| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 369 | 142 | 159.859 | 286 | 29.02 |
| Gross Profit (Loss) | 186 | 30 | 520 | 174 | 6.896 |
| Operational Profit (Loss) | -61 | -175 | -65.142 | -73 | -16.438 |
| Net Profit (Loss) after Zakat and Tax | -72 | -180 | -60 | -98 | -26.53 |
| Total Comprehensive Income | -66 | -174 | -62.068 | -99 | -33.333 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 841 | 677 | 24.224 |
| Gross Profit (Loss) | 419 | 242 | 73.14 |
| Operational Profit (Loss) | -245 | -438 | -44.063 |
| Net Profit (Loss) after Zakat and Tax | -302 | 760 | – |
| Total Comprehensive Income | -293 | 753 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 5,589 | 6,620 | -15.574 |
| Profit (Loss) per Share | -1 | 2.55 | |
| 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’S GROSS BOOKING VALUE SEES YoY INCREASE OF 112% IN Q3 2021
DUE TO STRONG SUMMER TRAVEL SEASON Seera Group recorded a 520% increase in Gross Profit across business units, compared to the third quarter of 2020, fuelled by a strong recovery of domestic and international travel and a summer season travel demand comparable to pre-pandemic levels. With borders largely open, travel restrictions eased and vaccination drives close to completion in the Kingdom, travellers have been making the most of the summer season to venture out or explore their home country as bookings have increased across the group’s travel verticals from business to consumer travel, car rental and beyond. As a result of Seera’s continued investment into product offering, technology, as well as domestic & inbound infrastructure, the Group witnessed growth across travel products with a revenue increase of 160% compared to Q3 2020 and 29% compared to the previous quarter this year. Further supporting the tourism growth in Saudi Arabia, Seera Group’s Hospitality Unit and Kaden Investment signed a master hotels development agreement in July 2021, to manage and develop hotels in Saudi Arabia. The first hotel in the joint venture is set to open in mega-development Riyadh Front. Seera Group also signed a financing agreement with the Tourism Development Fund in September 2021, to establish and operate the Raghadan Tourist Resort, the first sustainable tourism project in the Al Baha region – one of the main investment destinations identified under Saudi Arabia’s National Tourism Strategy. Consumer Travel (CT) achieved a Gross Booking Value growth of 181% up to SAR 616 million in Q3 2021 vs. SAR 219 million in Q3 2020. With a focus on domestic destinations and a shift of marketing initiatives geared towards ‘traditional’ summer destinations to new, trending and accessible destinations, Consumer Travel has managed to continue its omni-channel journey with elevated success. Domestic tourism has maintained and further grown its level of importance for Saudi travellers, with domestic flight & hotel bookings accounting for over 43% of the overall volume. However; bookings also increased across flights, hotels, activities and packages across various international destinations that were previously not considered top priority, due to ease of quarantine free entry, including eastern European destinations, island escapes and city trips. Seera’s Car Rental Unit grew its revenue by 35% to SAR 140 million in Q3 2021 vs. SAR 104 million in Q3 2020 under the Lumi brand umbrella. With the launch of a dedicated app booking platform and a new web platform underway, Lumi has made strides to upgrade the car rental experience for users and minimize friction and time spent upon pickup, through a streamlined process. The Unit has furthermore launched a one-of-a-kind partnership with Harley Davidson to offer motorcycle rentals in Saudi Arabia, a move that has supported the brand’s awareness and equity trajectory. With the opening of KSA borders and resumption of tourist visa issuance in August 2021, Discover Saudi, the Group’s Destination Management Company, has focused efforts on catering to the increased number of leads for inbound packages and itineraries from travel agents all over the globe. With the kick-off of a series of familiarization trips, the DMC has introduced travel agents from the US, Asia and beyond to the wonders of the Kingdom. Launched in July 2021, Discover Saudi’s online distribution channel, which allows for the DMC to distribute its non-air and air product content to OTAs, aggregators and platforms, has signed agreements with some of the biggest players in the travel industry and beyond. Seera’s Travel Management (elaa) has experienced a significant growth in Gross Booking Value for Q3 2021 compared to the same quarter in 2020, largely driven by a resumption of business travel across corporates and government entities. The digitization of travel management has also seen improvements across elaa accounts with 30% of all corporate and government bookings now being placed through the brand’s digital portal. The Group has also strengthened its religious travel services by integrating Mawasim, its Hajj and Umrah division, with Maqam, the official global distribution system platform of the Saudi Ministry of Hajj & Umrah. Maqam is designed to provide a simplified and unified portal for all details regarding booking the pilgrimage from anywhere in the world. Mawasim and Maqam (the only Saudi–authorised portal) came together to redefine the future of travel for global pilgrims to the Kingdom. Under the Corporate Ventures vertical, Seera Group has successfully led a SAR 28 Million Series A funding round of financing for Siwar, a Saudi-based food-tech startup, including participation by other prominent strategic investors. Siwar was launched in 2020 to meet the growing and untapped needs of a new generation of consumers within the F&B market, with a focus on the ‘ready to eat food’ segment. Q3 2021 vs Q3 2020 GBV ● For Q3 2021, Group GBV increased significantly compared to Q3 2020, by 112% for Q3 2021 to SAR 1.4 billion vs. SAR 669 million in Q3 2020. Revenue ● Increase of 160% to SAR 369 million in Q3 2021 vs SAR 142 million in Q3 2020. Gross Profit ● 520% up to SAR 186 million in Q3 2021 vs. SAR 30 million in Q3 2020 Net Profit after Zakat ● The Group generated a net loss after zakat (before non-controlling interest) of SAR 72 million in Q3 2021 as compared to net loss after zakat (before non-controlling interest) of SAR 180 million during the same quarter of previous year with a variance of 60%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | Q3 2021 vs Q2 2021
GBV ● We are encouraged by quarter-on-quarter improvement in GBV with Q3 2021 increasing 22% to SAR 1.4 billion vs. SAR 1.2 billion in Q2 2021 Revenue ● Revenue increased by 29% in Q3 2021 at SAR 369 million vs. SAR 286 million in Q2 2021 Gross Profit ● GP increased by 6.89% in Q3 2021 at SAR 186 million vs. SAR 174 million in Q2 2021 Net Profit after Zakat ● The company generated a net loss after zakat (before non-controlling interest) of SAR 72 million as compared to net loss after zakat (before non-controlling interest) of SAR 98 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 16% higher than 2020 posting SAR 3.5 billion 2021 vs. SAR 3.0 billion in YTD 2020. Revenue ● Revenue increased by 24% in 2021 at SAR 841 million vs. SAR 677 million in 2020 Gross Profit ● GP increased by 73% in 2021 at SAR 419 million vs. SAR 242 million in 2021 Net Profit after Zakat ● The company generated a net loss after zakat (before non-controlling interest) of SAR 302 million in 2021 as compared to net profit after zakat (before non-controlling interest) of SAR 760 million during the previous year. ● Excluding the impact of below exceptional items, the company posted a normalized net loss before non controlling interest of SAR 300 million for 2021 Vs net loss of SR 498 million with a decrease of 40% in losses as compared to 2020. ○ Gain recorded on disposal of investment is SAR NIL million (2020: SR 1.573 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 369 million as compared to SAR 142 million during the same quarter of previous year showing an increase of 160%. The revenue for the period is SAR 841 million as compared to SAR 677 million during the same period of previous year showing a increase of 24%. 2 The gross profit for the current quarter is SAR 186 million as compared to SAR 30 million during the same quarter of previous year with an increase of 520%. The gross profit for the current period is SAR 419 million as compared to SAR 242 million during the same period of previous year with an increase of 73%. 3 The operating loss for the current quarter is SAR 61 million as compared to SAR 175 million for the same quarter of previous year with a variance of 65%. The operating loss for the current period is SAR 245 million as compared to SAR 438 million for the same period of previous year with a variance of 44% 4 The net loss after zakat and tax before non controlling interest for the current quarter is SAR 72 million as compared to net loss of SAR 180 million for the same quarter of previous year showing a variance of 60%. The net loss after zakat and tax before non controlling interest for the current period is SAR 302 million as compared to net profit of SAR 760 million for the same quarter of previous year showing a decrease of 140%. The net loss after non controlling interest for the current quarter is SAR 72 million as compared to net loss of SAR 177 million for the same quarter of previous year with a decrease of 59%. The net loss after non controlling interest for the current period is SAR 300 million as compared to net profit of SAR 766 million for the same period of previous year with a decrease of 139%. 5 The total comprehensive loss for the current quarter before non controlling interest is SAR 66 million as compared to total comprehensive loss of SAR 174 million for the same quarter of previous year decreased by 62%. The total comprehensive loss before non controlling interest for the current period is SAR 293 million as compared to total comprehensive income of SAR 753 million for the same period of previous year showing a decrease of 139%. The total comprehensive loss for the current period after non controlling interest is SAR 67 million as compared to total comprehensive loss of SAR 172 million for the same quarter of previous year decreased by 61%. The total comprehensive loss after non controlling interest for the current period is SAR 292 million as compared to total comprehensive income of SAR 758 million for the same period of previous year showing a decrease of 138%. 6 Earnings per share for the current quarter is SR -0.24 as compared to earnings per share of SR -0.59 for the same quarter of previous year. Earnings per share for the current period is SR -1.00 as compared to earnings per share of SR 2.55 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 5,589 million as compared to SAR 6,620 million in the same period of previous year (without minority interest) decreased by 15.6%. |
