 for the same period of previous year. 7-The shareholders equity (without non controlling interest) as at the end of the current period is SAR 5,619 million as compared to SAR 5,265 million in the same period of previous year (without non-controlling interest) decreased by 7%. 8-The Company has adjusted its revenue and cost of sales for an amount of SR 44.76 million during the current quarter and SR 76.61 million during six months period ended 30 June 2022. Refer to note 21 of the financial statements for details. |
