Seera turns to SAR 55.5 mln profit in Q1 2023

Seera Group Holding swung to net earnings of SAR 55.5 million in Q1 2023, from losses of SAR 63.3 million a year earlier. 

Seera recorded a gross booking value (GBV) of SAR 2.7 billion in Q1 2023, a 59% increase compared to SAR 1.7 billion in Q1 2022. This led revenue growth of 61% year-on-year (YoY) to SAR 794 million in Q1 2023. Accordingly, the group recorded a positive group-wide operating profit of SAR 78 million in Q1 2023, against an operating loss of SAR 55 million in Q1 2022. 

In line with the significant improvement in the operating profit level, the group recorded an overall net profit after non-controlling interest of SAR 55 million in Q1 2023, a 187% surge YoY. 

Almosafer, Seera’s travel platform, achieved 55% growth YoY in GBV to SAR 1.7 billion in Q1 2023, as travel demand in Q1 2023 remained strong across inbound, outbound and domestic tourism. 

Seera’s car rental & leasing business, Lumi, continued its rapid growth trajectory and recorded a remarkable 61% growth YoY in revenue to SAR 267 million in Q1 2023, driven by continuous growth across long-term and short-term rental revenue streams. 

The hospitality business boosted its revenue to SAR 33 million in Q1 2023, a 74% increase YoY, led by healthy occupancy levels across hotels operational in the company's portfolio in Makkah, Riyadh, and Jeddah, including CHOICE International branded hotels. 

Compared to Q4 2022, net earnings in the first quarter leapt 77.9% YoY from SAR 31.19 million, as its GBV rose by 4% quarter-on-quarter (QoQ) to SAR 2.6 billion. 

The group's revenue increased by 23% QoQ in Q1 2023 to SAR 794 million. 

Shareholders’ equity, after minority interest, reached SAR 5.48 billion at the end of Q1 2023, compared to SAR 5.40 billion in the year-earlier period. 

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