Riyadh – Mubasher: Saudi Arabia-based Al Tayyar Travel Group on Thursday reported a 49.53% year-on-year decrease in net profits for the second quarter of 2018, registering SAR 107 million ($28.53 million), down from SAR 212 million ($56.52 million)

Quarter-on-quarter, the Saudi largest travel company's profits levelled up 24.42% during the period between April and June, from SAR 86 million, according to a statement to the Saudi Stock Exchange (Tadawul).

The company attributed the second-quarter profit decline to a drop in revenues, fierce competition, along with higher general and administrative expenses.

Revenues went down 7%, reaching SAR 531 million in the three-month period ended last June, compared to SAR 574 million in the same quarter a year earlier.

Earnings per share (EPS) amounted to 51 halalas during Q2-18, down from SAR 1.01 in the prior- year period.

During the first six months of 2018, Al Tayyar Travel’s profits tumbled 44.7% to SAR 193 million, from SAR 349 million in H1-17.

Revenues fell 3% to SAR 1 billion in the January-June period of 2018, compared to SAR 1.04 billion in the same six months last year.

EPS reached 92 halalas for H1-18, down from SAR 1.66 during H1-17.

Al Tayyar Travel’s stock inched down 0.80% to close Wednesday's trading session at SAR 24.80.