| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 493 | 186 | 165.053 | 487 | 1.232 |
| Gross Profit (Loss) | 158 | 59 | 167.796 | 187 | -15.508 |
| Operational Profit (Loss) | -55 | -111 | -50.45 | -66 | -16.666 |
| Net Profit (Loss) after Zakat and Tax | -63 | -131 | -51.908 | -104 | -39.423 |
| Total Comprehensive Income | -103 | -127 | -18.897 | -156 | -33.974 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 5,368 | 5,758 | -6.773 |
| Profit (Loss) per Share | -0.21 | -0.43 | |
| 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 gross booking value increases by 87% to SAR 1.6bn in Q1 2022 driven by the rebound in travel
The Group’s gross booking value (GBV) increased by 87% for the first quarter of 2022 to SAR 1.6 billion compared to SAR 873 million in Q1 2021, which is testament to the travel industry bouncing back with increasing demand for travel to, in, and around Saudi Arabia. Seera’s Car Rental unit, Lumi, has continued its positive trajectory from 2021, as the unit’s revenue has grown 44% from SAR 112 million in Q1 2021 to SAR 161 million in Q1 2022, fuelled by large-scale leasing agreements secured with major government and corporate clients as well as an increase in digital bookings made through the mobile app which was launched last year. Almosafer, Seera’s Travel business, has experienced steady recovery post pandemic achieving 52% growth in GBV from SAR 647 million in Q1 2021 to SAR 984 million in Q1 2022. The consumer segment GBV grew 122% from SAR 261 million in Q1 2021 to SAR 580 million in Q1 2022, reflecting the return of travel demand to pre-pandemic levels and the continued success of Almosafer’s omni-channel approach. Almosafer Business (formerly elaa), the Group’s corporate and government travel management business, grew at a stable rate of 5% from SAR 386 million in Q1 2021 to SAR 404 million in Q1 2022 as the business continues to retain some of the largest and most prestigious clients in the government and semi-government sectors. Mawasim, Seera’s Hajj and Umrah business, posted SAR 13 million revenue for Q1 2022, a significant increase on Q1 2021. The growth is due to the easing of the restrictions on Umrah pilgrimages for citizens, residents and international visitors, along with a growth in religious travel from new source markets. Discover Saudi, Seera’s integrated DMC recorded a GBV of SAR 44 million during Q1 2022, a growth of 135% compared to Q1 2021 as the destination management company continues to provide transport and accommodation services to large-scale international events including the 2022 Saudi Cup and the World Defense Show in KSA. With the resumption of tourist visas, Discover Saudi has also hosted a growing number of inbound travellers coming to explore the Kingdom. Seera’s Hospitality unit yielded revenue of SAR 19 million representing a 197% growth in Q1 2022 compared to the same quarter the previous year due to the resumption of commercial operations in pilgrim-focused properties, along with the launch of two Choice branded hotels in Jeddah. The Group’s Corporate Ventures unit posted a GBV of SAR 411 million in Q1 2022, a growth of 361% as compared to Q1 2021, as demand for travel in Europe has grown exponentially with all COVID restrictions being removed in the UK, home to Seera’s largest investment, the Portman Travel Group. Group Revenue improved by 165%, achieving SAR 493 million in Q1 2022 vs. SAR 186 million 2021 driven by the rebound of travel across borders, limited quarantine requirements and almost complete easing of restrictions on entry and entertainment and leisure activities. Net loss after zakat The company generated a net loss after zakat (before non-controlling interest) of SAR 63 million in Q1 2022 as compared to net loss after zakat (before non-controlling interest) of SAR 130 million, a 52% improvement, during the same quarter of previous year, primarily driven by Growth in revenue and maintaining operating cost. Net loss after non controlling interest The company generated a net loss after non-controlling interest of SAR 63 million in Q1 2022 as compared to net loss of SAR 131 million during the same quarter of previous year, a 52% improvement, Excluding the impact of below exceptional item, the company posted a normalized net loss of SAR 63 million for the Q1 2022 Vs net loss of SR 141 million with a decrease of 55% in losses as compared to 2021. Reversal of legal provision for Blue Sky Travel amounting to SAR NIL (2021: SAR 11 million) |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The Group’s gross booking value (GBV) increased by 20% for Q1 2022 to SAR 1,6 billion vs. SAR 1.4 billion Q4 2021. which was a testament to the rebound in the travel market.
Group Revenue increased by 1% in Q1 2022 vs. Q4 2021, achieving SAR 493 million in Q1 2022 vs. SAR 487 million in Q4 2021. Net loss after zakat The company generated a net loss after zakat (before non-controlling interest) of SAR 63 million as compared to net loss after zakat (before non-controlling interest) of SAR 104 million during the previous quarter, a 39% improvement. Net loss after non controlling interest The company generated a net loss after non-controlling interest of SAR 63 million as compared to net loss of SAR 104.4 million during the previous quarter, a 39% improvement. Excluding the impact of the below exceptional item, the company posted a normalized net loss of SAR 63 million for the Q1 2022 Vs net loss of SR 138 million with a decrease of 54% in losses as compared to Q4 2021. Recognized other income from Careem Holdback of SAR NIL (2021: SAR 68.5 million) Additional zakat provision during the current year SAR NIL (2021: SAR 35 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 493 million as compared to SAR 186 million during the same quarter of previous year showing an increase of 165%. 2 The gross profit for the current quarter is SAR 158 million as compared to SAR 59 million during the same quarter of previous year with an increase of 168%. 3 The operating loss for the current quarter is SAR 55 million as compared to SAR 111 million for the same quarter of previous year showing a decrease of 50%. 4 The net loss after zakat and tax before non controlling interest for the current quarter is SAR 63 million as compared to net loss of SAR 131 million for the same quarter of previous year showing a decrease of 52%. The net loss after non controlling interest for the current quarter is SAR 63 million as compared to net loss of SAR 130 million for the same quarter of previous year with a decrease of 52%. 5 The total comprehensive loss for the current quarter before non controlling interest is SAR 103 million as compared to total comprehensive loss of SAR 127 million for the same quarter of previous year decreased by 19%. The total comprehensive loss after non controlling interest for the current quarter is SAR 103 million as compared to total comprehensive loss of SAR 126 million for the same quarter of previous year showing a decrease of 18%. 6 Earnings per share for the current quarter is SR -0.21 as compared to earnings per share of SR -0.43 for the same quarter of previous year. 7 The shareholders equity (without non controlling interest) as at the end of the current quarter is SAR 5,368 million as compared to SAR 5,758 million in the same quarter of previous year (without minority interest) decreased by 7%. |
