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

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

08/11/2022 Argaam Exclusive

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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 1,497.19 78.0 %
Gross Income 419.12 639.49 52.6 %
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 369.12 512.00 38.7 %
Gross Income 186.08 254.88 37.0 %
Operating Income (52.55) 78.70 249.8 %
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. 

 



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 %
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 %


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)
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

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 %)
Q2 2022 41.18 % 3.76 % (18.67 %)
Q3 2022 41.68 % 11.73 % (13.43 %)


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
Q2 2022 300.00 (0.92) (1.15) 17.55
Q3 2022 300.00 (0.50) (0.89) 17.82

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
Q2 2022 NEG NEG 0.91
Q3 2022 NEG NEG 1.08

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)
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)

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average (24.57) 53.42 317.43 %

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
SNB Capital (33.80) 53.42 258.0 %
AlJazira Capital (26.90) 53.42 298.6 %
Arqaam Capital (13.00) 53.42 510.9 %

Current
Market Cap (M Riyal) 6,828.00
Enterprise Value (EV) (M) 8,212.30
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) 28.45
Price/book 1.02
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 3.7

Share Price

22.70
(0.04) (0.18 %)

Seera Group Holding (SEERA)


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