Seera profit down 19% to SAR 100M in H1 2024; Q2 at SAR 54M

Seera Group Holding logged a net profit of SAR 100 million in H1 2024, after excluding minority interest, down 19% from SAR 124 million in the year-ago period.

The company posted a normalized net profit, excluding the impact of one-off items, which included the income from Careem Holdback of SAR nil (2023: SAR 14.9 million) and reversal of impairment loss of SAR nil (2023: SAR 12 million).

Revenue increased by 43% in 2024 at SAR 2.1 billion, versus SAR 1.47 billion in 2023. This growth was primarily driven by the record results in consumer travel and growth in direct Hajj initiative operations at Almosafer, strategic acquisitions in Portman, and expansion efforts for subsidiary, Lumi Rental Co.

Seera’s Q2 2024 net profit dropped 21% to SAR 54.1 million, compared to SAR 68.50 million in the corresponding period of the year before.

Sequentially, net income climbed by 17.8% from SAR 45.89 million in Q1 2024 although revenues fell 4.6% on a quarterly basis.

Shareholders’ equity, after minority interest, reached SAR 6.75 billion by the end of H1 2024, against SAR 5.61 billion in the year-earlier period.

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