Al-Tayyar Travel posts FY 2018 financials results

Abdullah Aldawood, CEO of Al-Tayyar Travel Group.
Updated 06 March 2019

Al-Tayyar Travel posts FY 2018 financials results

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.”


Michelin-starred chefs delight Riyadh foodies

Guests at Taste of the World, Riyadh, a six-day extravaganza featuring some of the world’s best restaurants in the capital’s Digital City, sipped mocktails while listening to live acoustic music on the Music Stage.
Updated 17 November 2019

Michelin-starred chefs delight Riyadh foodies

Taste of the World, Riyadh has been heralded as a great success by both event organizers and the 14,000 visitors that attended the six-day extravaganza in the capital’s Digital City.
Commissioned by the General Entertainment Authority, this bespoke edition of the festival, created especially for the Riyadh Season, featured 14 of the world’s best restaurants, boasting a combined 13 Michelin stars.  
Throughout the festival, the participating restaurants featured an exclusive menu of three dishes, served in taster-size portions — two of each restaurant’s signature dishes, as well as a Saudi-inspired dish that the chef had exclusively designed for Taste of the World, Riyadh. Visitors looking for a more exclusive experience were welcomed to The Taste Residence where they were treated to a four-course dining experience with Michelin-starred chefs.
Another major attraction that drew large crowds was the Fire Pit, where local star chefs Areej Al-Shareef, Abdelelah bin Jarid and Fahad Bokhari showed off their talents alongside the global superstars. Hosted by Saudi culinary star and presenter Rakan Aloraifi, spectators enjoyed cooking demonstrations, tasting sessions and a live DJ.
In another area of the festival, guests sipped mocktails while listening to live acoustic music on the Music Stage.  
Award-winning chef Shane Osborn from Hong Kong’s Arcane said “Taste of the World, Riyadh has far exceeded my expectations. I have been fortunate to have experienced many similar events around the world but this one in Riyadh is both very unique and very different to anything that I have experienced before. It is the people of Riyadh who have really made it special and welcoming.”

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14,000 - of the capital’s cosmopolitan citizens visited the six-day culinary festival, featuring 14 of the world’s best restaurants and boasting a combined 13 Michelin stars.

Pascal Aussignac from London’s Michelin-starred Club Gascon said: “The smiles of the people whilst trying my food and their inquisitive questions about the meals prepared made it truly very special. I am
very happy to be here in Riyadh and to have taken part in this exciting event.”
Saudi chef Al-Shareef said: “I am very happy to be here and taking part in Taste of the World, Riyadh. I am also very proud in being the only female Saudi chef taking part and my experiences at the Fire Pit were very exciting and fun.”
Chef Aloraifi said, “This is the first time that Taste of the World has taken place in the Kingdom and people have been very excited about the occasion, the activities and the cooking demonstrations ... Hopefully next year we will be back again and will be able to add more local touches to the program.”
Based on the overwhelming enthusiasm and fast-selling ticket sales that has greeted the Taste of the World experience, organizers said they are looking forward to announcing a 2020 event soon.