Seera narrows losses to SAR 132 mln in H1 2022; Q2 loss at SAR 69 mln

24/08/2022 Argaam Exclusive

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Seera Group Holding narrowed net loss after Zakat and tax to SAR 132 million in H1 2022, from a loss of SAR 229 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	471.88	985.19	108.8 %
Gross Income	233.04	384.61	65.0 %
Operating Income	(207.84)	(125.32)	39.7 %
Net Income	(228.54)	(132.34)	42.1 %
Average Shares	300.00	300.00	-
EPS (Riyals)	(0.76)	(0.44)	42.1 %

The company said the decline in losses came as demand increased on travel services leading to improved revenue and healthier profit margins.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	285.62	524.39	83.6 %
Gross Income	174.48	222.37	27.4 %
Operating Income	(64.04)	(53.20)	16.9 %
Net Income	(98.56)	(69.08)	29.9 %
Average Shares	300.00	300.00	-
EPS (Riyals)	(0.33)	(0.23)	29.9 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	460.80	524.39	13.8 %
Gross Income	162.25	222.37	37.1 %
Operating Income	(72.12)	(53.20)	26.2 %
Net Income	(63.26)	(69.08)	(9.2 %)
Average Shares	300.00	300.00	-
EPS (Riyals)	(0.21)	(0.23)	(9.2 %)

Seera cut net loss after Zakat and tax to SAR 69 million in Q2 2022, from SAR 99 million in the same quarter last year.

The edible oil producer widened its loss in Q2 2022 from SAR 63.3 million in Q1 2022.

Shareholders’ equity, after minority interest, stood at SAR 5.265 billion as of June 30, 2022, compared to SAR 5.650 billion a year earlier.

Seera adjusted its opening retained earnings by SAR 37.4 million as of Jan. 1, 2022 during the current quarter.

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