Seera Group Holding reported a net profit of SAR 148 million for the first nine months of 2023, against a net loss of SAR 79 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 1,497.19 | 2,273.97 | 51.9 % |
| Gross Income | 639.49 | 1,012.37 | 58.3 % |
| Operating Income | (104.02) | 203.99 | 296.1 % |
| Net Income | (78.92) | 147.97 | 287.5 % |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | (0.26) | 0.49 | 287.5 % |
The profit was driven by a 32% year-on-year (YoY) hike in the net book value (NBV) to SAR 9 billion by the end of the nine-month period, due to the recovery in demand for travel. Further, revenue increased by 52% to SAR 2.28 billion in the current period, versus SAR 1.5 billion in the first nine months of 2022, as a result of healthy margins and increased NBV.
During the first nine months of 2023, Seera also logged SAR 21 million worth of one-off expenses fueled by subsidiary Lumi Rental Co.’s initial public offering (IPO). Excluding this one-off item, the group recorded SAR 170 million in normalized net income before non-controlling interests for the current nine-month period, compared to a net loss estimated at SAR 126 million for the same period in 2022, an improvement of 235%.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 512.00 | 800.82 | 56.4 % |
| Gross Income | 254.88 | 355.80 | 39.6 % |
| Operating Income | 78.70 | 72.44 | (7.9 %) |
| Net Income | 53.42 | 23.98 | (55.1 %) |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.18 | 0.08 | (55.1 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 716.18 | 800.82 | 11.8 % |
| Gross Income | 344.81 | 355.80 | 3.2 % |
| Operating Income | 60.60 | 72.44 | 19.6 % |
| Net Income | 68.50 | 23.98 | (65.0 %) |
| Average Shares | 300.00 | 300.00 | - |
| EPS (Riyals) | 0.23 | 0.08 | (65.0 %) |
The company realized a net profit of SAR 24 million in Q3 2023, a 54.7% decline from SAR 53 million in Q3 2022 on one-off Lumi IPO expenses in Q3 2023 and income against Careem holdbacks in Q3 2022.
Sequentially, the company’s third-quarter net profit fell 64.2% from SAR 67 million.
Shareholders’ equity, excluding minority interest, stood at SAR 6.41 billion as of Sept. 30, 2023, from SAR 5.34 billion a year earlier.
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