Seera turns to net losses of SAR 138 million in 2024; revenue exceeds SAR 4bn - Mubasher Info

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Riyadh – Mubasher: Seera Group Holding shifted to net losses of SAR 138 million in 2024, against a net profit of SAR 234 million in 2023.

Meanwhile, strong dynamics across all business lines drove the company's revenue to surge by 24.76% year-on-year (YoY) to SAR 4.10 billion in 2024, compared with SAR 3.29 billion in 2023, according to the income statement.

The loss per share stood at SAR 0.68 for the January-December 2024 period, versus earnings per share (EPS) of SAR 0.76 in the same period a year earlier.

Acting CEO of Seera, Al Waleed Abdulaziz Al Nasser, said: “Seera’s businesses showed strong performance in 2024 despite one-off impairments that were recognised during the period and had a negative impact on the group’s financial results."

Al Nasser added: “Plans to list Almosafer and divest Portman remain on course, and the successful implementation of the share buyback program has proved management’s ability to execute the Group’s capital allocation strategy.”

The CEO concluded: “Seera has enhanced its financial position over the past year, having achieved solid profitability of the core businesses, positive FCF, improving returns on capital, and insignificant leverage. This reflects the first results of the successful execution of our strategy aiming at long-term shareholder value creation through engaged investor approach, smart portfolio management, and efficient capital allocation.”

In the first nine months (9M) of 2024, Seera recorded a net profit of SAR 174 million, marking a 16.77% increase from SAR 149 million in 9M 2023.

Source: Mubasher Source: {{details.article.source}}