Seera narrows losses to SAR 81 mln in 9M 2022; Q3 profit at SAR 51.3 mln

08/11/2022 Argaam Exclusive

Seera Group Holding narrowed its net loss after Zakat and tax to SAR 81 million in the first nine months of 2022, from SAR 300 million in the prior-year period.  

 

Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 841.00 1,627.18 93.5 %
Gross Income 419.12 625.74 49.3 %
Operating Income (260.39) (104.02) 60.1 %
Net Income (300.81) (78.92) 73.8 %
Average Shares 300.00 300.00 -
EPS (Riyals) (1.00) (0.26) 73.8 %

The group said the decline in losses came from higher revenue driven by healthy margins and increased gross booking value (GBV). 

 

Gross profit increased by 49% in 2022 to SAR 625 million from SAR 419 million in 2021.

 

The company generated a net loss after Zakat (before non-controlling interest) of SAR 77 million in 2022 as compared to SAR 302 million during the previous year.

 

Seera turned to a net profit after Zakat and tax of SAR 51.3 million in Q3 2022, against a net loss of SAR 72 million in the same quarter last year.

 

This came on the back of a 93% increase in GBV led by 100% growth in Almosafer platform GBV. 

  

Compared to Q2 2022, the company swung to a net profit against a net loss of SAR 69.1 million. 

  

Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 369.12 641.99 73.9 %
Gross Income 186.08 241.12 29.6 %
Operating Income (52.55) 21.30 140.5 %
Net Income (72.27) 53.42 173.9 %
Average Shares 300.00 300.00 -
EPS (Riyals) (0.24) 0.18 173.9 %

Shareholders’ equity, excluding minority interest, stood at SAR 5.347 billion as of Sept. 30, 2022, compared to SAR 5.589 million a year earlier. 

 

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Share Price

Seera Group Holding
24.56
(0.26) (1.05 %)

Seera Group Holding (SEERA)

Financial Ratios
Current
Market Cap (M Riyal) 7,374.00
Enterprise Value (EV) (M) 8,445.07
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 0.70
Book Value (BV) ( Riyal) 18.73
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) 35.35
Price/book 1.31
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 3.8
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