Financial Results : Seera’s H1 2020 net profit rises to SAR 940 mln

Seera’s H1 2020 net profit rises to SAR 940 mln

25/08/2020 Argaam Exclusive

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Seera Group Holding posted net profit after Zakat and tax of SAR 940 million in the first half of 2020, up 717.3% compared to SAR 115 million in year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 1,044.08 534.90 (48.8 %)
Gross Income 643.50 211.54 (67.1 %)
Operating Income 154.71 (263.52) (270.3 %)
Net Income 112.47 943.29 738.7 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.37 3.14 738.7 %

The profit was attributed to the gains on disposal of Careem stake, amounting to SAR 1.563 billion.

 

On the other hand, the group incurred impairment losses of SAR 315 million and recognized foreign currency loss on impairment of goodwill of SAR 13 million.

 

The group’s H1 2020 gross booking value (GBV) decreased by 55% year-on-year (YoY) due to the precautionary measures taken against COVID-19 outbreak which impacted the entire travel and tourism sector.

 

Consumer travel segment declined 54% YoY to SAR 701 million in GBV, while revenue from car rental segment increased by 101% year-to-date (YTD). Overall, group revenue declined by 49% YoY due to drop in GBV because of COVID - 19.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 534.52 138.21 (74.1 %)
Gross Income 341.25 26.34 (92.3 %)
Operating Income 85.46 (153.33) (279.4 %)
Net Income 65.16 (170.21) (361.2 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 0.22 (0.57) (361.2 %)

In Q2 2020, Seera turned to SAR 172 million loss against net profit of SAR 66 million in the year-earlier period, as group revenue declined by 74% and GBV decreased by 86% YoY during the quarter.

 

When compared to the previous quarter, the company turned to net loss compared to net profit of SAR 1.113 billion for Q1 2020.

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