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الاقتصادية
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Sirea's Quarterly Profit Gains 27x After Careem Exit
Sierra Hospitality Group's net profit surged to 80 million SAR in the second quarter of 2026, representing an increase of 2,567% compared to 3 million SAR in the same period of the previous year. This growth was driven by improved profits from AlMosafer and non-recurring gains, including profits from divestment from Kareem. Revenues also rose to 1.253 billion SAR, with operating profit increasing to 126 million SAR, a 110% rise over the previous quarter. This growth is attributed to record-breaking revenues from AlMosafer and an uptick in the hospitality sector due to the Hajj season and Ramadan. The rise in profitability was mainly supported by the improved performance of AlMosafer and non-recurring gains from deferred payments and asset sales, amidst Uber’s completion of its acquisition of Kareem for $3.1 billion. Sierra previously held a 17.7% stake in Kareem. Sierra is a prominent company operating in the travel, tourism, hospitality, and transportation sectors, founded in 1979. It offers services such as travel agents, ticketing, Hajj and Umrah services, as well as car, aircraft, hotel, and resort rentals.
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