JEDDAH: Saudi Arabia’s Al-Tayyar Travel Group posted a 28.4 percent rise in first-quarter net profit as sales increased and it sold property and equipment.

Al-Tayyar made a profit of SR280 million in the three months to March 31, up from 218 million riyals in the prior-year period, according to a bourse filing.

Bakheet Investment Group forecast Al-Tayyar would make a quarterly profit of SR246.1 million.

The travel company attributed its profit rise to a 15 percent increase in sales, as well as the SR27 million gain it booked from the sale of property and equipment.