Riyadh – Mubasher: Seera Group generated net losses after Zakat and tax of SAR 172 million during the second quarter (Q2) ended 30 June 2020, against net profits of SAR 66 million in the same quarter in 2019.
The Q2-20 losses were driven by a drop in the group’s gross booking value (GBV) by 86%, solely attributed to the preventive measures taken to curb the COVID-19 pandemic, according to a bourse disclosure on Tuesday.
In the meantime, consumer travel shrank by 96%, travel management fell by 82% in GBV, whereas car rental posted a 65% increase in revenue.
Additionally, no income was realised from Hajj and Umrah operations during Q2-20.
Revenue amounted to SAR 138 million in the April-June period, a plunge of 74.2% when compared to SAR 535 million in the prior-year period.
In the first six months of the year, the company’s profit leapt by 717.4% yearly to stand at SAR 940 million.
