Saudi travel firm sees Q3 net profit rise by 6.8%

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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.

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