RIYADH: Saudi travel and tourism agency Seera Group Holding narrowed losses by 52 percent to SR63 million ($17 million) in the first quarter of 2022 driven by a rebound in travel.
Losses in the same quarter a year earlier stood at SR131 million, a bourse filing revealed.
The group’s gross booking value increased by 87 percent for the first quarter to SR1.6 billion compared to SR873 million during the same period last year.
As borders reopened after the pandemic, Seera’s travel business, known as Almosafer, bounced back with increased demand. It recorded a 52 percent rise in GBV to SR984 million.
The group’s car rental unit Lumi also saw sales grow by 44 percent to SR161 million, following large-scale lease deals with major clients.
Seera’s other subdivisions, including but not limited to Hajj and Umrah, hospitality, and ventures, also boomed during the first quarter.
