|Element List||Current Year||Previous Year||%Change|
|Gross Profit (Loss)||1,273||1,427||-10.791|
|Operational Profit (Loss)||340||613||-44.535|
|Net Profit (Loss) after Zakat and Tax||189||-142||–|
|Total Comprehensive Income||215||-157||–|
|Total Share Holders Equity (after Deducting Minority Equity)||5,836||5,628||3.695|
|Profit (Loss) per Share||0.62||-0.48|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to||SEERA GROUP REPORTS HIGHEST EVER GROSS BOOKING VOLUME OF SAR 10.8 Bn FOR FY 2019, WITH 49% GROWTH IN CONSUMER TRAVEL FOR FY 2019
Group gross booking value (GBV) increased by 2% for the year 2019 to SAR 10.8 billion vs. SAR 10.6 Billion FY 2018. Overall, the impact of the non renewal of the Ministry Of Education contract was offset by the strong and consistent growth in consumer travel and car rental units.
Consumer Travel recorded SAR 3.9 Billion in GBV for FY 2019 v’s SAR 2.6 billion FY 2018, an increase of 49%. The online business posted SAR 3.3 billion in FY 2019, a 64% growth over last year.
Car Rental posted a 83% increase in revenue in FY 2019 , to SAR 343m.
Group Revenue declined marginal by 4.8% in FY 2019 v’s FY 2018 driven by more competitive pricing for some services in order to protect and increase the market share which affected our margins.
Net profit The company generated a net profit after zakat of SR 189 million as compared to net loss of SR 142 million during the previous year.
Excluding the impact of below exceptional items, the company achieved normalized net profit of SR 298 million for the year (2018: SR 525 million) with a decrease of 43% as compared to previous year
– Impairment loss/(gain) on trade receivables amounting to SR 25 million (2018: SR 70 million gain)
– Provision recorded for Zakat amounting to SR 33 million (2018: 84 million primarily to cover previous years reassessment)
– Loss recorded on disposal of equity investments for the year 2019 is SR 17 million (2018: SR 421 million)
– Loss on disposal of charter plane amounting to SR NIL (2018: SR 36 million).
– Gain/Loss on disposal of subsidiaries for the year 2019 is SR 17 million (2018: SR 0.2 million)
– Recognized foreign currency loss on disposal of subsidiaries for FY 2019 is SR 11 million (2018: SR 0.3 million)
– Share of loss on equity accounted investments for the year 2019 is SR 7 million (2018: SR 67 million)
– Other Impairment losses for the year 2019 are SR 33 million (2018: 129 million) primarily against other receivable balances.
|Basis of the External Auditor’s Opinion||Unmodified opinion|
|Reclassification of Comparison Items||Certain comparative figures are reclassified to conform current year classification|
|Additional Information||1 The revenue for the current year is SAR 2,190 million as compared to SAR 2,301 million during the last year showing a decrease of 5%.
2 The gross profit for the current year is SAR 1,273 million as compared to SAR 1,427 million during last year with a decrease of 11%.
3 The operating profit for the current year is SAR 340 million as compared to SAR 613 million during last year with a decline of 45%.
4 The profit after zakat and tax for the current year is SAR 189 million as compared to a net loss of SAR 142 million during last year.
The net profit after non controlling interest for the current year is SAR 186 million as compared to net loss after non controlling interest of SAR 145 million for the previous year.
5 The total comprehensive income for the current year before non controlling interests is SAR 215 million as compared to total comprehensive loss of SAR 157 million for the last year.
The total comprehensive income after non controlling interest for the current year is SAR 212 million as compared to total comprehensive loss of SAR 160 million for the last year.
6 Earnings per share for the current year is SR 0.62 as compared to earnings per share of SR -0.48 for the last year.
7 The shareholders equity (without non controlling interest) as of end of current year is SAR 5,836 million as compared to SAR 5,628 million in previous year (without minority interest).
The Company’s management identified that sales incentive commission of SR 33.8 million was not accrued for the year ended 31 December 2016. This was identified through a court order received against the Company during the period. Therefore, the Company has adjusted this expense in its opening retained earnings as at 1 January 2018 with a corresponding increase in its trade and other payables for the same amount. Refer to note 40 for the financial statement.