Riyadh – Mubasher: Al Tayyar Travel Group on Sunday said that its profits for 2017 dropped 38.9% compared to a year earlier.
Profits of Saudi Arabia's largest travel company amounted to SAR 497 million in 2017, down from SAR 814 million the year before, according to the group’s statement to the Saudi Stock Exchange (Tadawul).
The company attributed the fall of profits to a decline in revenues from its core government business, while revenues from the hospitality division increased three times, alleviating the retreat in total revenues, the statement showed.
Operational profits of the travel agency went down 24.97% to SAR 679 million in 2017, versus SAR 905 million the previous year.
Moreover, revenues for 2017 declined 2% to SAR 2.11 billion compared to SAR 2.14 billion for the prior-year period.