Seera narrows losses to SAR 81 mln in 9M 2022; Q3 profit at SAR 51.3 mln

08/11/2022 Argaam Exclusive

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Seera Group Holding narrowed its net loss after Zakat and tax to SAR 81 million in the first nine months of 2022, from SAR 300 million in the prior-year period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	841.00	1,497.19	78.0 %
Gross Income	419.12	639.49	52.6 %
Operating Income	(260.39)	(104.02)	60.1 %
Net Income	(300.81)	(78.92)	73.8 %
Average Shares	300.00	300.00	-
EPS (Riyals)	(1.00)	(0.26)	73.8 %

The group said the decline in losses came from higher revenue driven by healthy margins and increased gross booking value (GBV).

Gross profit increased by 49% in 2022 to SAR 625 million from SAR 419 million in 2021.

The company generated a net loss after Zakat (before non-controlling interest) of SAR 77 million in 2022 as compared to SAR 302 million during the previous year.

Seera turned to a net profit after Zakat and tax of SAR 51.3 million in Q3 2022, against a net loss of SAR 72 million in the same quarter last year.

This came on the back of a 93% increase in GBV led by 100% growth in Almosafer platform GBV.

Compared to Q2 2022, the company swung to a net profit against a net loss of SAR 69.1 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	369.12	512.00	38.7 %
Gross Income	186.08	254.88	37.0 %
Operating Income	(52.55)	78.70	249.8 %
Net Income	(72.27)	53.42	173.9 %
Average Shares	300.00	300.00	-
EPS (Riyals)	(0.24)	0.18	173.9 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	524.39	512.00	(2.4 %)
Gross Income	222.37	254.88	14.6 %
Operating Income	(53.20)	78.70	247.9 %
Net Income	(69.08)	53.42	177.3 %
Average Shares	300.00	300.00	-
EPS (Riyals)	(0.23)	0.18	177.3 %

Shareholders’ equity, excluding minority interest, stood at SAR 5.347 billion as of Sept. 30, 2022, compared to SAR 5.589 million a year earlier.

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