Riyadh – Mubasher: The financial statements of Al Tayyar Travel Group showed a 37% year-on-year drop in profits for the first quarter of 2018.

Net profits recorded SAR 86 million in Q1-18, compared to SAR 137 million in Q1-17, according to the company’s statement to the Saudi Stock Exchange (Tadawul) released on Tuesday.

The company ascribed the decline in profits to the competitive pricing of some services to protect and increase the market share.

Higher sales costs, coupled with 20% administrative expenses also weighed on Saudi Arabia's largest travel company's profits, the statement showed.

In the same vein, Al Tayyar's revenues rose 3% to SAR 482 million for the three-month period ended March 2018.

For the full-year 2017, Al Tayyar’s profits plunged 38.9% to SAR 497 million, from SAR 814 million a year earlier.

By the end of Monday’s session, Al Tayyar Travel’s stock went down 0.25% at SAR 28.10.