What was changed
COVID crushed Seera's travel demand, but the Saudi group did not abandon the platform businesses that would matter when borders reopened. Its 2022 disclosure said it scaled back carefully while keeping Almosafer, Lumi, hospitality, and Portman positioned for recovery.
The first proof came in 2022. Gross booking value rose 94% to SAR9.3 billion, revenue rose 77% to SAR2.3 billion, and Seera recorded its first post-pandemic group operating profit at SAR3 million, compared with a SAR286 million operating loss in 2021.
In 2023 the recovery became a full-year turnaround. Seera reported record booking value of SAR12.49 billion, revenue of SAR3.29 billion, EBITDA of SAR848 million, and net profit of SAR265 million versus a SAR46 million loss the prior year.
What it achieved
Revenue rose 56% to SAR3.29B in 2023; net income swung from a SAR46M loss to SAR265M profit.
Why it worked
Almosafer gave Seera a scalable travel platform rather than only physical travel offices.
Lumi added a car-rental profit engine that benefited from long-term leases and fleet growth.
Cost discipline in 2022 meant the group did not need demand to return fully before operating profit reappeared.
What can be applied
When demand vanishes, preserving the platform and cutting around it can leave a company ready for the rebound.
Aftermath
Seera became a portfolio of travel, mobility, and hospitality platforms aligned with Saudi tourism growth. The later 2024 impairment showed the recovery was not frictionless, but the core operating model had moved back to profitability.
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