Net profits of the listed tourism and hospitality firms rose by 3 percent to hit SR389.2 million in the first quarter of the current year compared to SR378.5 million in the same period last year, according to a financial report.
Quarter-to-quarter basis, the sector’s profits grew by 49 percent compared to profits of Q4, 2014, which stood at SR261.2 million, Al-Eqtidadiah daily said in a report.
Meanwhile, Al-Tayyar Travel Holding Group’s share to the sector’s profit growth reached 52 percent, the report added.
Profits of Al-Tayyar Group increased by 2.1 percent to SR286 million in Q1, 2015, compared to SR280 million in Q1, 2014, according to the report.
Abdulmohsen Alhokair Group for Tourism and Development Company was the second top profit booster of the sector where its profits reached SR57.6 million in Q1 compared to SR52.1 million in Q1, 2014, or an increase of 10.6 percent.
Similarly, Tourism Enterprise Company (Shams) has its profits grown by 5.9 percent to SR641,600 in Q1 compared to SR606,300 in Q1 2014, the report said.
On the other hand, profits of Dur Hospitality Company dropped by 1.7 percent to SR45 million in Q1 compared to SR45.8 million in Q1, 2014, the report said.
Tourism and hotel sector’s Q1 profits up 3% to SR389 million
