Riyadh – Mubasher: Saudi Arabia-based Al Tayyar Travel Group on Wednesday reported turning to loss during 2018, against posting a profit in 2017.
The company incurred a loss of SAR 142 million ($37.86 million) after calculating Zakat and Tax last year, against SAR 489 million ($130.37 million) in net profits in 2017, according to a bourse filing.
Al Tayyar Travel attributed the negative turn in 2018 financials to a decline in investments in other firms, in addition to more competitive prices for some services.
Revenues fell 8% to SAR 1.95 billion last year, from SAR 2.11 billion in 2017.
Operational profits slid 24%, reaching SAR 613 million from January to December 2018, compared to SAR 808 million in 2017.
“A change in product mix and margin due to high share of online sales and travel services in United Kingdom that have lower margin as compared to others segments within the Group,” the statement added.
The company’s profits levelled up 133.3% to SAR 21 million from October to December 2018, compared to SAR 9 million in Q4-17, according to data compiled by Mubasher.
By 10:39 am Saudi time, Al Tayyar Travel Group's stock went down 1.47% to SAR 22.76.