Al-Tayyar Travel Group has announced its financial results for the full year ending Dec. 31, 2018.
The company posted full year revenue of SR1,948 million, compared to SR2,107 million in 2017. Consumer travel, hospitality and car rental all posted higher year-on-year revenue, partially offsetting the significant decline in revenue from government accounts, stemming from the conclusion of the Ministry of Higher Education contract. The company’s online gross booking value through its online platform increased by 44 percent to SR2,004 million, compared to SR1,387 million in 2017. The gross profit was SR1,425 million in 2018 as compared to SR1,603 million in 2017. The operating profit was SR613 million, down 24 percent from 2017.
Abdullah Aldawood, CEO of Al-Tayyar Travel Group, said: “The year 2018, the first full year of implementing our corporate transformation, was a period of intense activity for Al-Tayyar Travel Group.
Our revamped portfolio, prudent cost management and continued focus on operational excellence has enabled us to steer the business away from a dependency on specific contracts and toward increased commercial sustainability.
“We were operationally profitable with a solid cash flow performance and excluding the one-off non-cash loss from a non-core equity divestment, the net profit of the company would have been SR276 million. Considering the significant company-wide advances we are implementing, we are pleased with the results, which are evidence that we are on the right track.”