Seera earns SAR 148 mln in 9M 2023; Q3 at SAR 24 mln

Seera Group Holding reported a net profit of SAR 148 million for the first nine months of 2023, against a net loss of SAR 79 million a year earlier.

The profit was driven by a 32% year-on-year (YoY) hike in the net book value (NBV) to SAR 9 billion by the end of the nine-month period, due to the recovery in demand for travel. Further, revenue increased by 52% to SAR 2.28 billion in the current period, versus SAR 1.5 billion in the first nine months of 2022, as a result of healthy margins and increased NBV.

During the first nine months of 2023, Seera also logged SAR 21 million worth of one-off expenses fueled by subsidiary Lumi Rental Co.’s initial public offering (IPO). Excluding this one-off item, the group recorded SAR 170 million in normalized net income before non-controlling interests for the current nine-month period, compared to a net loss estimated at SAR 126 million for the same period in 2022, an improvement of 235%.

The company realized a net profit of SAR 24 million in Q3 2023, a 54.7% decline from SAR 53 million in Q3 2022 on one-off Lumi IPO expenses in Q3 2023 and income against Careem holdbacks in Q3 2022.

Sequentially, the company’s third-quarter net profit fell 64.2% from SAR 67 million.

Shareholders’ equity, excluding minority interest, stood at SAR 6.41 billion as of Sept. 30, 2023, from SAR 5.34 billion a year earlier.

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