Riyadh – Mubasher: Al Tayyar Group reported achieving a net profit of SAR 145 million ($38.67 million) in the fourth quarter of 2016, down 32.56% from SAR 215 million ($57.33 million).
Quarter-on-quarter profits fell 22.87%, the travel group announced in a filing to the Saudi Stock Exchange (Tadawul) on Thursday.
The year-on-year profit drop in Q4-16 is attributed to lower sales in local travel as well as a decline the average ticket prices.
Reservations via Al Tayyar’s online platform surged by 520% in Q4-16 compared to the same period in 2015, which is in-line with the company’s focus on developing its online sales.
As for the full-year 2016, the group posted SAR 826 million in profits, down 28.92% from SAR 1.16 billion in 2015.
The company previously reported a net profit of SAR 188 million in Q3-16, down 29% year-on-year from SAR 265 million, and down 37.3% quarter-on-quarter.
