| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 995 | 801 | 24.219 | 1,028 | -3.21 |
| Gross Profit (Loss) | 442 | 356 | 24.157 | 434 | 1.843 |
| Operational Profit (Loss) | 93 | 60 | 55 | 110 | -15.454 |
| Net profit (Loss) | 43 | 26 | 65.384 | 70 | -38.571 |
| Total Comprehensive Income | 55 | 31 | 77.419 | 59 | -6.779 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,101 | 2,274 | 36.367 |
| Gross Profit (Loss) | 1,336 | 1,012 | 32.015 |
| Operational Profit (Loss) | 316 | 240 | 31.666 |
| Net profit (Loss) | 174 | 149 | 16.778 |
| Total Comprehensive Income | 235 | 225 | 4.444 |
| Total Shareholders Equity (after Deducting Minority Equity) | 6,696 | 6,415 | 4.38 |
| Profit (Loss) per Share | 0.442 | 0.499 | |
| 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 quarter compared to the same quarter of the last year is | Seera Group Posts Strong 3Q 2024 Results with SAR 43 Million Net Profit before NCI, Up 65% Year-on-Year
Revenues for 3Q 2024 rose by 24% to SAR 995 million supported by growth in car rental, as well as strong performance and acquisitions within the UK-based travel investment and growth in consumer travel within travel platform. |
| 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 company generated a net profit after zakat (before non-controlling interest) of SAR 43 million in Q3 2024 as compared to net profit after zakat (before non-controlling interest) of SAR 26 million, a 65% improvement, during the same quarter of previous year, primarily driven by Growth in revenue, improved gross margins boosted by a favorable product mix and higher average margins in the travel platform and UK-based travel investment businesses, and maintaining operating cost.
Excluding the impact of below one off item, the company posted a normalized net profit of SAR 43 million for the Q3 2024 Vs net profit of SAR 32 million with an improvement of 34.4% as compared to 2023. ● Income from Careem Holdback of SAR nil million (2023 SAR 14.9 million) ● LUMI IPO COST SAR nil (2023: SAR 21 million) Net profit after non controlling interest The company generated a net profit after non-controlling interest of SAR 31 million in Q3 2024 as compared to net profit of SAR 24 million during the same quarter of previous year, a 29% improvement. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Group Revenue decreased by 3.21% in Q3 2024 vs. Q2 2024, achieving SAR 995 million in Q3 2024 vs. SAR 1,028 million in Q2 2024 primarily due to lower Umrah demand from key source markets due to geopolitical factors and the shift in Hajj season dates with the lunar calendar, which shifted the season to Q2 2024. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The company generated a net profit after zakat (before non-controlling interest) of SAR 43 million as compared to net profit after zakat (before non-controlling interest) of SAR 70 million during the previous quarter, primarily due to lower Umrah demand from key source markets due to geopolitical factors and the shift in Hajj season dates with the lunar calendar, which shifted the season to Q2 2024.
Excluding the impact of below one off item, the company posted a normalized net profit of SAR 43 million for the Q3 2024 Vs net profit of SAR 43 million maintaining similar levels. ● Rebate of SAR nil million (Q2 2024 SAR 27 million) |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenue increased by 36% in 2024 at SAR 3.1 billion vs. SAR 2.27 billion in 2023, this growth was marked by substantial booking as a result of strategic acquisitions at Portman, expansion efforts at Lumi, strong performance in consumer travel, and growth in Almosafer’s direct Hajj operations. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The company generated a net profit after zakat (before non-controlling interest) of SAR 174 million in 2024 as compared to net profit after zakat (before non-controlling interest) of SAR 149 million during the previous period of 2023.
Excluding the impact of below one off item, the company posted a normalized net profit of SAR 174 million for the period 2024 vs net profit of SR 155 million with an improvement of 12.3% as compared to 2023. ● Income from Careem Holdback of SAR nil ( 2023: SAR 14.9 million) ● LUMI IPO COST SAR nil (2023: SAR 21 million) |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| 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) | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | 1. The revenue for the current quarter is SAR 995 million as compared to SAR 801 million during the same quarter of previous year showing an increase of 24%. Revenue for the current period is SAR 3,101 million as compared to SAR 2,274 million showing an increase of 36.36%.
2. The gross profit for the current quarter is SAR 442 million as compared to SAR 356 million during the same quarter of previous year with an increase of 24%. The gross profit for the current period is SAR 1,336 million as compared to SAR 1,012 million during the same period of previous year with an increase of 32%. 3. The operating profit for the current quarter is SAR 93 million as compared to a profit of SAR 60 million for the same quarter of previous year showing an improvement of 55%.The operating profit for the current period is SAR 316 million as compared to a profit of SAR 240 million during the same period of previous year with an improvement of 31.66%. 4. The net profit after zakat and tax before non controlling interest for the current quarter is SAR 43 million as compared to net profit of SAR 26 million for the same quarter of previous year showing an improvement of 65%. The net profit after non controlling interest for the current quarter is SAR 31 million as compared to net profit of SAR 24 million for the same quarter of previous year with an increase of 29%. The net profit after zakat and tax before non controlling interest for the current period is SAR 174 million as compared to net profit of SAR 149 million for the same period of previous year showing an improvement of 17%. The net profit after non controlling interest for the current period is SAR 131 million as compared to net profit of SAR 148 million for the same period of previous year with a decrease of 11%. 5. The total comprehensive income for the current quarter before non controlling interest is SAR 55 million as compared to total comprehensive income of SAR 31 million for the same quarter of previous year improvement by 77%. The total comprehensive income after non controlling interest for the current quarter is SAR 42 million as compared to total comprehensive income of SAR 29 million for the same quarter of previous year showing an improvement of 45%. The total comprehensive income for the current period before non controlling interest is SAR 235 million as compared to total comprehensive income of SAR 225 million for the same period of previous year improvement by 4%. The total comprehensive income after non controlling interest for the current period is SAR 192 million as compared to total comprehensive income of SAR 224 million for the same period of previous year showing a decrease of 14%. 6. Earnings per share for the current quarter is SR 0.104 as compared to earnings per share of SR 0.080 for the same quarter of previous year. Earnings per share for the current period is SR 0.44 as compared to earnings per share of SR 0.49 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 6,696 million as compared to SAR 6,415 million in the same period of previous year (without non-controlling interest) increased by 4%. 8. Acquisition accounting of Sports World Holdings International Limited is finalized during the measurement period which resulted in the adjustments to provisional amounts recorded as at 31 December 2023. Refer note 21 of the interim condensed consolidated financial statements. For additional information, please refer to the attachment. |
| Attached Documents |  |
