| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 2,271 | 1,328 | 71.01 | ||
| Gross Profit (Loss) | 904 | 607 | 48.93 | ||
| Operational Profit (Loss) | 3 | -286 | – | ||
| Net Profit (Loss) after Zakat and Tax | -46 | -373 | -87.67 | ||
| Total Comprehensive Income | -93 | -416 | -77.64 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 5,420 | 5,508 | -1.6 | ||
| Profit (Loss) per Share | -0.16 | -1.27 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Seera Group Records First Post-Pandemic Operating Profit for FY 2022
GROUP-WIDE In 2022, driven by the resurgence in demand for travel, Seera Group generated a gross booking value (GBV) of SAR 9.3 billion, a 94% growth relative to the SAR 4.8 billion recorded in 2021, and reflected in revenue growth of 77% to SAR 2.3 billion in 2022 from SAR 1.3 billion in 2021 due to widely increased demand across all portfolio segments. Recovery in travel volume has resulted in the first positive group-wide operating profit post-pandemic at SAR 3 million in 2022, an 101% improvement over an operating loss of SAR 286 million in 2021. In line with the significant improvement in the operating profit level, the Group recorded an overall net loss after non-controlling interest of SAR 48 million in 2022, an 87% gain relative to losses of SAR 372 million in 2021. TRAVEL PLATFORM (ALMOSAFER) Almosafer, Seera’s travel platform, which operates the Consumer and Business travel business lines, as well as the Destination Management company Discover Saudi and Hajj & Umrah tour operator Mawasim, has achieved 74% growth in GBV to SAR 6.1 billion in 2022 from SAR 3.5 billion in 2021, as travel demand in 2022 surged across inbound, outbound and domestic tourism and at times, exceeded 2019 levels. The travel platform achieved a revenue of SAR 515 million, up 6% from SAR 488 million in 2021 indicating return to sustainable revenue levels across both the consumer travel and business travel lines, post COVID-driven travel behaviors including quarantine packages, prevalence of domestic travel, and pandemic driven services for the Ministry of Health. Despite immense scale up in booking volume, the travel platform was able to reduce operating expenses and posted loss before Interest, Taxes, Depreciation, and Amortization of SAR 97 million in 2022, a 43% improvement relative to SAR 169 million in 2021, signifying Almosafer’s return to profitability as operating leverage is achieved. CAR RENTAL (LUMI) Manifesting Lumi’s positioning as one of the fastest-growing and digitally-advanced players in the market, our car rental & leasing business recorded a remarkable 50% growth in revenue reaching SAR 783 million in 2022 relative to SAR 521 million in 2021, driven by continuous growth across long-term and short-term rental revenue streams, a reflection of the growing fleet base, as well as the growing contribution of revenue from the sale of used cars. In line with revenue growth, Lumi achieved positive EBITDA of SAR 174 million, a 53% growth relative to SAR 114 million in 2021. HOSPITALITY Our hospitality business more than doubled its revenues to SAR 101 million in 2022, a 146% increase from SAR 41 million in 2021, led by re-opening of borders and rebound in occupancy levels across eight hotels operational in our portfolio in Makkah, Riyadh and Jeddah, including three newly opened CHOICE International branded hotels. The hospitality segment was able to reduce loss before Interest, Taxes, Depreciation, and Amortization by more than 52%, achieving loss before Interest, Taxes, Depreciation, and Amortization of SAR 21 million in 2022, a significant improvement over SAR 44 million in 2021. CORPORATE VENTURES Under the corporate ventures umbrella, the Portman Travel group is characterised by its acquisitive growth of travel specialists in the UK, Europe and USA across its three verticals: business travel, luxury leisure travel and sports travel. Portman has exhibited significant recovery across all verticals, driven by global travel demand achieved a GBV of SAR 2.044 billion in 2022, a growth of 210% relative to SAR 660 million booked volume in 2021, reflected in a revenue level of SAR 825 million in 2022 relative to SAR 246 million in 2021, driven by growing contribution of sports travel business line, while luxury leisure travel demand rebounds significantly post-pandemic. Overall, the Portman Group is leading the way for the return to profitability, achieving EBITDA of SAR 21 million in 2022, a significant turnaround from EBITDA loss of SAR 74 million in 2021. Regardless of the growth recorded across our businesses, we maintained vigilance in our expenses, as we scaled back up post the pandemic. Mitigating financial risks and strategic cost-effective deployment of capital, resources and time, has enabled us to minimize losses and regain profitability. OTHER DISCLOSURES Group Revenue: an increase of 77% in year 2022 at SAR 2.3 billion relative to SAR 1.3 billion in year 2021, driven by increased travel demand across verticals, whilst maintaining healthy revenue margins. Net loss after zakat: In the year ending December 31, 2022 the company generated net loss after zakat of SAR 46 million in 2022, a 88% improvement over 2021’s net loss after zakat of SAR 373 million for the year ending December 31, 2021. Net loss after non controlling interest: In the year 2022, the company recorded a net loss after controlling interest of SAR 48 million relative to net loss after controlling interest of SAR 372 million in year 2021, approximately a 87% improvement. |
| Statement of the type of external auditor’s report | Emphasis of matter |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Refer to note 39 of the financial statements for details. |
| Reclassification of Comparison Items | Certain comparative figures are reclassified to conform current year classification |
| Additional Information | Other information:
1 The revenue for the current year is SAR 2.3 billion as compared to SAR 1.3 billion during the previous year showing an increase of 77%. 2 The gross profit for the current year is SAR 904 million as compared to SAR 607 million during the previous year with an increase of 49%. 3 The operating profit for the year is SAR 3 million as compared to SAR 286 million operating loss of previous year with an improvement of 101%. 4 The net loss after zakat and tax before non controlling interest for the current year is SAR 46 million as compared to net loss of SAR 373 million for the previous year showing an improvement of 88%. The net loss after non controlling interest for the current year is SAR 48 million as compared to net loss of SAR 372 million for the previous year with an improvement of 87%. 5 The total comprehensive loss for the current year before non controlling interest is SAR 93 million as compared to total comprehensive loss of SAR 416 million for the previous year improved by 78%. The total comprehensive loss after non controlling interest for the current period is SAR 95 million as compared to total comprehensive loss of SAR 414 million for the same period of previous year showing an improvement of 77%. 6 Loss per share for the current year is SR -0.16 as compared to loss per share of SR -1.27 for the previous year. 7 The shareholders equity (without non controlling interest) as at the end of December 31, 2022 is SAR 5,420 million as compared to SAR 5,508 million in the previous year ended December 31, 2021 (without minority interest) decreased by 2%. 8 The Company has adjusted its opening retained earnings for an amount of SR 37.4 million during the current year ended 31 December 2022. |
