Seera Group Holding reported a net loss after Zakat and tax of SAR 131 million for the first quarter of 2021, from a net profit of SAR 1.1 billion for the same period last year.
The company attributed the net loss to the decrease in gross booking value (GBV) due to the 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.
As a consumer driven business, Seera’s Almosafer and Tajawal brands have been hit hard by the pandemic with GBV dropping 61% year-on-year.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 396.70 | 186.26 | (53.0 %) |
| Gross Income | 185.20 | 58.56 | (68.4 %) |
| Operating Income | (110.18) | (143.81) | (30.5 %) |
| Net Income | 1,113.50 | (129.98) | (111.7 %) |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 3.71 | (0.43) | (111.7 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 227.72 | 186.26 | (18.2 %) |
| Gross Income | 65.26 | 58.56 | (10.3 %) |
| Operating Income | (102.00) | (143.81) | (41.0 %) |
| Net Income | (748.12) | (129.98) | 82.6 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | (2.49) | (0.43) | 82.6 % |
When compared to previous quarter, the company narrowed its losses in Q1 2021.
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