Seera 9M 2024 net profit down 12% to SAR 131M; Q3 at SAR 31M

Seera 9M 2024 net profit down 12% to SAR 131M; Q3 at SAR 31M

06/11/2024 Argaam Exclusive

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Seera Group Holding reported a net profit of SAR 131 million for the first nine months of 2024, a decline of 12% from SAR 148 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,273.97 3,101.00 36.4 %
Gross Income 1,012.37 1,336.00 32.0 %
Operating Income 240.00 316.00 31.7 %
Net Income 147.97 131.00 (11.5 %)
Average Shares 300.00 300.00 -
EPS (Riyals) 0.49 0.44 (11.5 %)
The company cited zero income from Careem holdback against SAR 14.9 million in 2023.
 
Seera also recorded SAR 21 million in cost for Lumi IPO in 2023.
On the other hand, Revenue increased by 36% to SAR 3.1 billion compared to SAR 2.27 billion in 9M 2023, on substantial bookings due to the strategic acquisitions at Portman, expansion efforts at Lumi, strong performance in consumer travel, and growth in Almosafer’s direct Hajj operations.


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 800.82 995.00 24.2 %
Gross Income 355.80 442.00 24.2 %
Operating Income 60.00 93.00 55.0 %
Net Income 23.98 31.00 29.3 %
Average Shares 300.00 300.00 -
EPS (Riyals) 0.08 0.10 29.3 %

 Q3 2024 net profit stood at SAR 31 million, a jump of 29% year-on-year (YoY) from SAR 23.9 million.

 

Q3 revenue rose by 24% to SAR 995 million supported by car rental growth, strong performance, acquisitions within the UK-based travel investment and consumer travel business.

 

The company also cited higher revenue, improved gross margins boosted by a favorable product mix and higher average margins.

 

On a sequential basis, net earnings dropped by 43.1% from SAR 54.4 million.

 

Total shareholders’ equity (after minority interest) stood at SAR 6.69 billion by Sept. 30, 2024, compared to SAR 6.41 billion a year earlier.

 

Attached Documents

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2023 716.18 36.6 % 344.81 55.1 % 60.60 213.9 %
Q3 2023 800.82 56.4 % 355.80 39.6 % 60.00 (23.8 %)
Q4 2023 1,016.85 64.8 % 399.79 40.5 % 34.46 170.0 %
Q1 2024 1,078.02 35.7 % 460.34 47.7 % 101.22 42.6 %
Q2 2024 1,027.88 43.5 % 433.93 25.8 % 110.00 81.5 %
Q3 2024 995.00 24.2 % 442.00 24.2 % 93.00 55.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2023 68.50 199.2 % 0.23 14.92 53.58 0.18
Q3 2023 23.98 (55.1 %) 0.08 (21.00) 44.98 0.15
Q4 2023 108.70 248.5 % 0.36 106.37 2.33 0.01
Q1 2024 45.89 (17.3 %) 0.15 - 45.89 0.15
Q2 2024 54.45 (20.5 %) 0.18 - 54.45 0.18
Q3 2024 31.00 29.3 % 0.10 - 31.00 0.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2023 45.31 % 22.19 % 5.50 %
Q3 2023 44.29 % 18.92 % 6.32 %
Q4 2023 42.43 % 18.96 % 4.70 %
Q1 2024 43.21 % 18.72 % 4.06 %
Q2 2024 42.05 % 19.05 % 3.76 %
Q3 2024 42.16 % - 3.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2023 300.00 0.70 0.48 18.73
Q3 2023 300.00 0.60 0.62 21.38
Q4 2023 300.00 0.86 0.52 22.01
Q1 2024 300.00 0.82 0.49 22.37
Q2 2024 300.00 0.78 0.49 22.51
Q3 2024 300.00 0.80 0.45 22.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2023 38.18 54.89 1.42
Q3 2023 42.45 41.08 1.19
Q4 2023 31.56 51.80 1.23
Q1 2024 33.39 56.21 1.23
Q2 2024 33.28 52.52 1.15
Q3 2024 30.00 53.87 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 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)
Q2 2023 257.65 240.37 124.63 44.43 35.78 20.95 - - - (7.63)
Q3 2023 283.46 300.56 147.82 28.80 21.11 32.87 - - - (13.79)
Q4 2023 474.54 321.91 161.89 28.06 19.71 20.50 - - - (9.77)
Q1 2024 449.10 390.80 155.05 41.83 25.51 28.06 - - - (12.34)
Q2 2024 382.42 367.52 183.63 46.30 34.58 22.77 - - - (9.33)

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 50.08 31.00 (38.1 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
AlJazira Capital 42.20 31.00 (26.5) %
Al Rajhi Capital 50.00 31.00 (38.0) %
SNB Capital 53.10 31.00 (41.6) %
YAQEEN 55.00 31.00 (43.6) %


Financial Ratios
Current
Market Cap (M Riyal) 6,906.00
Enterprise Value (EV) (M) 8,290.30
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) 28.77
Price/book 1.03
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 3.7
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Share Price

Seera Group Holding
22.54
(0.48) (2.09 %)

Seera Group Holding (SEERA)

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Quarterly Actuals vs Estimates 06/11/2024

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