Seera Group Holding posted net profit after Zakat and tax of SAR 940 million in the first half of 2020, up 717.3% compared to SAR 115 million in year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 1,044.08 | 534.90 | (48.8 %) |
| Gross Income | 643.50 | 211.54 | (67.1 %) |
| Operating Income | 154.71 | (263.52) | (270.3 %) |
| Net Income | 112.47 | 943.29 | 738.7 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.37 | 3.14 | 738.7 % |
The profit was attributed to the gains on disposal of Careem stake, amounting to SAR 1.563 billion.
On the other hand, the group incurred impairment losses of SAR 315 million and recognized foreign currency loss on impairment of goodwill of SAR 13 million.
The group’s H1 2020 gross booking value (GBV) decreased by 55% year-on-year (YoY) due to the precautionary measures taken against COVID-19 outbreak which impacted the entire travel and tourism sector.
Consumer travel segment declined 54% YoY to SAR 701 million in GBV, while revenue from car rental segment increased by 101% year-to-date (YTD). Overall, group revenue declined by 49% YoY due to drop in GBV because of COVID - 19.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 534.52 | 138.21 | (74.1 %) |
| Gross Income | 341.25 | 26.34 | (92.3 %) |
| Operating Income | 85.46 | (153.33) | (279.4 %) |
| Net Income | 65.16 | (170.21) | (361.2 %) |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.22 | (0.57) | (361.2 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 396.70 | 138.21 | (65.2 %) |
| Gross Income | 185.20 | 26.34 | (85.8 %) |
| Operating Income | (110.18) | (153.33) | (39.2 %) |
| Net Income | 1,113.50 | (170.21) | (115.3 %) |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 3.71 | (0.57) | (115.3 %) |
In Q2 2020, Seera turned to SAR 172 million loss against net profit of SAR 66 million in the year-earlier period, as group revenue declined by 74% and GBV decreased by 86% YoY during the quarter.
When compared to the previous quarter, the company turned to net loss compared to net profit of SAR 1.113 billion for Q1 2020.
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