Siiira's quarterly profit soars after Careem exit

Shera Group's net profits skyrocketed by 2,567% in the second quarter of 2026, reaching 80 million riyals compared to just 3 million riyals in the same period last year. This surge was driven by improved profitability of "Almosafer" and non-recurring gains. Revenues increased to 1.253 billion riyals from 1.208 billion riyals, while operating profit grew by 110% to reach 126 million riyals. This growth is attributed to "Almosafer" reporting record revenues, an improved hospitality sector during the Hajj and Ramadan seasons, as well as non-recurring gains from deferred payments from "Careem" and asset divestitures. Notably, Uber acquired "Careem" for $3.1 billion, with Shera holding a 17.7% stake.

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