SEERA
Seera Group Holding
As of: Mar 05, 2026
Company Profile
The Company and its subsidiaries are involved in selling tickets for scheduled air travel services, tourism, cargo, transportation, Hajj, and Umrah, arranging conference and events, education, chartered flights, furnished suites and hotels, shipping and other travel-related products and services through its 167 branches inside and outside the Kingdom of Saudi Arabia. The Group operates as an agent (earning commission income) for airline ticketing and hotel bookings, and as a principal for package holidays, vehicle sales, and rentals.
The Story
SEERA is navigating a high-growth recovery phase in the Saudi travel sector while undergoing significant structural and governance transitions.
Source: Q3 2025 (2025-11-17)
Performance & Distributions
Market Pricing Multiples
Growth Story
Revenue has shown a robust trajectory, climbing from 2.11 billion SAR in FY 2022 to a TTM figure of 4.72 billion SAR, reflecting the post-pandemic resurgence in regional travel. Despite this top-line expansion, the company's sustainable growth rate is calculated at 5.48%, constrained by a negative five-year average reinvestment rate. This suggests that while the market is expanding, SEERA's internal capacity to fund growth from operations is currently hampered by historical volatility and recent asset adjustments, including a 145 million SAR prior-year contractual obligation identified in the nine months ended September 30, 2025.
Profitability Dynamics
Profitability remains the primary challenge, as evidenced by a TTM net loss of 250.7 million SAR and a negative operating margin of 1.48%. The company is currently destroying value, with a five-year average ROIC of -1.66% trailing its WACC of 8.52%, resulting in a significant value gap of -10.17%. While the transportation segment remains a core contributor to EBITDA, the overall group is struggling to translate high gross booking values—exceeding 12.6 billion SAR in the first nine months of 2025—into positive bottom-line results, partly due to high operating expenses and impairment charges on equity-accounted investees.
Risk & Capital Structure
Risk Factors
SEERA faces a complex risk profile characterized by both financial and governance shifts. The company carries 1.95 billion SAR in total debt, primarily secured Islamic financing, against a cash position of 859 million SAR. Governance risks surfaced in the third quarter of 2025 with the resignations of the Chairman and several board members. Furthermore, the discovery of a 145 million SAR unrecorded contractual obligation from prior years necessitated a restatement of the FY 2024 balance sheet, highlighting potential internal control sensitivities. The ongoing share buyback program and proposed capital reduction through the cancellation of treasury shares also indicate a period of significant balance sheet restructuring.
Governance Disclosures
We track 5 key governance and oversight matters for this company in our database.
Revenue Assignment as Loan Security
The Group's secured bank loans, totaling approximately SR 1.74 billion in current and non-current portions, are collateralized by promissory notes and the assignment of revenue-related cash flows.
Related Party Transactions with Management-Linked Entities
The Group engaged in transactions with Al-Raedah Finance Company, where the Managing Director holds an ownership interest, and with the former Chairman, Mohamed Salih Alkhalil. Transactions included sales of SR 249,617 to Al-Raedah and SR 486,268 to the former Chairman during the period.
Research Report
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