Riyadh – Mubasher: Seera Group gained SAR 1.1 billion in net profits after Zakat and tax during the first the quarter (Q1) of 2020, compared to SAR 49 million in the same period in 2019.

Revenues for the period ending on 31 March 2020 amounted to SAR 397 million, down by 22.1% from SAR 510 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The drop in the interim earnings is due to a lower gross booking value (GBV) by 18% at SAR 1.9 billion, owed to the prevailing global circumstances of the coronavirus (COVID-19).

Consumer travel value rose by 11% to stand at SAR 667 million from SAR 594 million, whilst online business achieved a 50% annual growth. 

The net profits were also driven by the sale of the company’s share in Careem at SAR 1.5 billion, the statement concluded.