Seera turns to SAR 55.5 mln profit in Q1 2023

23/05/2023 Argaam Exclusive

Seera Group Holding swung to net earnings of SAR 55.5 million in Q1 2023, from losses of SAR 63.3 million a year earlier. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 460.80 794.33 72.4 %
Gross Income 162.25 311.76 92.2 %
Operating Income (72.12) 70.96 198.4 %
Net Income (63.26) 55.49 187.7 %
Average Shares 300.00 300.00 -
EPS (Riyals) (0.21) 0.18 187.7 %

Seera recorded a gross booking value (GBV) of SAR 2.7 billion in Q1 2023, a 59% increase compared to SAR 1.7 billion in Q1 2022. This led revenue growth of 61% year-on-year (YoY) to SAR 794 million in Q1 2023. Accordingly, the group recorded a positive group-wide operating profit of SAR 78 million in Q1 2023, against 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% surge YoY. 

  

Almosafer, Seera’s travel platform, achieved 55% growth YoY in GBV to SAR 1.7 billion in Q1 2023, as travel demand in Q1 2023 remained strong across inbound, outbound and domestic tourism. 

  

Seera’s car rental & leasing business, Lumi, continued its rapid growth trajectory and recorded a remarkable 61% growth YoY in revenue to SAR 267 million in Q1 2023, driven by continuous growth across long-term and short-term rental revenue streams. 

  

The hospitality business boosted its revenue to SAR 33 million in Q1 2023, a 74% increase YoY, led by healthy occupancy levels across hotels operational in the company's portfolio in Makkah, Riyadh, and Jeddah, including CHOICE International branded hotels. 

  

Compared to Q4 2022, net earnings in the first quarter leapt 77.9% YoY from SAR 31.19 million, as its GBV rose by 4% quarter-on-quarter (QoQ) to SAR 2.6 billion. 

  

The group's revenue increased by 23% QoQ in Q1 2023 to SAR 794 million. 

  

Shareholders’ equity, after minority interest, reached SAR 5.48 billion at the end of Q1 2023, compared to SAR 5.40 billion in the year-earlier period. 

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Share Price

Seera Group Holding
22.50
(0.22) (0.97 %)

Seera Group Holding (SEERA)

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Financial Ratios
Current
Market Cap (M Riyal) 6,750.00
Enterprise Value (EV) (M) 8,134.30
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 0.80
Book Value (BV) ( Riyal) 22.32
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 28.12
Price/book 1.01
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 3.7
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 1,790.31 15.1 % 363.26 20.5 % 242.13 18.3 %
Q2 2014 1,977.95 18.4 % 476.19 18.3 % 345.56 19.4 %
Q3 2014 1,759.46 22.0 % 375.62 25.9 % 234.90 16.5 %
Q4 2014 2,185.93 37.2 % 408.06 20.4 % 247.17 24.0 %
Q1 2015 2,152.58 20.2 % 441.08 21.4 % 284.32 17.4 %
Q2 2015 2,386.89 20.7 % 545.42 14.5 % 383.61 11.0 %
Q3 2015 1,906.81 8.4 % 387.72 3.2 % 223.28 (4.9 %)
Q4 2015 2,184.77 (0.1 %) 416.77 2.1 % 216.72 (12.3 %)
Q1 2016 534.96 (75.1 %) 402.93 (8.6 %) 241.23 (15.2 %)
Q2 2016 621.39 (74.0 %) 525.22 (3.7 %) 362.71 (5.4 %)
Q3 2016 523.45 (72.5 %) 384.37 (0.9 %) 237.42 6.3 %
Q4 2016 464.67 (78.7 %) 358.07 (14.1 %) 153.74 (29.1 %)
Q1 2017 466.62 (12.8 %) 346.59 (14.0 %) 169.37 (29.8 %)
Q2 2017 573.51 (7.7 %) 435.40 (17.1 %) 249.21 (31.3 %)
Q3 2017 489.02 (6.6 %) 354.22 (7.8 %) 170.33 (28.3 %)
Q4 2017 577.87 24.4 % 466.87 30.4 % 186.52 21.3 %
Q1 2018 481.71 3.2 % 355.48 2.6 % 143.66 (15.2 %)
Q2 2018 530.92 (7.4 %) 404.98 (7.0 %) 178.94 (28.2 %)
Q3 2018 615.12 25.8 % 354.66 0.1 % 144.80 (15.0 %)
Q4 2018 565.42 (2.2 %) 311.88 (33.2 %) 113.37 (39.2 %)
Q1 2019 509.55 5.8 % 302.25 (15.0 %) 69.25 (51.8 %)
Q2 2019 534.52 0.7 % 341.25 (15.7 %) 85.46 (52.2 %)
Q3 2019 641.98 4.4 % 349.24 (1.5 %) 98.27 (32.1 %)
Q4 2019 593.90 5.0 % 280.26 (10.1 %) 97.96 (13.6 %)
Q1 2020 396.70 (22.1 %) 185.20 (38.7 %) (110.18) (259.1 %)
Q2 2020 138.21 (74.1 %) 26.34 (92.3 %) (153.33) (279.4 %)
Q3 2020 141.97 (77.9 %) 30.15 (91.4 %) (180.42) (283.6 %)
Q4 2020 227.72 (61.7 %) 65.26 (76.7 %) (102.00) (204.1 %)
Q1 2021 186.26 (53.0 %) 58.56 (68.4 %) (143.81) (30.5 %)
Q2 2021 285.62 106.7 % 174.48 562.5 % (64.04) 58.2 %
Q3 2021 369.12 160.0 % 186.08 517.1 % (52.55) 70.9 %
Q4 2021 487.46 114.1 % 187.78 187.7 % (104.24) (2.2 %)
Q1 2022 460.80 147.4 % 162.25 177.1 % (72.12) 49.8 %
Q2 2022 524.39 83.6 % 222.37 27.4 % (53.20) 16.9 %
Q3 2022 512.00 38.7 % 254.88 37.0 % 78.70 249.8 %
Q4 2022 617.19 26.6 % 284.65 51.6 % (49.26) 52.7 %
Q1 2023 794.33 72.4 % 311.76 92.2 % 70.96 198.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 280.00 28.5 % 0.98 29.12 250.88 0.88
Q2 2014 363.69 8.2 % 1.27 (0.20) 363.89 1.27
Q3 2014 243.77 13.5 % 0.85 0.95 242.82 0.85
Q4 2014 231.47 11.1 % 0.81 (31.69) 263.16 0.92
Q1 2015 285.63 2.0 % 1.00 - 285.63 1.00
Q2 2015 395.55 8.8 % 1.38 (20.00) 415.55 1.45
Q3 2015 265.12 8.8 % 0.93 (10.00) 275.12 0.96
Q4 2015 215.26 (7.0 %) 0.75 (37.10) 252.36 0.88
Q1 2016 191.05 (33.1 %) 0.64 (24.87) 215.91 0.72
Q2 2016 296.85 (25.0 %) 0.99 (48.67) 345.52 1.15
Q3 2016 186.84 (29.5 %) 0.62 (7.74) 194.58 0.65
Q4 2016 139.03 (35.4 %) 0.46 10.12 128.91 0.43
Q1 2017 136.73 (28.4 %) 0.46 - 136.73 0.46
Q2 2017 211.94 (28.6 %) 0.71 - 211.94 0.71
Q3 2017 131.77 (29.5 %) 0.44 - 131.77 0.44
Q4 2017 16.36 (88.2 %) 0.05 (74.40) 90.76 0.30
Q1 2018 85.57 (37.4 %) 0.29 (17.80) 103.38 0.34
Q2 2018 107.22 (49.4 %) 0.36 70.58 36.64 0.12
Q3 2018 (355.41) (369.7 %) (1.18) (440.77) 85.36 0.28
Q4 2018 17.66 7.9 % 0.06 (91.69) 109.35 0.36
Q1 2019 47.31 (44.7 %) 0.16 5.39 41.92 0.14
Q2 2019 65.16 (39.2 %) 0.22 - 65.16 0.22
Q3 2019 63.03 117.7 % 0.21 - 63.03 0.21
Q4 2019 10.08 (42.9 %) 0.03 (49.28) 59.37 0.20
Q1 2020 1,113.50 2253.6 % 3.71 1,234.85 (121.35) (0.40)
Q2 2020 (170.21) (361.2 %) (0.57) - (170.21) (0.57)
Q3 2020 (176.99) (380.8 %) (0.59) 9.21 (186.20) (0.62)
Q4 2020 (748.12) (7520.4 %) (2.49) (632.15) (115.97) (0.39)
Q1 2021 (129.98) (111.7 %) (0.43) - (129.98) (0.43)
Q2 2021 (98.56) 42.1 % (0.33) - (98.56) (0.33)
Q3 2021 (72.27) 59.2 % (0.24) - (72.27) (0.24)
Q4 2021 (70.73) 90.5 % (0.24) 68.50 (139.22) (0.46)
Q1 2022 (63.26) 51.3 % (0.21) - (63.26) (0.21)
Q2 2022 (69.08) 29.9 % (0.23) - (69.08) (0.23)
Q3 2022 53.42 173.9 % 0.18 48.46 4.95 0.02
Q4 2022 31.19 144.1 % 0.10 0.11 31.08 0.10
Q1 2023 55.49 187.7 % 0.18 - 55.49 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 21.60 % 15.06 % 14.99 %
Q2 2014 21.71 % 15.24 % 15.23 %
Q3 2014 21.82 % 15.06 % 14.92 %
Q4 2014 21.04 % 14.66 % 14.53 %
Q1 2015 21.06 % 14.63 % 14.31 %
Q2 2015 20.86 % 14.45 % 14.23 %
Q3 2015 20.65 % 14.19 % 14.36 %
Q4 2015 20.75 % 13.90 % 14.24 %
Q1 2016 24.99 % 16.54 % 16.52 %
Q2 2016 33.02 % 21.81 % 20.75 %
Q3 2016 44.75 % 29.96 % 26.09 %
Q4 2016 77.90 % 51.05 % 41.27 %
Q1 2017 77.75 % 49.56 % 38.81 %
Q2 2017 75.16 % 45.21 % 33.14 %
Q3 2017 74.95 % 42.99 % 30.56 %
Q4 2017 76.08 % 42.76 % 27.11 %
Q1 2018 75.96 % 41.52 % 25.34 %
Q2 2018 76.05 % 39.38 % 17.43 %
Q3 2018 71.73 % 36.75 % 14.33 %
Q4 2018 65.07 % 33.89 % 15.26 %
Q1 2019 61.85 % 30.64 % 12.30 %
Q2 2019 58.89 % 27.16 % 13.57 %
Q3 2019 57.95 % 25.13 % 12.41 %
Q4 2019 55.83 % 25.28 % 10.07 %
Q1 2020 53.34 % 19.61 % 3.06 %
Q2 2020 47.50 % 11.42 % (9.55 %)
Q3 2020 41.07 % (4.57 %) (32.92 %)
Q4 2020 33.93 % (28.19 %) (65.63 %)
Q1 2021 25.98 % (41.70 %) (86.77 %)
Q2 2021 39.03 % (22.46 %) (63.06 %)
Q3 2021 45.32 % (5.10 %) (39.00 %)
Q4 2021 45.68 % (3.31 %) (33.12 %)
Q1 2022 44.33 % 3.21 % (23.29 %)
Q2 2022 41.18 % 3.76 % (18.67 %)
Q3 2022 41.68 % 11.73 % (13.43 %)
Q4 2022 43.71 % 14.23 % (4.55 %)
Q1 2023 43.86 % 18.31 % 0.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 286.19 3.63 3.40 7.88
Q2 2014 286.19 3.73 3.62 9.26
Q3 2014 286.19 3.83 3.71 9.12
Q4 2014 286.19 3.91 3.92 9.93
Q1 2015 286.19 3.93 4.04 10.83
Q2 2015 286.19 4.04 4.22 12.25
Q3 2015 286.19 4.12 4.33 13.14
Q4 2015 286.19 4.06 4.29 13.88
Q1 2016 300.00 3.56 3.86 16.80
Q2 2016 300.00 3.23 3.63 17.77
Q3 2016 300.00 2.97 3.36 18.39
Q4 2016 300.00 2.71 2.95 18.67
Q1 2017 300.00 2.53 2.69 19.17
Q2 2017 300.00 2.25 2.24 19.90
Q3 2017 300.00 2.06 2.03 20.03
Q4 2017 300.00 1.66 1.90 20.12
Q1 2018 300.00 1.49 1.79 20.02
Q2 2018 300.00 1.14 1.21 20.32
Q3 2018 300.00 (0.49) 1.05 18.85
Q4 2018 300.00 (0.48) 1.12 18.76
Q1 2019 300.00 (0.61) 0.91 19.04
Q2 2019 300.00 (0.75) 1.01 19.24
Q3 2019 300.00 0.64 0.93 19.33
Q4 2019 300.00 0.62 0.76 19.45
Q1 2020 300.00 4.17 0.22 23.18
Q2 2020 300.00 3.39 (0.56) 22.63
Q3 2020 300.00 2.59 (1.39) 22.07
Q4 2020 300.00 0.06 (1.98) 19.70
Q1 2021 300.00 (4.08) (2.01) 19.19
Q2 2021 300.00 (3.85) (1.77) 18.83
Q3 2021 300.00 (3.50) (1.39) 18.63
Q4 2021 300.00 (1.24) (1.47) 18.36
Q1 2022 300.00 (1.02) (1.24) 18.00
Q2 2022 300.00 (0.92) (1.15) 17.55
Q3 2022 300.00 (0.50) (0.89) 17.82
Q4 2022 300.00 (0.16) (0.32) 18.07
Q1 2023 300.00 0.24 0.07 18.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 17.26 18.42 7.96
Q2 2014 17.68 18.20 7.12
Q3 2014 20.73 21.37 8.70
Q4 2014 16.73 16.71 6.59
Q1 2015 18.82 18.32 6.83
Q2 2015 17.93 17.18 5.91
Q3 2015 13.59 12.91 4.25
Q4 2015 13.06 12.35 3.82
Q1 2016 6.89 6.34 1.46
Q2 2016 7.81 6.94 1.42
Q3 2016 6.53 5.77 1.05
Q4 2016 9.45 8.69 1.37
Q1 2017 8.50 8.01 1.12
Q2 2017 9.65 9.68 1.09
Q3 2017 11.73 11.92 1.21
Q4 2017 11.41 9.93 0.94
Q1 2018 13.50 11.18 1.00
Q2 2018 16.53 15.54 0.92
Q3 2018 NEG 15.39 0.86
Q4 2018 NEG 12.54 0.75
Q1 2019 NEG 21.88 1.05
Q2 2019 NEG 17.77 0.93
Q3 2019 28.89 19.97 0.96
Q4 2019 35.40 28.63 1.13
Q1 2020 3.33 62.98 0.60
Q2 2020 4.72 NEG 0.71
Q3 2020 7.39 NEG 0.87
Q4 2020 More than 100 NEG 0.96
Q1 2021 NEG NEG 0.98
Q2 2021 NEG NEG 1.15
Q3 2021 NEG NEG 1.17
Q4 2021 NEG NEG 0.94
Q1 2022 NEG NEG 1.17
Q2 2022 NEG NEG 0.91
Q3 2022 NEG NEG 1.08
Q4 2022 NEG NEG 0.96
Q1 2023 94.04 More than 100 1.22

Business Segments (Million)

Compared With The
Period Tourism Transportation Ticketing Hospitality sector Other sectors Property rentals Airline tickets / Travel and Tourism Reservations Shipping Transportation and other Eliminations
Q1 2014 - - - - - - 1,742.78 33.01 14.52 -
Q2 2014 - - - - - - 1,925.79 39.55 12.62 -
Q3 2014 - - - - - - 1,690.47 49.80 19.19 -
Q4 2014 - - - - - - 2,098.82 39.06 45.78 -
Q1 2015 - - - - - - 2,046.43 32.89 73.26 -
Q2 2015 - - - - - - 2,257.11 51.89 77.88 -
Q3 2015 - - - - - - 1,787.27 38.38 81.06 -
Q4 2015 - - - - - - 2,055.07 36.69 93.11 -
Q1 2016 149.27 23.18 357.28 - 4.34 8.72 - - - (7.83)
Q2 2016 120.62 26.28 467.13 - 4.97 10.29 - - - (7.91)
Q3 2016 156.10 25.72 333.85 - 4.83 12.15 - - - (9.20)
Q4 2016 96.70 32.27 315.63 - 4.27 18.86 - - - (3.06)
Q1 2017 145.68 25.85 282.25 8.95 2.93 0.97 - - - -
Q2 2017 136.84 36.13 366.27 14.15 19.78 14.97 - - - (14.62)
Q3 2017 154.44 53.65 258.80 19.68 - 26.23 - - - (17.88)
Q4 2017 145.68 44.29 555.26 - 6.66 21.31 - - - (195.33)
Q1 2018 151.78 45.42 269.24 11.85 10.54 20.00 - - - (27.13)
Q2 2018 131.80 48.00 326.63 26.92 6.68 15.00 - - - (24.12)
Q3 2018 155.22 313.69 222.04 36.09 2.58 17.50 - - - (23.83)
Q4 2018 97.85 195.51 258.19 4.17 3.47 23.84 - - - (17.61)
Q1 2019 152.84 102.35 234.05 13.06 8.16 15.00 - - - (15.89)
Q2 2019 122.88 118.89 263.03 26.44 5.58 20.00 - - - (22.30)
Q3 2019 151.63 138.88 231.54 27.02 4.05 17.50 - - - (18.35)
Q4 2019 165.59 184.09 229.65 11.93 11.54 19.16 - - - (28.07)
Q1 2020 129.28 153.46 107.21 16.12 8.19 10.21 - - - (27.80)
Q2 2020 9.89 90.09 6.34 24.54 2.57 (2.86) - - - 7.67
Q3 2020 18.74 108.13 13.57 5.52 5.22 (4.18) - - - (5.03)
Q1 2021 26.85 125.20 28.26 5.13 7.76 1.31 - - - (8.25)
Q2 2021 48.82 129.01 92.45 12.27 10.19 1.41 - - - (8.63)
Q3 2021 102.56 149.38 111.00 4.66 7.30 1.44 - - - (7.11)
Q4 2021 207.53 158.94 102.87 13.76 14.82 1.30 - - - (11.77)
Q1 2022 189.85 179.28 69.66 17.42 12.55 1.72 - - - (9.69)
Q2 2022 199.75 177.55 107.48 27.27 18.71 0.19 - - - (6.54)
Q3 2022 206.77 194.44 69.75 26.32 19.48 1.08 - - - (5.84)
Q4 2022 212.72 273.52 113.48 25.12 (2.10) 2.18 - - - (7.73)
Q1 2023 358.99 275.51 123.90 30.39 13.20 2.74 - - - (10.40)

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 18.60 55.49 198.31 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
SNB Capital 33.30 55.49 66.6 %
AlJazira Capital 3.90 55.49 1,322.7 %

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