| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 801 | 512 | 56.45 | 716 | 11.87 |
| Gross Profit (Loss) | 356 | 255 | 39.61 | 345 | 3.19 |
| Operational Profit (Loss) | 60 | 79 | -24.05 | 102 | -41.18 |
| Net Profit (Loss) after Zakat and Tax | 26 | 54 | -51.85 | 67 | -61.19 |
| Total Comprehensive Income | 31 | 79 | -60.76 | 126 | -75.4 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 2,274 | 1,497 | 51.9 |
| Gross Profit (Loss) | 1,012 | 639 | 58.37 |
| Operational Profit (Loss) | 240 | -26 | – |
| Net Profit (Loss) after Zakat and Tax | 149 | -77 | – |
| Total Comprehensive Income | 225 | -166 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 6,415 | 5,347 | 19.97 |
| Profit (Loss) per Share | 0.5 | -0.45 | |
| 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 records another consecutive quarter of profitability with a net profit after zakat before non-controlling interest of SAR 47 million (excluding one-off Lumi IPO cost of SAR 21 million)
GROUP-WIDE In Q3 2023, Seera Group generated a net booking value (NBV) of SAR 3.1 billion, an 15% growth relative to SAR 2.7 billion in Q3 2022, and corresponding revenue growth of 56% to SAR 801 million in Q3 2023 from SAR 512 million in Q3 2022. Sustained year-on-year topline growth across Seera’s portfolio of businesses has resulted in another quarter of group-wide normalised operating profit at SAR 81 million in Q3 2023 (excludes one-off Lumi IPO expenses of SAR 21 million), which reflects a 170% improvement over a normalised operating profit of SAR 30 million in Q3 2022 (excluding income from careem holdbacks of SAR 48.5 million). The Group recorded a normalized net profit after zakat before non-controlling interest of SAR 47 million in Q3 2023 (excluding one-off Lumi IPO expenses), an 755% improvement relative to a normalized net profit of SAR 5.5 million in Q3 2022 (excluding income from Careem holdback). The total recorded actual net profit after zakat before non-controlling interest in Q3 2023 was SAR 26 million as compared to SAR 54 million in Q3 2022, a 52% drop due to dual impact of one-off Lumi IPO expenses in Q3 2023 and income from careem holdbacks in Q3 2022. Gain from LUMI IPO has been reported under shareholder equity for an amount of SAR 766 million with net proceeds of SAR 1.062 billion reported as cash and cash equivalents. TRAVEL PLATFORM (ALMOSAFER) The travel platform (which operates the Consumer and Business travel business lines, as well as the Destination Management company Discover Saudi and Hajj & Umrah tour operator Mawasim), has achieved 11% growth in NBV to SAR 2 billion in Q3 2023 from SAR 1.8 billion in Q3 2022 despite shifts in summer vacation period between the second and third quarters of the year. The travel platform overall achieved a revenue of SAR 209 million, up by 52% from SAR 132 million in Q3 2022, and posted EBITDA of SAR 28.3 million in Q3 2023, a 372% improvement relative to a loss of SAR 10.4 million in Q3 2022, driven by improved margins, marketing efficiencies and operating leverage within the platform. HOSPITALITY Seera’s hospitality business grew its revenues to SAR 45 million in Q3 2023, a 67% increase from SAR 27 million in Q3 2022, driven by improvements in occupancy levels and average daily rates across its properties. The hospitality segment achieved an EBITDA of SAR 20.5 million in Q3 2023, compared to an EBITDA of SAR 5 million in Q3 2022, an improvement of 310%. UK-based Travel Investment Portman Travel Group, our UK-based travel investment, provides travel arrangements across corporate, luxury leisure and sports tourism, has achieved a NBV of SAR 722 million in Q3 2023, a growth of 23% relative to SAR 589 million in Q3 2022. Portman Travel’s booking volume increase has resulted in a revenue of SAR 232 million in Q3 2023 relative to SAR 163 million in Q3 2022, a growth of 42%. Overall, the Portman Group achieved EBITDA of SAR 9.2 million in Q3 2023, an improvement of 24% against SAR 7.4 million in Q3 2022. Group Revenue: Improved by 56%, achieving SAR 801 million in Q3 2023 vs. SAR 512 million in Q3 2022. Net profit after zakat before non-controlling interest: Generated actual net profit before non-controlling interest of SAR 26 million in Q3 2023 as compared to SAR 54 million in Q3 2022, a 52% drop, primarily driven by one-off Lumi IPO expenses in Q3 2023 and income against Careem holdbacks received during Q3 2022. Excluding the impact of below one off items, the company posted a normalized net profit before non-controlling interest of SAR 47 million for the Q3 2023 vs. SAR 5.5 million with an improvement of 755% as compared to 2022: ● Income from Careem Holdback of SAR nil in 2023 (2022: SAR 48.5 million) ● Lumi IPO cost SAR 21 million in 2023 (2022: SAR nil) Net profit after non-controlling interest: Generated a net profit after non-controlling interest of SAR 24 million in Q3 2023 as compared to net profit of SAR 53 million during the same quarter of previous year, a 55% drop primarily driven by one-off Lumi IPO expenses in Q3 2023 and income against Careem holdbacks in Q3 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 | NBV: The Group’s net booking value (NBV) decreased marginally by 3% for Q3 2023 to SAR 3.1 billion vs. SAR 3.2 billion Q2 2023, due to shifts in summer vacation period between the second and third quarters of the year.
Group Revenue increased by 12% in Q3 2023 vs. Q2 2023, achieving SAR 801 million in Q3 2023 vs. SAR 716 million in Q2 2023. Gross profit increased by 3% in Q3 2023 at SAR 356 million vs. SAR 345 million in Q2 2023. Net profit after zakat before non-controlling interest: The company generated a net profit after zakat before non-controlling interest of SAR 26 million as compared to net profit after zakat before non-controlling interest of SAR 67 million during the previous quarter, due to exceptional items income from Careem holdback and vendor rebates recorded in Q2 and one-off Lumi IPO expenses recorded in Q3 2023. Excluding the impact of below one off item, the company posted a normalized net profit before non-controlling interest of SAR 47 million for the Q3 2023 vs net profit of SAR 42 million with an improvement of 12% as compared to Q2 2023. – Income from Careem Holdback of SAR nil in Q3 2023 (Q2 2023: SAR 14.9 million) – Rebates from vendors of SAR nil in Q3 2023 (Q2 2023: SAR 10.4 million) – Lumi IPO cost SAR 21 million in Q3 2023 (Q2 2023: SAR nil) |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | NBV
YTD NBV in 2023 is 32% higher than 2022 posting SAR 9 billion 2023 vs. SAR 6.8 billion in YTD 2022 due to the resurgence of travel demand. Revenue Revenue increased by 52% in 2023 at SAR 2.28 billion vs. SAR 1.5 billion in 2022 as a result of healthy margins and increased NBV. Gross Profit GP increased by 56% in 2023 at SAR 1 billion vs. SAR 640 million in 2022. Net Profit after Zakat The company generated a net profit after zakat (before non-controlling interest) of SAR 149 million in 2023 as compared to net loss after zakat (before non-controlling interest) of SAR 77 million during the previous period. Excluding the impact of below one off item, the company posted a normalized net profit before non-controlling interest of SAR 170 million in 2023 vs. net loss of SAR 126 million with an improvement of 235% as compared to 2022. – Income from Careem Holdback of SAR nil in 2023 (2022: SAR 48.5 million) – Lumi IPO cost SAR 21 million in 2023 (2022: SAR nil) |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| 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 801 million as compared to SAR 512 million during the same quarter of previous year showing an increase of 56%. 2 -The gross profit for the current quarter is SAR 356 million as compared to SAR 255 million during the same quarter of previous year with an increase of 40%. The gross profit for the current period is SAR 1 billion as compared to SAR 640 million during the same period of previous year with an increase of 56%. 3 -The operating profit for the current quarter is SAR 60 million as compared to a profit of SAR 79 million for the same quarter of previous year showing a drop of 24%. The operating profit for the current period is SAR 240 million as compared to a loss of SAR 26 million during the same period of previous year with an improvement of 1023%. 4-The net profit after zakat and tax before non-controlling interest for the current quarter is SAR 26 million as compared to net profit of SAR 54 million for the same quarter of previous year showing an drop of 52%. The net profit after non-controlling interest for the current quarter is SAR 24 million as compared to net profit of SAR 53 million for the same quarter of previous year with a drop of 55%. The net profit after zakat and tax before non-controlling interest for the current period is SAR 149 million as compared to net loss of SAR 77 million for the same period of previous year showing an improvement of 294%. The net profit after non controlling interest for the current period is SAR 148 million as compared to net loss of SAR 79 million for the same period of previous year with an improvement of 287%. 5 -The total comprehensive income for the current quarter before non-controlling interest is SAR 31 million as compared to total comprehensive income of SAR 79 million for the same quarter of previous year decreased by 61%. The total comprehensive income after non controlling interest for the current quarter is SAR 29 million as compared to total comprehensive income of SAR 78 million for the same quarter of previous year showing a drop of 63%. The total comprehensive income for the current period before non controlling interest is SAR 225 million as compared to total comprehensive loss of SAR 166 million for the same period of previous year improvement by 236%. The total comprehensive income after non controlling interest for the current period is SAR 224 million as compared to total comprehensive loss of SAR 168 million for the same period of previous year showing an improvement of 233%. 6 -Earnings per share for the current quarter is SAR 0.081 as compared to earnings per share of SAR 0.181 for the same quarter of previous year. Earnings per share for the current period is SAR 0.499 as compared to loss per share of SAR 0.267 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 6,415 million as compared to SAR 5,347 million in the same period of previous year (without non-controlling interest) increased by 20%. 8 -The Company has adjusted its revenue and cost of sales for an amount of SAR 53.39 million during the current quarter of previous year and SAR 129.99 million during nine months period ended 30 September 2022. Refer to note 22 of the financial statements for details. |
