Seera earns SAR 257M in 2023, Q4 profit at SAR 109M on bargain deal

Seera Group Holding reported a net profit of SAR 265 million for 2023, versus a net loss of SAR 46 million a year earlier.

Revenues jumped 56% year-on-year (YoY) to SAR 3.29 billion driven by a 60% YoY growth of revenues in travel platform (Almosafer), 41% YoY growth in car rental (Lumi) and 66% YoY growth in the UK-based travel investment (Portman).

Net booking values crossed the 10-billion threshold, recording SAR 12.48 billion up 35% YoY. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 97% YoY to SAR 848 million, relative to a modest increase of 15% in operating expenses to SAR 1.18 billion.

Gross profit margins improved by 135 basis points (bps) to 11.3% (2022 9.96%) backed by improved product mix, particularly in hotel bookings and holiday packages from Almosafer and Portman Travel.

In Q4 2023, net profit increased by more than three-fold to SAR 109 million, from SAR 30.92 million a year earlier.

On a quarterly basis, net profit surged from SAR 23.98 million in Q3 2023.

Total shareholders’ equity, after minority interest, stood at SAR 6.6 billion by Dec. 31, 2023, compared to SAR 5.4 billion a year ago.

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