Financial Results : Seera turns to net loss of SAR 300 mln in 9M 2021

Seera turns to net loss of SAR 300 mln in 9M 2021

10/11/2021 Argaam Exclusive

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Seera Group Holding swung to a net loss after Zakat and tax of SAR 300 million for the nine-month period ended Sept. 30, 2021, against a net profit of SAR 766.3 million in the year-earlier period.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 676.88 841.00 24.2 %
Gross Income 241.70 419.12 73.4 %
Operating Income (443.93) (260.39) 41.3 %
Net Income 766.30 (300.81) (139.3 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 2.55 (1.00) (139.3 %)

The travel group incurred a net loss after Zakat (before non-controlling interest) of SAR 300 million. Excluding the impact of the below exceptional items, Seera would have posted a normalized net loss before non-controlling interest of SAR 300 million for 2021 compared to SAR 498 million with a decrease of 40% year-on-year (YoY).

 

Seera reported nil gain on disposal of investment, compared to SAR 1.573 billion in 2020. Moreover, impairment losses amounting to SAR 1.8 million were reported, compared to SAR 315 million in 2020.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 141.97 369.12 160.0 %
Gross Income 30.15 186.08 517.1 %
Operating Income (180.42) (52.55) 70.9 %
Net Income (176.99) (72.27) 59.2 %
Average Shares 300.00 300.00 -
EPS (Riyals) (0.59) (0.24) 59.2 %

In Q3 2021, the company trimmed its net loss after Zakat and tax to SAR 72 million from SAR 176.99 million a year earlier.

 

When compared to the previous quarter, Q3 net profit narrowed by 60% from SAR 177 million.

 

Shareholders’ equity, after minority interest, decreased to SAR 5.589 billion by the end of Sept. 30, 2021, from SAR 6.620 billion a year earlier.

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