Saudi travel firm sees Q3 net profit rise by 6.8%

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi Arabia's Al Tayyar Travel Group posted a 6.8 percent increase in third-quarter net profit on Thursday, citing higher sales and revenues from airline incentives.

The firm made a net profit of SR214.9m ($57 million) in the three months to September 30, up from SR201.3m in the same period of 2012, it said in a statement.

Despite the increase, the net profit figure fell short of a forecast made by Arqaam Capital, which expected Al Tayyar to make SR231m.

Al Tayyar attributed the higher profit to an 11 percent rise in sales and a 43 percent jump in income from its airline incentives and reservation systems business.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

The company said in August that its chief executive, Fahad bin Ibrahim Aljarboa, would leave the firm on October 17. No replacement was named.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Review: Le Royal Monceau – Raffles Paris

Review: Le Royal Monceau – Raffles Paris

The hotel is one of just six in France to be awarded the prestigious...

Saudi authorities on Ebola watch as millions gather for haj

Saudi authorities on Ebola watch as millions gather for haj

Kingdom expects nearly 3 million pilgrims in Makkah this year...

What do chefs really think? Inside the UAE's top restaurants

What do chefs really think? Inside the UAE's top restaurants

The results of the latest Caterer Middle East Head Chef Survey...

Most Discussed