| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 142 | 642 | -77.881 | 138 | 2.898 |
| Gross Profit (Loss) | 30 | 349 | -91.404 | 26 | 15.384 |
| Operational Profit (Loss) | -175 | 97 | – | -159 | 10.062 |
| Net Profit (Loss) after Zakat and Tax | -180 | 64 | – | -172 | 4.651 |
| Total Comprehensive Income | -174 | 58 | – | -171 | 1.754 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 677 | 1,596 | -57.581 |
| Gross Profit (Loss) | 242 | 993 | -75.629 |
| Operational Profit (Loss) | -438 | 249 | – |
| Net Profit (Loss) after Zakat and Tax | 760 | 180 | 322.222 |
| Total Comprehensive Income | 753 | 176 | 327.84 |
| Total Share Holders Equity (after Deducting Minority Equity) | 6,620 | 5,798 | 14.177 |
| Profit (Loss) per Share | 2.55 | 0.59 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | Group gross booking value (GBV) decreased by 81% for the 3rd quarter 2020 to SAR 669 million vs. SAR 3.5 Billion Q3 2019. The drop is solely driven by precautionary measures taken as a result of COVID-19 outbreak that has directly impacted travel and tourism sector.
Consumer Travel recorded SAR 219 million in GBV for Q3 2020 v’s SAR 1.6 Billion Q3 2019, a decrease of 87%. Travel management witnessed a drop of 77% in GBV for Q3 2020 v’s Q3 2019 posting SAR 204 million of GBV. Car Rental posted a 34% increase in revenue in Q3 2020, to SAR 104m driven by new lease contracts secured with government and corporate clients. Hospitality yielded revenue of SAR 8m representing a 82% drop from the previous period due to closure of commercial operation as a result of COVID – 19. Hajj& Umrah has not generated any during Q3 2020 vs SR 53 million in Q3 2019. The drop is solely driven by the measures taken by the government due to COVID-19 outbreak. Group Revenue declined by 78% in Q3 2020 v’s Q3 2019 driven by drop in GBV due to COVID – 19. Net loss after Zakat The company generated a net loss after zakat (before non-controlling interest) of SR 180 million as compared to net profit of SR 64 million during the previous year. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Group gross booking value (GBV) increased by 68% for the 3rd quarter 2020 to SAR 669 million vs. SAR 398 million Q2 2020. The increase is primarily driven by partial relaxation of precautionary measures taken as a result of COVID-19 outbreak and opening of domestic flights within KSA.
Consumer Travel recorded SAR 219 million in GBV for Q3 2020 v’s SAR 38 million Q2 2020, with an increase of 476%. Travel management witnessed an increase of 27% in GBV for Q3 2020 v’s Q2 2020 posting SAR 204 million of GBV. Car Rental posted a 4% growth in revenue in Q3 2020, to SAR 104m due to drop in revenue from retail sector, after temporary closure of retail branches as a result of COVID – 19. Hospitality yielded revenue of SAR 8m representing a 47% drop from the previous quarter. Hajj& Umrah has not generated any revenue during Q3 & Q2 solely driven by the measures taken by the government due to COVID-19 outbreak. Group Revenue has marginally increased by 3% in Q3 2020 v’s Q2 2020 driven by growth in GBV. Net loss after zakat The company generated a net loss after zakat (before non-controlling interest) of SR 180 million as compared to net loss of SR 172 million during the previous quarter. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Group gross booking value (GBV) decreased by 65% for the current period 2020 to SAR 2.98 billion vs. SAR 8.64 Billion YTD 2019. The drop is solely driven by precautionary measures taken as a result of COVID-19 outbreak that has directly impacted travel and tourism sector.
Consumer Travel recorded SAR 920 million in GBV for period 2020 v’s SAR 3.2 billion YTD 2019, a decrease of 71%. Travel management witnessed a drop of 65% in GBV for the period v’s 2019 posting SAR 860 million of GBV during the current period. Car Rental posted an increase of 73% in revenue YTD 2020, to SAR 324 million driven by new lease contracts secured with government and corporate clients. Hospitality yielded revenue of SAR 49 million representing a 59% drop from the previous year due to closure of commercial operation as a result of COVID – 19. Hajj& Umrah posted SR 23 million revenue during 2020 vs SR 140 million in 2019. The drop is due to the temporary closure of Hajj & Umrah visa services along with Umrah for citizens and residents is solely driven by the measures taken by the government due to COVID-19 Group Revenue declined by 58% in 2020 v’s 2019 driven by drop in GBV due to COVID – 19. Net profit after zakat The company generated a net profit after zakat (before non-controlling interest) of SR 760 million as compared to net profit after zakat of SR 180 million during the previous year, primarily driven by profit recognized on Careem transaction amounting to SR 1.573 billion. Net profit after non controlling interest The company generated a net profit after non-controlling interest of SR 766 million as compared to net profit of SR 176 million during the previous year, primarily driven by profit recognized on Careem transaction amounting to SR 1.573 billion. Excluding the impact of below exceptional items, the company achieved normalized net loss of SR 479 million for the period 2020 (2019: net profit of SR 171million) with a decrease of 381% in losses as compared to 2019. – Portion of gain recorded in current quarter on disposal of investment is SR 1.573 billion (2019: NIL) – Impairment losses amounting to SR 315 million (2019: SR NIL) – Recognized foreign currency loss on impairment of goodwill amounting to SR 13 million (2019: SR NIL) – Gain on disposal of subsidiary during the current period SR NIL (2019: SR 16 million) – Foreign currency loss recognized on disposal of subsidiary during the current period SR NIL (2019: SR 11 million) |
| Basis of the External Auditor’s Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Non |
| Reclassification of Comparison Items | Certain comparative figures are reclassified to conform to current period classification. |
| Additional Information | Other information:
1 The revenue for the current quarter is SAR 142 million as compared to SAR 642 million during the same quarter of the previous year showing a decrease of 78%. The revenue for the current period is SAR 677 million as compared to SAR 1,596 Billion for the same period of the previous year showing a decrease of 58%. 2 The gross profit for the current quarter is SAR 30 million as compared to SAR 349 million during the same quarter of the previous year with a decrease of 91%. The gross profit for the current period is SAR 242 million as compared to SAR 993 million for the same period of the previous year showing a decrease of 76%. 3 The operating loss for the current quarter is SAR 175 million as compared to operating profit of SAR 97 million during the same quarter for the previous year with a decline of 280%. The operating loss for the current period is SAR 438 million as compared to operating profit of SAR 249 million for the same period of the previous year showing a decrease of 276 %. 4 The net loss after zakat and tax before non controlling interest for the current quarter is SAR 180 million as compared to profit of SAR 64 million during the same quarter of the previous year showing a decrease of 381%. The net loss after non controlling interest for the current quarter is SAR 177 million as compared to net profit of SAR 63 million for the same quarter of the previous year with a decrease of 381%. The net profit after zakat and tax before non controlling interest for the current period is SAR 760 million as compared to a net profit of SAR 180 million for the same period of the previous year with an increase of 322%. The net profit after non controlling interest for the current period is SAR 766 million as compared to net profit of SAR 176 million for the same period of previous year with an increase of 335%. 5 The total comprehensive loss for the current quarter before non controlling interest is SAR 174 million as compared to total comprehensive income of SAR 58 million for the same quarter of previous year decreased by 400%. The total comprehensive loss after non controlling interest for the current quarter is SAR 172 million as compared to total comprehensive income of SAR 57 million for the same quarter of the previous year showing a decrease of 402%. The total comprehensive income for the current period before non controlling interest is SAR 753 million as compared to total comprehensive income of SAR 176 million for the same period of previous year with an increase of 328%. The total comprehensive income after the non controlling interest for the current period is SAR 758 million as compared to total comprehensive income of SAR 171 million for the same period of previous year with an increase of 342%. The total comprehensive loss for the current quarter SAR 174 million as compared to SAR 171 million for the previous quarter with an increase of 2%. The total comprehensive loss for the current quarter after non controlling interests is SAR 172 million as compared to SAR 170 million for the previous quarter with an increase of 1%. 6 Loss per share for the current quarter is SR 0.59 as compared to earnings per share of SR 0.21 for the same quarter of previous year. Earnings per share for the current period is SR 2.55 per share as compared to SR 0.59 per share in the same period of previous year. 7 The shareholders equity (without non controlling interest) as at the end of the current period is SAR 6,620 million as compared to SAR 5,798 million in the previous year (without minority interest) increased by 14%. COVID-19 assessment Due to a novel strain of coronavirus (COVID-19) that was first identified at the end of December 2019 and subsequently declared as a pandemic in March 2020 by the World Health Organization (WHO) which continues to spread all regions around the world, including the Kingdom of Saudi Arabia and resulted in travel restrictions and curfew in the cities and hence a slowdown of economic activities and shutdown of many sectors at global and local levels and has impacted significantly travel and tourism sector. As a result of the impact assessment carried out by the management, Covid-19 outbreak has significantly impacted the Group’s operations, hence the Group has impaired the following assets: Goodwill and related assets (for cash generating units) Software, Customer lists, Brand names, and Investment in equity-accounted investees Property plant & equipment and assets under constructions Impairments recorded have been disclosed in note number 5, 6, 7, 8 and 16 of the financial statement. The Group will continue to evaluate the nature and extent of the impact on its business and financial results. Disposal of Careem The acquisition of Careem Inc. net asset by Uber Technologies was completed on 2 January 2020 ("Minimum Payment Date" as per APA) after obtaining the approval from most of the regulatory authorities in the relevant countries. As per APA, Uber held back 25% of the total consideration amounting to SR 483 million, until all regulatory and legal requirements have been completed. The Group recognized a net gain of SR 1,573 Billion, excluding an amount of SR 241 million, which represents 50% of the holdback amount as described above. The Group assessed the recoverability of the remaining receivable amount related to holdbacks based on the information it obtained related to the progress of regulatory, tax and indemnity issues for the closure of sale transaction. The Group will be recording additional income (upto SR 241 million) in future periods, after completion of entire regulatory processes, subject to regulatory and indemnity holdbacks deductions (if any). Please refer to note number 4 of the financial statement for significant matter during the period for detailed information. |
