Seera turns to loss after minorities of SAR 376 mln in 2021; Q4 at SAR 76 mln

28/03/2022 Argaam Exclusive

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Seera Group Holding reported a net loss after minorities of SAR 376 million in 2021, from SAR 18.2 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	904.59	1,328.45	46.9 %
Gross Income	306.96	606.90	97.7 %
Operating Income	(545.94)	(364.62)	33.2 %
Net Income	18.18	(371.54)	(2143.5 %)
Average Shares	300.00	300.00	-
EPS (Riyals)	0.06	(1.24)	(2143.5 %)

The losses were due to exceptional gain on sale from Careem investment in 2020 and lower volumes as a result of COVID-19 travel restrictions.

Excluding the impact of exceptional items such as impairment losses, additional Zakat and SAR 68.5 million recognized other income from Careem holdback, the company’s normalized net loss narrowed to SAR 409 million in 2021 from SAR 599 million in 2020.

The company’s Q4 2021 net loss narrowed to SAR 76.02 million, from SAR 748.1 million in the same period last year.

On a sequential basis, net loss widened from SAR 72 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	227.72	487.46	114.1 %
Gross Income	65.26	187.78	187.7 %
Operating Income	(102.00)	(104.24)	(2.2 %)
Net Income	(748.12)	(70.73)	90.5 %
Average Shares	300.00	300.00	-
EPS (Riyals)	(2.49)	(0.24)	90.5 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	369.12	487.46	32.1 %
Gross Income	186.08	187.78	0.9 %
Operating Income	(52.55)	(104.24)	(98.4 %)
Net Income	(72.27)	(70.73)	2.1 %
Average Shares	300.00	300.00	-
EPS (Riyals)	(0.24)	(0.24)	2.1 %

Total shareholders’ equity, after minority interest, fell to SAR 5.475 billion as of Dec. 31, 2021, from SAR 5.877 billion a year earlier.

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