Seera cuts Q1 2022 net loss to SAR 63 mln

Seera cuts Q1 2022 net loss to SAR 63 mln

09/05/2022 Argaam Exclusive

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Seera Group Holding trimmed net losses after Zakat and tax by 52% to SAR 63 million in Q1 2022, from SAR 130 million a year earlier.

 

The losses narrowed as the group’s gross booking value (GBV) increased by 87% in the first quarter of 2022 to SAR 1.6 billion compared to SAR 873 million in Q1 2021.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 186.26 460.80 147.4 %
Gross Income 58.56 162.25 177.1 %
Operating Income (143.81) (72.12) 49.8 %
Net Income (129.98) (63.26) 51.3 %
Average Shares 300.00 300.00 -
EPS (Riyals) (0.43) (0.21) 51.3 %

Seera’s car rental unit, Lumi, continued its positive trajectory from 2021, as the unit’s revenue grew by 44% from SAR 112 million in Q1 2021 to SAR 161 million in Q1 2022, fuelled by large-scale leasing agreements secured with major government and corporate clients as well as an increase in digital bookings made through the mobile app launched last year.

 

Almosafer, Seera’s travel business, experienced steady post-pandemic recovery achieving 52% growth in GBV from SAR 647 million in Q1 2021 to SAR 984 million in the current quarter.

 

Mawasim, Seera’s Hajj and Umrah business, posted SAR 13 million revenue for Q1 2022, a significant increase year-on-year (YoY).

 

Compared to Q4 2021, net losses after Zakat and tax narrowed by 39.5% from SAR 104 million.

 

The group’s GBV increased by 20% YoY in Q1 2022 to SAR 1.6 billion. Its revenue increased by 1% in Q1 2022 vs. Q4 2021, recording SAR 493 million.

 

Seera recognized other income from Careem holdback at nil, compared to SAR 68.5 million in 2021.

 

Shareholders’ equity, after minority interest, reached SAR 5.368 billion in Q1 2022, compared to SAR 5.758 billion in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 1,554.96 14.9 % 301.55 24.7 % 204.66 34.2 %
Q2 2013 1,670.42 18.7 % 402.69 8.7 % 289.32 10.4 %
Q3 2013 1,441.91 10.9 % 298.39 3.0 % 201.67 (2.4 %)
Q4 2013 1,592.99 19.9 % 338.79 37.4 % 199.36 29.4 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 217.90 42.5 % 0.76 2.17 215.73 0.75
Q2 2013 336.18 37.8 % 1.17 34.71 301.47 1.05
Q3 2013 214.87 6.7 % 0.75 (1.60) 216.46 0.76
Q4 2013 208.27 32.5 % 0.73 3.24 205.03 0.72
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 21.61 % 15.53 % 14.63 %
Q2 2013 21.19 % 15.31 % 14.96 %
Q3 2013 20.83 % 14.88 % 14.86 %
Q4 2013 21.43 % 15.01 % 14.99 %
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 286.19 2.87 2.86 6.05
Q2 2013 286.19 3.19 3.06 7.22
Q3 2013 286.19 3.24 3.11 7.13
Q4 2013 286.19 3.41 3.28 7.86
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 9.26 9.28 4.39
Q2 2013 9.07 9.45 4.01
Q3 2013 12.30 12.79 5.58
Q4 2013 13.78 14.35 5.99
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

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 2013 - - - - - - 1,520.17 22.99 11.80 -
Q2 2013 - - - - - - 1,619.05 34.37 16.99 -
Q3 2013 - - - - - - 1,388.81 34.46 18.64 -
Q4 2013 - - - - - - 1,537.72 37.37 17.90 -
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)

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average (45.15) (63.26) (40.1 %)

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
AlJazira Capital (54.30) (63.26) (16.5) %
SNB Capital (36.00) (63.26) (75.7) %

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

Share Price

22.50
(0.22) (0.97 %)

Seera Group Holding (SEERA)


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