Al Tayyar profits fall 29% in Q3

Al Tayyar profits fall 29% in Q3
Net profits fell to SAR 132 million in Q3-17, from SAR 187 million in Q3-16, according to a bourse filing
3.04% 21.72 0.64

Riyadh – Mubasher: Al Tayyar Travel Group stated that its net profits retreated 29.41% year-on-year to SAR 132 million in the third quarter of 2017, from SAR 187 million in the year-ago period.

Quarter-on-quarter, profits slid 37.74%, according to a bourse statement.

The group attributed the drop in its year-on-year net profits to a 7% decline in revenues and the prices of some services, and to an increase in selling and administrative expenses by 25%.

Year-on-year, the firm’s bookings through its online platform soared to reach SAR 486 million, from SAR 144 million. 

In the period from January until September 2017, net profits tumbled 28.89% to reach SAR 480 million compared to SAR 675 million in the same period in the year before.

Al Tayyar, on Monday, stated that the group was committed to providing services for its clients after media sources reported that Nasser bin Aqeel Al Tayyar was among the arrested persons who were accused of corruption.

Nasser bin Aqeel Al Tayyar is a non-executive member in Al Tayyar Group and owns 29.72% in direct and indirect stakes in the company.

On Saturday, Saudi authorities arrested 11 princes, as well as current and former ministers after accusing them of corruption.

By 12:57 pm Saudi time, Al Tayyar’s stock plunged 9.98% to reach SAR 29.85.