| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 794 | 493 | 61.05 | 644 | 23.29 |
| Gross Profit (Loss) | 312 | 162 | 92.59 | 278 | 12.23 |
| Operational Profit (Loss) | 78 | -55 | – | 29 | 168.97 |
| Net Profit (Loss) after Zakat and Tax | 57 | -63 | – | 31 | 83.87 |
| Total Comprehensive Income | 68 | -103 | – | 73 | -6.85 |
| 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) | 5,490 | 5,368 | 2.27 |
| Profit (Loss) per Share | 0.19 | -0.22 | |
| 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 | OVERALL Q1 2023 vs Q1 2022
GROUP-WIDE In Q1 2023, driven by continuously high demand for travel and the continued growth in each of Seera’s business segments, Seera Group recorded a gross booking value (GBV) of SAR 2.7 billion, a 59% growth relative to SAR 1.7 billion recorded in Q1 2022, and reflected in revenue growth of 61% to SAR 794 million in Q1 2023 from SAR 493 million in Q1 2022. This has resulted in a positive group-wide operating profit at SAR 78 million in Q1 2023, a 242% improvement over an operating loss of SAR 55 million in Q1 2022. In line with the significant improvement in the operating profit level, the Group recorded an overall net profit after non-controlling interest of SAR 55 million in Q1 2023, a 187% gain relative to losses of SAR 63 million in Q1 2022. TRAVEL PLATFORM (ALMOSAFER) Almosafer, Seera’s travel platform, which operates: consumer travel (Almosafer), business travel (Almosafer Business), destination management company (Discover Saudi) and hajj & umrah tour operator (Mawasim), has achieved 55% growth in GBV to SAR 1.7 billion in Q1 2023 from SAR 1.1 billion in Q1 2022, as travel demand in Q1 2023 remained strong across inbound, outbound and domestic tourism. The travel platform achieved a revenue of SAR 169 million, up 27% from SAR 133 million in Q1 2022 driven by growth in the consumer travel business. With immense scale-up in booking volume, the travel platform posted EBITDA of SAR 0.3 million in Q1 2023, a 101% improvement relative to a loss of SAR 32 million in Q1 2022, showcasing the operating leverage built within the platform. CAR RENTAL (LUMI) Seera’s car rental & leasing business, Lumi, has continued its rapid growth trajectory and recorded a remarkable 61% growth in revenue reaching SAR 267 million in Q1 2023 relative to SAR 166 million in Q1 2022, 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 EBITDA of SAR 132 million, a 28% growth relative to SAR 103 million in Q1 2022. On March 29th, 2023, the capital market authority board has issued its resolution approving the request of Lumi Rental Company for the offering of 30% of Lumi’s share capital. HOSPITALITY Our hospitality business grew its revenues to SAR 33 million in Q1 2023, a 74% increase from SAR 19 million in Q1 2022, led by healthy occupancy levels across hotels operational in our portfolio in Makkah, Riyadh and Jeddah, including CHOICE International branded hotels. The hospitality segment was able to reduce loss before Interest, Taxes, Depreciation, and Amortization by more than 600%, achieving EBITDA of SAR 17 million in Q1 2023, a significant improvement over a loss of SAR 3.4 million in Q1 2022. CORPORATE VENTURES Under the corporate ventures umbrella, the Portman Travel group has exhibited growth across all its three verticals: business travel, luxury leisure travel and sports travel. Driven by global travel demand, Portman achieved a GBV of SAR 677 million in Q1 2023, a growth of 79% relative to SAR 379 million booked volume in Q1 2022, reflected in a revenue level of SAR 313 million in Q1 2023 relative to SAR 183 million in Q1 2022. Overall, the Portman Group achieved EBITDA of SAR 23 million in Q1 2023, a turnaround from loss before Interest, Taxes, Depreciation, and Amortization of SAR 2 million in Q1 2022. OTHER DISCLOSURES Group Revenue an increase of 61% in Q1 2023 at SAR 794 million relative to SAR 493 million in Q1 2022, driven by increased travel demand across verticals, whilst maintaining healthy revenue margins. Net profit after zakat for the period ending March 31, 2023, the company generated net profit after zakat of SAR 57 million in Q1 2023, a 190% improvement over Q1 2022 net loss after zakat of SAR 63 million for the Quarter ending March 31, 2022. Net profit after non-controlling interest In Q1 2023, the company recorded a net profit after non-controlling interest of SAR 55 million relative to net loss after controlling interest of SAR 63 million in Q1 2022, approximately a 187% improvement. Excluding the impact of one off reversal of Impairment loss amounting to SAR 12 million (2022: SAR Nil), the company posted a normalized net profit of SAR 45 million for the Q1 2022 Vs net loss of SR 63 million, a 171% improvement over Q1 2022. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The Group’s gross booking value (GBV) increased by 4% for Q1 2023 to SAR 2.6 billion vs. SAR 2.5 billion Q4 2022. which was a testament to the rebound in the travel market.
Group Revenue increased by 23% in Q1 2023 vs. Q4 2022, achieving SAR 794 million in Q1 2023 vs. SAR 644 million in Q4 2022. Net profit after zakat The company generated a net profit after zakat (before non-controlling interest) of SAR 57 million as compared to net profit after zakat (before non-controlling interest) of SAR 31 million during the previous quarter, an 84% improvement. Net profit after non-controlling interest The company generated a net profit after non-controlling interest of SAR 55 million as compared to net profit of SAR 31 million during the previous quarter, a 77% improvement. Excluding the impact of one off reversal of Impairment loss amounting to SAR 12 million (2022: SAR Nil), the company posted a normalized net profit of SAR 45 million for the Q1 2023 Vs net profit of SR 31 million a 45% improvement over Q4 2022. |
| Statement of the type of external auditor’s report | Other Matter |
| Reclassification of Comparison Items | Certain comparative figures are reclassified to conform to current period classification. |
| Additional Information | 1. The revenue for the current Quarter is SAR 794 million as compared to SAR 493 million during the previous year’s Quarter showing an increase of 61%.
2. The gross profit for the current Quarter is SAR 312 million as compared to SAR 162 million during the previous year’s Quarter with an increase of 93%. 3. The operating profit for the current Quarter is SAR 78 million as compared to an operating loss of SAR 55 million in previous year with an improvement of 242%. 4. The net profit after zakat and tax before non-controlling interest for the current quarter is SAR 57 million as compared to net loss of SAR 63 million for the previous year’s quarter showing an improvement of 190%. The net profit after non-controlling interest for the current quarter is SAR 55 million as compared to net loss of SAR 63 million for the previous year’s quarter with an improvement of 187%. 5. The total comprehensive income for the current year before non-controlling interest is SAR 68 million as compared to total comprehensive loss of SAR 103 million for the previous year improved by 166%. The total comprehensive income after non-controlling interest for the current period is SAR 66 million as compared to total comprehensive loss of SAR 103 million for the same period of previous year showing an improvement of 164%. 6.Earnings per share for the current year is SR 0.19 as compared to a loss per share of SR 0.22 for the previous period. 7. The shareholders equity (without non-controlling interest) as at 31 March 2023 is SAR 5,490 million as compared to SAR 5,368 million in the same quarter of previous year (without minority interest) increased by 2%. |
