Riyadh – Mubasher: Al Tayyar Travel Group Holding reported a 29% year-on-year decline in the third quarter of 2016, according to a bourse statement.
Profits reached SAR 188 million ($50.13 million) in Q3-16, compared to SAR 265 million ($70.67 million) in Q3-15.
The company’s Q3-16 revenues decreased 4% year-on-year due to a decline in sales of the traditional travel sector and domestic tourism, as well as lower average ticket price.
The group’s online sales through its electronic platform have increased by 1009% from SAR 13 million in Q3-15 to SAR 144 million in Q3-16. This sector enjoyed rapid growth from the group’s strategy to focus on online sector.
Net profits fell 27.9% to SAR 682 million in the first nine months of 2016, compared to SAR 946 million in the prior-year period.
