Seera narrows net loss to SAR 48 mln in 2022, turns to SAR 31.2 mln profit in Q4

Seera Group Holding narrowed net loss after minorities to SAR 48 million in 2022, from a loss of SAR 372 million in 2021.

The group generated a gross booking value (GBV) of SAR 9.3 billion, up 94% from SAR 4.8 billion in 2021, driven by the resurgence in demand for travel. Revenue rose 77% year-on-year (YoY) to SAR 2.3 billion in 2022 as increased demand grew across all portfolio segments.

In addition, Seera posted an operating profit of SAR 3 million in 2022, against an operating loss of SAR 286 million in 2021.  

Seera’s travel platform Almosafer achieved 75% YoY growth in GBV to SAR 6.1 billion in 2022, while revenue rose 6% YoY to SAR 515 million. Car rental business Lumi recorded 50% YoY growth in revenue to SAR 783 million in 2022.   

The group’s hospitality business more than doubled its revenues to SAR 101 million in 2022.

In Q4 2022, Seera swung to a net profit of SAR 31.2 million, from a net loss of SAR 70.73 million in the same period last year.

On a sequential basis, net profit dropped 42% from SAR 53.42 million in Q3 2022.

Total shareholders’ equity, after minority interest, amounted to SAR 5.42 billion as of Dec. 31, 2022, from SAR 5.50 billion a year earlier.

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