Al-Tayyar Travel posts SR2.1bn in revenue for 2017

Updated 12 February 2018

Al-Tayyar Travel posts SR2.1bn in revenue for 2017

Al-Tayyar Travel Group, a leading regional travel and tourism management company, has announced a 2017 year-end net revenue of SR2.11 billion ($562 million), in line with SR2.14 billion in 2016. This was aided by a tripling of revenue from the hospitality division and a 48 percent jump in car rental revenue which helped offset weaker revenue from some government contracts.
Al-Tayyar’s gross profit was SR1.6 billion in 2017, down four percent as compared to 2016. Operating profit was SR680 million, 25 percent lower than 2016. Net profit attributable to the parent company was SR497 million, down 39 percent from the prior year. Net profit, excluding one-off impairments, would be SR593 million, down 34 percent, instead of 39 percent, from 2016.
“We have made solid progress in implementing our strategic business transformation which has led to a more diversified revenue base, whereby high-potential growth businesses are compensating for maturing legacy businesses. A case in point is that despite the significant revenue decline from our government business, we achieved very strong growth in online travel, which experienced a gross booking value of SR1.4 billion, up 180 percent from 2016,” said Abdullah Aldawood, chief executive officer of the company.
“Furthermore, our hospitality division tripled its revenue and income from international operations shot up 38 percent year-on-year, owing to our UK operations. We are tapping new growth opportunities by sector and geography, which is balancing our portfolio nicely and reducing risk in the process. Gross and operating profit fell mainly because of thinner margins and the consolidation of Portman Group.”
The company embarked on a strategic transformation program in 2016 to diversify its revenue mix by focusing its expansion into other business areas that have a more sustainable growth trajectory.
In 2017, the two online travel brands, Almosafer and Tajawal, witnessed a 243 percent and 145 percent year-on-year growth in gross booking value, respectively. This is a strong indication of the high demand and strong growth of the online travel platform.
Aldawood said: “I am very pleased with the exceptional growth our online travel platform has amassed in a very short time. This is a testament of our ability to execute on very complex operations. We will continue to focus heavily on this business unit with the aim of reaching gross booking value of SR3.75 billion by 2020.”

Events company sees KSA as market leader

Updated 20 May 2018

Events company sees KSA as market leader

  • My Events International is based in Malaysia and operates on three continents worldwide.
  • ‘Saudi Arabia is being renewed,’ says My Events International founder.

JEDDAH: A global events company has begun operations in Saudi Arabia with a plan to make the Kingdom and Vision 2030 the focus of a growing world market in event management. 

My Events International provides event management, marketing, and sponsor and sales management in sectors including banking, technology, health care and construction.

The Malaysia-based firm operates in India, Kuwait, the UK, Singapore, Nigeria — and now Saudi Arabia. 

The company’s Jeddah opening was attended by Khaled Almaeena, Al-Abeer director; My Events International Saudi Arabia manager Shahul Dawood; founder and president of My Events International, Mohammed Abudawood; and Malaysia’s consul general in Jeddah, Dato Mohamad Ali bin Selamat.

The opening also included the launch of Expo Malaysia, which will showcase the country overseas.

“Our partnership with My Events International will help create a new trademark in Saudi Arabia that compatible with Vision 2030 and the new changes that is bringing,” Almaeena said.

“We are proud to announce that we are organizing the Malaysia Expo, which promotes trade and investment between the two countries and will provide job opportunities for Saudi youth,” he said.

Dawood said: “Saudi Arabia is our fifth country to have a partnership. We have entered Saudi Arabia at the best time — most of the doors are opened for us, and people are encouraging and supportive. 

“We are also aiming to do a special program for women. We are not only an event managing company, but also a specialist in content creation and public private partnership.”

Abudawood said: “We are witnessing a country that is being renewed. Youth represents 70 percent of the Saudi community, and they are full of energy and new ideas, so talking about events and entertainment will help make this change happen.”

Selamat said: “Malaysia and Saudi Arabia are two countries with great potential in sectors such as tourism, as well as developing small and medium enterprises.

“My Events International has great significance in events development, and this partnership will help strengthen ties between Saudi Arabia and Malaysia, and promote economic relations as well.”