RIYADH: Saudi travel and tourism agency Seera Group Holding has seen its losses shrink by 43 percent in the first half of 2022, which unexpectedly sent its share price lower.
The group’s net loss fell to SR131 million ($35 million) from SR230 million in the prior-year period, it said in a filing to the Saudi exchange.
Despite that, shares dropped 2.6 percent to end the session at SR17.6 amid trading of over two million shares.
As borders reopened after the pandemic, Seera’s gross booking value surged 105 percent on the year to SR4.1 billion, and revenue was up 125 percent to SR1.06 billion.
Its travel business, known as Almosafer, bounced back with increased demand in the second quarter along with a gross booking value of SR1.7 billion.
The group witnessed growth in figures across most of its portfolio, including but not limited to car rental unit Lumi, Hajj and Umrah, hospitality, and ventures.
