Seera Group Holding reported a net loss after Zakat and tax of SAR 230 million for the first half of 2021, against a net profit of SAR 940 million a year earlier.
The company attributed the net loss to a 12% year-on-year (YoY) decrease in gross booking value (GBV) to SAR 2 billion and a 12% YoY drop in revenue to SAR 472 million.
Seera also cited impairment losses of SAR 1.8 million in the same period, compared to SAR 315 million last year and recorded nil on disposal of investment, compared to SAR 1.563 billion a year earlier.
Adjusting for the impact of these exceptional items, Seera would have posted a normalized net loss after non-controlling interest of SAR 226 million for 2021, a decline of 26% YoY from SAR 305 million a year earlier.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 534.90 | 471.88 | (11.8 %) |
| Gross Income | 211.54 | 233.04 | 10.2 % |
| Operating Income | (263.52) | (207.84) | 21.1 % |
| Net Income | 943.29 | (228.54) | (124.2 %) |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 3.14 | (0.76) | (124.2 %) |
In Q2 2021, Seera trimmed net losses to SAR 98 million, a decline of 43% from SAR 172 million.
On a quarterly basis, net losses narrowed by 25% from SAR 131 million.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 138.21 | 285.62 | 106.7 % |
| Gross Income | 26.34 | 174.48 | 562.5 % |
| Operating Income | (153.33) | (64.04) | 58.2 % |
| Net Income | (170.21) | (98.56) | 42.1 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | (0.57) | (0.33) | 42.1 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 186.26 | 285.62 | 53.3 % |
| Gross Income | 58.56 | 174.48 | 198.0 % |
| Operating Income | (143.81) | (64.04) | 55.5 % |
| Net Income | (129.98) | (98.56) | 24.2 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | (0.43) | (0.33) | 24.2 % |
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