Seera cuts Q1 2022 net loss to SAR 63 mln

Seera Group Holding trimmed net losses after Zakat and tax by 52% to SAR 63 million in Q1 2022, from SAR 130 million a year earlier.

The losses narrowed as the group’s gross booking value (GBV) increased by 87% in the first quarter of 2022 to SAR 1.6 billion compared to SAR 873 million in Q1 2021.

Seera’s car rental unit, Lumi, continued its positive trajectory from 2021, as the unit’s revenue grew by 44% from SAR 112 million in Q1 2021 to SAR 161 million in Q1 2022, fuelled by large-scale leasing agreements secured with major government and corporate clients as well as an increase in digital bookings made through the mobile app launched last year.

Almosafer, Seera’s travel business, experienced steady post-pandemic recovery achieving 52% growth in GBV from SAR 647 million in Q1 2021 to SAR 984 million in the current quarter.

Mawasim, Seera’s Hajj and Umrah business, posted SAR 13 million revenue for Q1 2022, a significant increase year-on-year (YoY).

Compared to Q4 2021, net losses after Zakat and tax narrowed by 39.5% from SAR 104 million.

The group’s GBV increased by 20% YoY in Q1 2022 to SAR 1.6 billion. Its revenue increased by 1% in Q1 2022 vs. Q4 2021, recording SAR 493 million.

Seera recognized other income from Careem holdback at nil, compared to SAR 68.5 million in 2021.

Shareholders’ equity, after minority interest, reached SAR 5.368 billion in Q1 2022, compared to SAR 5.758 billion in the year-earlier period.

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