Riyadh – Mubasher: Seera Holding Group, formerly known as Al Tayyar Travel Group Holding Co, reported a 40% year-on-year decrease in profits during the first quarter of 2019.

The group’s profits reached SAR 49 million in Q1-19, down from SAR 82 million during Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

The firm attributed the decline in Q1-19 profits to a drop in the average of commissions for the traditional travel sector, in addition to a rise in selling and administrative expenses.

Year-on-year, the group's online booking via online platform levelled up 30% by the end of March.

“Revenue from car rental business has shown a growth of 60% as compared to last year,” the statement added.

Quarter-on-quarter, profits soared 188% from SAR 21 million in Q4-18.

In mid-April, Al Tayyar Travel Group Holding Co announced that its shareholders approved changing the company’s name to Seera Holding Group.