Seera Group, formerly Al Tayyar Travel Group, says gross booking value rises to $750m in the second quarter of 2019
Seera Group, formerly Al Tayyar Travel Group, the Saudi-based travel and tourism firm, said on Monday that its group gross booking value (GBV) increased by 4.6 percent to SR2.8 billion ($750 million) in the second quarter of 2019.
The company said it had managed to offset the loss of a contract with the Saudi Ministry of Education with a "strong and consistent growth" in its consumer travel and car rental units.
Consumer travel recorded SR1.1 billion in GBV for Q2 with the online business posting SR844 million, a 70 percent growth over last year, a statement said.
It added that car rental posted significant jump in its revenue, almost doubling compared to Q2 2018, with a growth of 91 percent to SR60 million.
Abdullah Aldawood, CEO at Seera Group said: "Q2 was a milestone period for the group with our rebranding to Seera... Our transformation strategy continues to drive our financial performance – with particular focus on online consumer travel."
He added that group revenue was SR488 million in Q2, down from SR531 million in Q2 2018 reflecting the non-renewal of the Ministry of Education contract.
Q2 also saw Seera divesting its investment in Careem, with an exit value of SR1.78 billion, in connection with the acquisition by Uber.
The net proceeds from the sale will be received partly in cash and partly in convertible notes in Uber, which are subject to the satisfaction of terms and conditions. The transaction is expected to close in 2020.