Saudi: Seera turns to $39.73mln net profits in 9M-23

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Riyadh – Seera Group Holding shifted to net profits after Zakat and tax valued at SAR 149 million in the first nine months (9M) of 2023, against losses worth SAR 77 million in 9M-22.

Meanwhile, the revenues hiked by 51.90% year-on-year (YoY) to SAR 2.27 billion in 9M-23 from SAR 1.49 billion, according to the interim income statements.

Earnings per share (EPS) stood at SAR 0.50 as of 30 September 2023, compared to a loss per share standing at SAR 0.45 a year earlier.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the firm recorded a 51.85% plunge in net profit after Zakat and tax to SAR 26 million, compared to SAR 54 million in Q3-22.

Revenues amounted to SAR 801 million in Q3-23, higher by 56.45% YoY than SAR 512 million.

On a quarterly basis, the Q3-23 net profits fell by 61.19% from SAR 67 million in Q2-23, while the revenues increased by 11.87% from SAR 716 million.