172 million riyals, "Seera Holding" losses in the second quarter

Saudi Seera Holding Group incurred losses of 172 million riyals in the second quarter of 2020, compared to profits of 66 million riyals in the second quarter of 2019, and profits in the previous quarter of 1.112 billion riyals.

According to Arabiya Net, Seera said that its operating losses in the second quarter amounted to 159 million riyals, compared to profits in the second quarter of 2019, amounting to 87 million riyals. < / p>

During the first six months of 2020, the group's profits amounted to 940 million riyals, compared to 115 million riyals, in the corresponding period last year, with a growth of 717%.

The company said that the second-quarter losses are due to several reasons, including the decrease in the total value of reservations by 86% in the second quarter of the year 2020 AD to reach 398 million riyals compared to 2 8 billion riyals for the same quarter of the previous year 2019 AD, and the reason for the decrease is due to the precautionary measures due to the outbreak of the new Coronavirus (COVID-19), which affected the travel and tourism sector directly.

The total value of reservations in the individual travel sector amounted to 38 million riyals in the second quarter of the year 2020 AD compared to 914 million riyals for the same quarter of the previous year 2019 AD, a decrease of 96 %.

The corporate and government sector travel reservations management witnessed a decrease of 82% in the total value of reservations for the second quarter of 2020 compared to the second quarter of 2019, when it recorded 161 million riyals Of the total value of reservations in the second quarter of 2020

The car rental business also achieved a 65% increase in revenues in the second quarter of 2020 to reach 99 million riyals, due to the increase in leasing contracts with companies and the government sector .

The hospitality business achieved 15 million riyals, representing a 67% decrease over the previous period.

The Hajj and Umrah businesses did not record any revenues during the second quarter of 2020 AD, compared to 48 million riyals in the second quarter of 2019. The decrease is attributed to the precautionary measures taken due to the outbreak of the Coronavirus COVID-19

The group's revenues decreased by 74% in the second quarter of 2020, compared to the same quarter of the previous year 2019 AD, and the reason for this is the decrease in the total value of reservations Due to being affected by the Corona pandemic.

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