Latest news with #Seera
Trade Arabia
07-03-2025
- Business
- Trade Arabia
StartUp Bahrain kicks off annual pitch season
Startup Bahrain, a Tamkeen-backed platform for startups in Bahrain, kicked off a new season of its entrepreneurial series StartUp Bahrain Pitch spotlighting Bahrain's most promising founders. The event showcased a diverse lineup of Bahraini startups, including: • Ihdaa, a platform that redefines the concept of gifting by combining donations with meaningful experiences. • Cardue, a streamlining platform that simplifies car care by connecting car owners with authorised service providers. • Seera, a meal subscription platform with a user-friendly marketplace app and a robust backend system for managing subscribers. • Croozz Technologies, a data analytics platform that gamifies the driving experience and rewards safe driving in Bahrain through a free telematics app. • DOO, an AI-powered customer experience platform that personalises interactions across multiple channels and provides 24/7 AI-driven support. Following an intense round of pitches, DOO, founded by Ali Mohsin, was placed first, followed by Cardue, led by Yusuf Darwish, in second place. Both startups impressed the judges with their innovative business models and strong growth potential. Commenting on his achievement, Ali Mohsin said: 'This competition provided us with the opportunity to showcase our startup in front of a distinguished group of experts, investors, and stakeholders in the startup ecosystem. It allowed us to gain diverse perspectives and build bridges of communication with our fellow entrepreneurs. We truly appreciate the support we received from the stakeholders, judging panel, and all the partners who continue to contribute to strengthening this event as a launching pad for Bahrain's next successful innovators.' StartUp Bahrain Pitch is organised in collaboration with key industry stakeholders, including the Ministry of Industry & Commerce, the Labour Fund (Tamkeen), Bahrain Economic Development Board, and Bahrain Development Bank (BDB). This aligns with Tamkeen's commitment to supporting innovation and strengthening the entrepreneurial ecosystem in Bahrain through specialised initiatives and support programmes.
Zawya
07-03-2025
- Business
- Zawya
Saudi: Seera turns to net losses of $36.8mln in 2024
Riyadh – Seera Group Holding shifted to net losses of SAR 138 million in 2024, against a net profit of SAR 234 million in 2023. Meanwhile, strong dynamics across all business lines drove the company's revenue to surge by 24.76% year-on-year (YoY) to SAR 4.10 billion in 2024, compared with SAR 3.29 billion in 2023, according to the income statement. The loss per share stood at SAR 0.68 for the January-December 2024 period, versus earnings per share (EPS) of SAR 0.76 in the same period a year earlier. Acting CEO of Seera, Al Waleed Abdulaziz Al Nasser, said: 'Seera's businesses showed strong performance in 2024 despite one-off impairments that were recognised during the period and had a negative impact on the group's financial results." Al Nasser added: 'Plans to list Almosafer and divest Portman remain on course, and the successful implementation of the share buyback program has proved management's ability to execute the Group's capital allocation strategy.' The CEO concluded: 'Seera has enhanced its financial position over the past year, having achieved solid profitability of the core businesses, positive FCF, improving returns on capital, and insignificant leverage. This reflects the first results of the successful execution of our strategy aiming at long-term shareholder value creation through engaged investor approach, smart portfolio management, and efficient capital allocation.' In the first nine months (9M) of 2024, Seera recorded a net profit of SAR 174 million, marking a 16.77% increase from SAR 149 million in 9M 2023. Source: Mubasher
Argaam
04-03-2025
- Business
- Argaam
Seera Group Delivers Strong Operational Performance, with an 18% Year-on-Year Growth in Adjusted EBITDA in FY 2024
Riyadh, Saudi Arabia – 4 March 2025 – Seera Group Holdings (Tadawul: 1810) today announced its financial results for the year ending 31 December 2024, reflecting continued progress in executing its strategic vision while maintaining strong operational performance. The Group achieved an 18% year-on-year growth in adjusted EBITDA1, driven by expansion across its travel, car rental, and hospitality businesses, reinforcing its position as a market leader. Throughout 2024, Seera successfully navigated market shifts, leveraging its diversified portfolio and disciplined capital allocation strategy to unlock growth opportunities. The Group's net booking value (NBV) surged by 17% to SAR 14.67 billion, fueled by strong contributions across all its business segments. Revenue grew 25% year-on-year to SAR 4.11 billion, reflecting solid growth across all segments, including a 40% increase in Lumi's revenue, 25% growth in the UK travel platform, and 8% growth in the hospitality business, along with a 17% expansion in Almosafer despite the change in government travel policy, with improved profitability of 124% in EBITDA year-on-year. Seera's commitment to portfolio optimization and capital efficiency remained a key driver of its 2024 strategy. The Group continued its disciplined approach to adopt an asset-light model. As part of the annual impairment test of its portfolio, Seera recorded one-off impairments amounting to SAR 291 million, primarily related to hospitality assets that required significant capital investments to maintain viability. Excluding these impairments, adjusted net profit1 before NCI grew 2% year-on-year to SAR 153 million, reflecting the strength of Seera's core business operations. The Group's ongoing efforts to optimize capital allocation were further reinforced by its share buyback program, a key initiative aimed at enhancing shareholder value. By 31 December 2024, Seera had repurchased 17.1 million shares, representing 5.7% of total capital and 64.8% of the total buyback program. The Group aims to continue the implementation of the share buyback program within the approved timeline and execute in optimal market conditions, in accordance with the relevant Capital Market Authority guidelines and regulations. The share repurchase program aligns with Seera's strategy of disciplined capital allocation aimed at maximizing sustainable shareholder returns. Seera remains strategically positioned to drive further growth by strengthening its core businesses, optimizing its investment portfolio, and maintaining a disciplined approach to capital efficiency. The Group's ongoing developments, including the Kayanat project, are set to contribute to cash flow by 2027 and demonstrate its commitment to long-term expansion and sustainable returns. Al Waleed Abdulaziz Al-Nasser, Acting CEO of Seera Group, commented: "Seera Group continues to execute its strategy with confidence, ensuring that our portfolio is positioned for long-term success. Our performance in 2024 reflects the resilience of our businesses across our travel, mobility, and hospitality segments which highlights our ability to adapt, and innovate, while maintaining our commitment to strategic capital deployment to create value for our shareholders ." As Seera moves into 2025, its focus remains on optimizing returns, strengthening its market leadership, and executing its long-term strategy to build a more sustainable and high-performing business portfolio.
Arab News
29-01-2025
- Entertainment
- Arab News
Bands Seera and Garwasha flourish in Saudi Arabia's community-driven music scene
DHAHRAN: Two Saudi bands, Seera and Garwasha, are taking advantage of the flourishing underground music scene in the country by performing at local cultural hubs. While the big hitters such as the MDLBEAST-organized SOUNSTORM in Riyadh and Balad Beast in Jeddah draw the crowds — and international superstars — year on year, it is the beloved meeting spots in the country's urban hubs that have become stages for rising Saudi talents. One of those spots is Khobar's Bohemia Café & Records, where Seera and Garwasha played a packed out gig this past weekend. Long known as a cultural hub for music lovers, the meeting place played host to Seera, an all-women band formed in 2022 in Riyadh, who entertained the crowd with their unique sound. 'A lot of people are intrigued; they want to know what we sound like. They've been so supportive, honestly, especially people in the music scene. We've had a lot of help from people around. And there's the people who criticize, but that's just noise we block out,' Seera's Meesha told Arab News. Members of the band prefer to go by their first name. A post shared by (@seera_music) Merging Arabic melodies and rock, the band navigated complex musical landscapes, evoking a gothic energy that resonated with their listeners. Seera's set featured standout tracks 'Share3 Al Buhturi' and 'Al Fanaa.' Bassist Meesha shared the beginning of Seera's journey as a band, stating, "The singer is my sister, and we've always wanted to start a band together. I would post covers of myself on Instagram, and Haya, the guitarist, found me and said, 'You! I want to start a band with you.' We were all really excited; we wrote ten songs in one night." 'And then our missing link was the drummer, whom we met at a French music night she organized. The rest is history,' she later told Arab News. Following Seera's stirring performance, Garwasha took to the stage to showcase their new album, released in November 2024. This instrumental Alternative Fusion band, also hailing from Riyadh, is known for blending smooth, synthesizer-laden jazz with a robust Arabic flavor. A post shared by GARWASHA (@_garwasha_) Guitarist Mazen Lawand, who studied at Berklee College of Music, sub-keyboard player Fawaz Waleed, sub-bass player Saud Alsheikh, and drummer Hassan Alkhedher delivered a thrilling performance with tracks like 'Consolacao' and 'Batt Habibi.' 'I describe our music as a characterization of our experiences and influences,' Lawand explained. This sentiment was evident throughout their performance as they weaved together a tapestry of sounds that reflected their backgrounds and the rich culture of Saudi Arabia. As the night continued, one thing became clear; support for local musicians is ever-growing.
