Financial Results : Seera 9M 2024 net profit down 12% to SAR 131M; Q3 at SAR 31M

Seera 9M 2024 net profit down 12% to SAR 131M; Q3 at SAR 31M

06/11/2024 Argaam Exclusive

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Seera Group Holding reported a net profit of SAR 131 million for the first nine months of 2024, a decline of 12% from SAR 148 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,273.97 3,101.00 36.4 %
Gross Income 1,012.37 1,336.00 32.0 %
Operating Income 240.00 316.00 31.7 %
Net Income 147.97 131.00 (11.5 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 0.49 0.44 (11.5 %)
The company cited zero income from Careem holdback against SAR 14.9 million in 2023.
 
Seera also recorded SAR 21 million in cost for Lumi IPO in 2023.
On the other hand, Revenue increased by 36% to SAR 3.1 billion compared to SAR 2.27 billion in 9M 2023, on substantial bookings due to the strategic acquisitions at Portman, expansion efforts at Lumi, strong performance in consumer travel, and growth in Almosafer’s direct Hajj operations.


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 800.82 995.00 24.2 %
Gross Income 355.80 442.00 24.2 %
Operating Income 60.00 93.00 55.0 %
Net Income 23.98 31.00 29.3 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.08 0.10 29.3 %

 Q3 2024 net profit stood at SAR 31 million, a jump of 29% year-on-year (YoY) from SAR 23.9 million.

 

Q3 revenue rose by 24% to SAR 995 million supported by car rental growth, strong performance, acquisitions within the UK-based travel investment and consumer travel business.

 

The company also cited higher revenue, improved gross margins boosted by a favorable product mix and higher average margins.

 

On a sequential basis, net earnings dropped by 43.1% from SAR 54.4 million.

 

Total shareholders’ equity (after minority interest) stood at SAR 6.69 billion by Sept. 30, 2024, compared to SAR 6.41 billion a year earlier.

 

Attached Documents

 

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Quarterly Actuals vs Estimates 06/11/2024

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