Riyadh – Mubasher: Seera Group Holding reported its interim financial results for the second quarter of 2019.

Net profits after zakat and tax fell by 35.9% to SAR 66 million in Q2-19, compared to SAR 103 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.

Similarly, revenues of the Saudi firm decreased by 8% to SAR 488 million during the three-month period between April and June, from SAR 531 million in the same period of the prior year.

“Group gross booking value (GBV) increased by 5% in Q2 2019 to SAR 2.8 billion as compared to SAR 2.7 billion in Q2 2018, despite the non-renewal of the Ministry of Education (MOE) contract driven by the strong GBV growth in consumer travel and car rental strategic business units,” the statement highlighted.

For the first half of 2019, net profits of Seera retreated by 37.8% to SAR 115 million, versus SAR 185 million in H1-18.

Total revenues levelled down by 5.8% year-on-year to SAR 954 million during the first six months of 2019.