Al-Tayyar Travel posts SR2.1bn in revenue for 2017
Al-Tayyar Travel posts SR2.1bn in revenue for 2017
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.”
Global Leadership Awards feature three Saudi winners
The 8th Global Leadership Awards (GLA), which took place in Kuala Lumpur recently, for the first time had winners from Saudi Arabia in two different categories and Saudi media and political analyst Khaled Almaeena as the Lifetime Achievement Award winner.
Almaeena hosted the Malaysian Consul General Dato Mohammed Ali bin Selamat, and the two winners of the GLA, Sofana Dahlan and Hassan Khashoggi, along with Mohamed Rafeeq, CEO of My Events International Saudi Arabia, at his office in Jeddah.
Welcoming the guests, Rafeeq said: “When we disclosed the news of GLA Secretariat’s selection of Khaled Almaeena for the Lifetime Achievement Award for his achievements in media, expatriates’ welfare and women empowerment in the region, he just had one thing to say. I would also like to see some Saudi young men and women recognized at the GLA.”
Almaeena nominated a number of Saudis who have excelled in various fields, including two Saudis who won the GLA in different categories.
Recipient of the “Leadership Excellence in Social Entrepreneurship” award, Sofana Dahlan is a well-known lawyer, social entrepreneur and among the first three Saudi female lawyers practicing in the Kingdom. She is the first Saudi female senior economic policymaker and the founder of Tashkeil, a social enterprise that promotes creative entrepreneurs.
Hassan Khashoggi, who won the “Young Entrepreneur of the Year” award, is vice chairman of the Khashoggi Holding Group, which was established in 2010. It is a leading private holding that invests in products, services and solutions for the energy and power sectors. It also invests in medical sectors, food, aviation and financial services for the real estate sector.
The event was organized by The Leaders International, a high-profile business magazine and is endorsed by American Leadership Development Association (ALDA), a US-based NGO which showcases leadership at large.
Achievements in more than 30 categories are recognized and honored with a unique award. The winners are selected by high-profile judges from all parts of the world. The event seeks to honor leaders for their exemplary contributions to global growth in economic and leadership development.
Since both the winners could not attend the event in Kuala Lumpur, My Events International Saudi Arabia had arranged for the trophies to be handed over to them by Malaysian Consul General Mohammed Ali bin Selamat in Jeddah.
The consul general told the award winners: “We hope that you attain further excellence in your respective fields. I hope this promotion of bilateral relations between Saudi Arabia and Malaysia will flourish in the future.”
Khashoggi said: “Hopefully, for future GLA events, we will have more awareness of Saudi talent that is hidden in the Kingdom and we will recognize and reward them. Thank you, Dr. Khaled Almaeena and the My Events team for this honor.”
Dahlan said: “This award is a very important bridge between Saudi Arabia and Malaysia because it not only recognizes our achievement but also opens a dialogue and creates awareness about what is really happening in Saudi Arabia beyond the news.
“It is very important that through these kinds of awards and events, we are able to bring nations together and change negative perceptions.”
Almaeena congratulated the winners and said: “These are two very fine young people making a change. Where many do their work in the limelight, they are making a change quietly. We have always recognized people from the West and it is time to look toward the East too. There is so much talent here.”