Seera earns SAR 46M in Q1 2024

Seera Group Holding reported a net profit of SAR 46 million (excluding minority interest) in Q1 2024, compared to SAR 55.5 million in Q1 2023.

The travel firm had reported a one-off impairment loss reversal of SAR 12 million in Q1 2023. Excluding the one-off, the group recorded an ordinary net profit of SAR 61 million in Q1 2024, up 36% from SAR 45 million in Q1 2023.

Meanwhile, revenue rose 36% to SAR 1.07 billion from SAR 794 million in the first quarter of 2023, mainly due to the strategic acquisitions in Portman and the expansion in Lumi.

In addition, the high volume of bookings and revenues reflected positively on the results of Q1 2024. The net value of bookings reached SAR 3.43 billion, an increase of 30% over the previous year.

Gross margins also improved by 1.6% to 13.4% in Q1 2024 supported by improved product mix and average margins within travel companies while maintaining positive operating expenses.

Gross profit increased to SAR 460 million, compared to SAR 312 million in Q1 2023, an increase of 47%, while operating profit increased to SAR 112 million, compared to SAR 78 million in Q1 2023, a rise of 44%.

Sequentially, the net profit slumped 57.7% from SAR 108.70 million Q4 2023.

Shareholders’ equity, after minority interest, reached SAR 6.71 billion at the end of Q1 2024, compared to SAR 5.49 billion in the year-earlier period.

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