| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 286 | 138 | 107.246 | 186 | 53.763 |
| Gross Profit (Loss) | 174 | 26 | 569.23 | 59 | 194.915 |
| Operational Profit (Loss) | -73 | -159 | -54.088 | -111 | -34.234 |
| Net Profit (Loss) after Zakat and Tax | -98 | -172 | -43.023 | -131 | -25.19 |
| Total Comprehensive Income | -99 | -171 | -42.105 | -127 | -22.047 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 472 | 535 | -11.775 |
| Gross Profit (Loss) | 233 | 212 | 9.905 |
| Operational Profit (Loss) | -184 | -263 | -30.038 |
| Net Profit (Loss) after Zakat and Tax | -230 | 940 | – |
| Total Comprehensive Income | -227 | 927 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 5,650 | 6,788 | -16.764 |
| Profit (Loss) per Share | -0.76 | 3.14 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | SEERA GROUP REPORTS ANNUAL GROSS BOOKING VALUE JUMP OF 192% IN Q2 2021
AS A RESULT OF INITIAL TRAVEL RECOVERY Seera Group recorded a 107% increase in revenue across its portfolio of business units, compared to Q2 2020 in the second quarter of 2021, which was a testament to the combined efforts of international governments and the travel ecosystem on the road to recovery post pandemic. The growth is driven largely by partial opening of KSA borders for international travel for vaccinated citizens and residents which allowed for the partial resumption of travel across borders, relaxed quarantine requirements and easing of restrictions on entry and entertainment & leisure activities. As a result of the significant impact on competition in travel, combined with Seera’s scale and market share – Seera witnessed improved gross margins across all of the Group’s travel products. Further contributing to the successful second quarter of 2021 were several projects and initiatives across the Group’s travel verticals, which capitalized on regained consumer confidence and convenience of travel. Consumer Travel (CT) took further measures to elevate the customer experience across its omni channel offering and achieved growth of 1049% up to SAR 438 million in Q2 2021 vs. SAR 38 million in Q2 2020, supported by a strong summer season for both domestic travel and international bookings post border opening on May 17th, 2021. With a focus on capturing lease clients and increasing corporate rental partnerships, Car Rental revenue grew by 28% to SAR 127 million in Q2 2021 vs. SAR 99 million in Q2 2020 under the Lumi brand umbrella. Further, Lumi continued its investment into digital offerings for B2C customers in preparation for its app launch in Q3 2021. Discover Saudi, the Group’s Destination Management Company, has fine-tuned its operations and product level offering to be further equipped to handle the imminent influx of inbound travel to KSA. The DMC has also supported a number of initiatives and events across the tourism sector in Saudi Arabia, including the operations around quarantine packages for inbound visitors to KSA, as well as handling logistics for the Extreme E Races which took place in AlUla from March until April and tours and activities for the UNWTO delegation visiting in April. The DMC furthermore worked on the roll-out of health & safety standards across hospitality and leisure providers, as well as acting as a domestic tour operator for leisure activities and excursions throughout the Kingdom, which were sold through our B2C marketplace on Almosafer and via third-party agents. During the Arabian Travel Market, the largest regional travel trade show, which took place in June 2021, Seera also announced a Strategic Partnership with Klook, a world-leading travel and leisure booking platform, to create a one-stop digital platform with end-to-end content and inventory management solutions that will support tourism and leisure activity providers in Saudi Arabia and provide access to Klook’s global content to the Group’s travel brands. Over the second quarter of 2021, the group has further invested efforts into advanced technology and digital projects across its portfolio. The digital travel management solution for corporate and government customers within Travel Management (elaa) for example saw a significant (1168%) increase in adoption since May, whereas Mawasim, the Group’s Hajj & Umrah travel business rolled out its B2B portal to serve travel agents across the globe. The unit is also set to launch its integration with Maqam, the Ministry of Hajj & Umrah official travel portal, which will enable agents to create bookings required for Umrah visa issuance. In response to the contraction of travel volumes as a result of the impact of the COVID-19 pandemic, during the year 2020, Seera took actions to optimize efficiencies and reduce costs. The Group has continued to remain prudent in cost management through marketing efficiencies, technology rationalizations and scalable operating models for internal processes & teams. Q2 2021 vs Q2 2020 GBV ● For Q2 2021, Group GBV increased significantly compared to Q2 2020, by 192% for Q2 2021 to SAR 1.2 billion vs. SAR 398 million in Q2 2020. Revenue ● Increase of 107% to SAR 286 million in Q2 2021 vs SAR 138 million in Q2 2020. Gross Profit ● 569% up to SAR 174 million in Q2 2021 vs. SAR 26 million in Q2 2020 Net Profit after Zakat ● The Group generated a net loss after zakat (before non-controlling interest) of SAR 98 million in Q2 2021 as compared to net loss after zakat (before non-controlling interest) of SAR 172 million during the same quarter of previous year with a variance of 43%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | Q2 2021 vs Q1 2021
GBV ● We are encouraged by quarter-on-quarter improvement in GBV with Q2 2021 increasing 32% to SAR 1.2 billion vs. SAR 879 million in Q1 2021 Revenue ● Revenue increased by 59% in Q2 2021 at SAR 286 million vs. SAR 186 million in Q1 2021 Gross Profit ● GP increased by 195% in Q2 2021 at SAR 174 million vs. SAR 59 million in Q1 2021 Net Profit after Zakat ● The company generated a net loss after zakat (before non-controlling interest) of SAR 98 million as compared to net loss after zakat (before non-controlling interest) of SAR 131 million during the previous quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | 2021 YTD vs 2020 YTD
GBV ● YTD GBV in 2021 is 12% lower than 2020 posting SAR 2.0 billion 2021 vs. SAR 2.3 billion in YTD 2020. Revenue ● Revenue decreased by 12% in 2021 at SAR 472 million vs. SAR 535 million in 2020 Gross Profit ● GP increased by 10% in 2021 at SAR 233 million vs. SAR 212 million in 2021 Net Profit after Zakat ● The company generated a net loss after zakat (before non-controlling interest) of SAR 230 million in 2021 as compared to net profit after zakat (before non-controlling interest) of SAR 940 million during the previous year. ● Excluding the impact of below exceptional items, the company posted a normalized net loss after non controlling interest of SAR 226 million for 2021 Vs net loss of SR 305 million with a decrease of 26% in losses as compared to 2020. ○ Gain recorded on disposal of investment is SAR NIL million (2020: SR 1.563 billion) ○ Impairment losses amounting to SAR 1.8 million (2020: SAR 315 million) |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| 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 286 million as compared to SAR 138 million during the same quarter of previous year showing an increase of 107%. The revenue for the period is SAR 472 million as compared to SAR 535 million during the same period of previous year showing a decrease of 12%. 2 The gross profit for the current quarter is SAR 174 million as compared to SAR 26 million during the same quarter of previous year with an increase of 569%. The gross profit for the current period is SAR 233 million as compared to SAR 212 million during the same period of previous year with an increase of 10%. 3 The operating loss for the current quarter is SAR 73 million as compared to SAR 159 million for the same quarter of previous year with a variance of 54%. The operating loss for the current period is SAR 184 million as compared to SAR 263 million for the same period of previous year with a variance of 30% 4 The net loss after zakat and tax before non controlling interest for the current quarter is SAR 98 million as compared to net loss of SAR 172 million for the same quarter of previous year showing a variance of 43%. The net loss after zakat and tax before non controlling interest for the current period is SAR 230 million as compared to net profit of SAR 940 million for the same quarter of previous year showing a decrease of 124%. The net loss after non controlling interest for the current quarter is SAR 98 million as compared to net loss of SAR 170 million for the same quarter of previous year with a decrease of 42%. The net loss after non controlling interest for the current period is SAR 228 million as compared to net profit of SAR 943 million for the same period of previous year with a decrease of 124%. 5 The total comprehensive loss for the current quarter before non controlling interest is SAR 99 million as compared to total comprehensive loss of SAR 171 million for the same quarter of previous year decreased by 42%. The total comprehensive loss before non controlling interest for the current period is SAR 227 million as compared to total comprehensive income of SAR 927 million for the same period of previous year showing a decrease of 124%. The total comprehensive loss for the current period after non controlling interest is SAR 99 million as compared to total comprehensive loss of SAR 170 million for the same quarter of previous year decreased by 41%. The total comprehensive loss after non controlling interest for the current period is SAR 225 million as compared to total comprehensive income of SAR 930 million for the same period of previous year showing a decrease of 124%. 6 Earnings per share for the current quarter is SR -0.33 as compared to earnings per share of SR -0.57 for the same quarter of previous year. Earnings per share for the current period is SR -0.76 as compared to earnings per share of SR 3.14 for the same period of previous year. 7 The shareholders equity (without non controlling interest) as at the end of the current period is SAR 5,650 million as compared to SAR 6,788 million in the same period of previous year (without minority interest) decreased by 16.7%. |
