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

Updated 12 February 2018
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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.”


Regional authorities offer free training at HVACR Expo

Updated 21 January 2019
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Regional authorities offer free training at HVACR Expo

The region’s largest dedicated HVACR (heating, ventilation, air conditioning and refrigeration) business event will host specialists from Saudi Standards, Metrology and Quality Organization (SASO), GCC Standardization Organization (GSO) and Saudi Council of Engineers (SCE) among other credible entities.
Set to shed light on the latest efficiency guidelines in the HVACR industry, these authorities will feature a free and certified training agenda at the HVACR Expo Saudi from Jan. 28-30 at the Riyadh International Convention and Exhibition Center (RICEC).
Zayed Mohsen Albagami, deputy director of energy efficiency, SASO, said: “It is important for SASO and for the Kingdom as a whole to support and enhance Saudi Vision 2030 at this time.”
He added: “The role of SASO toward this goal is to help the manufacturer himself adopt a sustainable approach. We implement this through a variety of initiatives, whether it be the issuance of new standards on energy efficiency, raising awareness in the media or finally by holding workshops — as we will do at HVACR Expo Saudi 2019.”
In line with the 2030 initiative, the Saudi government has enacted SASO regulations 2663 and 2874, which improve the efficiency level of all air conditioning equipment. They have also introduced a district cooling framework for new developments exceeding 15,000 tons.
Basem Salameh, conformity specialist at GSO, said: “The GCC Standardization Organization (GSO) aims to harmonize standardization activities among the GCC member states to facilitate both international and intra-trade, and to remove technical barriers for economic operators.”
Along with presentations by SASO, GSO and SCE, the workshop agenda at HVACR Expo Saudi 2019 will include training sessions from industry leaders Carrier, Samsung Electronics, Midea RAC, Al-Salem Johnson Controls, and Shaker Group (LG) to name but a few.
Abdul Rouf Pandith, senior mechanical engineer at KEO International Consultants and speaker at the event, said: “By inviting and bringing together government stakeholders, policy and decision-makers, and leaders from the utility sector across the country, HVACR Expo Saudi can mark a new era in the cooling sector.”
Roni El-Haddad, event director of HVACR Expo 2019, said: “We are extremely honored to welcome SASO, GSO and SCE on board at HVACR Expo Saudi 2019. While the Kingdom is coming together to fulfill the objectives laid out by Saudi Vision 2030, the time is now to bring these authorities on-board and to work with them to ensure that HVACR professionals can achieve the highest standards within their field.”
HVACR Expo Saudi will also bring together more than 85 of the industry’s heavyweights to showcase innovative industry solutions and products at the event. Countries represented will include Turkey, China, the US, France, Italy, the UAE, Singapore, Egypt, Saudi Arabia and more.