Saudi-based Seera Group Holding turned profitable in the first quarter of 2023, posting a net profit of $15.2 million (SAR 57 million), driven by continued high demand for travel, according to a bourse filing Tuesday.
The group posted losses of $16.8 million (SAR 63 million) in the same period a year ago.
The group's performance was driven by the continued high travel demand and growth in Seera’s business divisions.
Seera recorded a gross booking value (GBV) of $720 million (SAR 2.7 billion), a 59% growth compared to $453.3 million (SAR 1.7 billion) recorded in the first quarter of 2022, and reflected in revenue growth of 61% to $211.7 million (SAR 794 million) in the first three months of 2023 from $131.5 million (SAR 493 million) in the year-ago period.
This has resulted in a positive group-wide operating profit of $20.8 million (SAR 78 million) in the January-March period of 2023, a 242% surge over an operating loss of $14.7 million (SAR 55 million) in the same period a year earlier.
Revenues rose 61.1% to $211.7 million (SAR 794 million) in the first quarter of 2023, compared to $131.5 million (SAR 493 million) in the year-ago period.
