A recent financial report stated that net profits of listed tourism and hospitality firms rose by three percent to hit SAR389.2 million in Q1 of 2015 compared to SAR378.5 m in the same period for 2014.
Quarter-to-quarter basis, the sector’s profits grew by 49% compared to profits of Q4, 2014, which stood at SAR261.2 m, as reported by Al-Eqtidadiah daily.
Meanwhile, Al-Tayyar Travel Holding Group’s share to the sector’s profit growth reached 52%. Profits of the Group increased by 2.1% to SAR286 m in Q1, 2015 compared to SAR280 m in Q1, 2014.
Abdulmohsen Alhokair Group for Tourism and Development Company also posted profits of SAR57.6 m in Q1 compared to SAR52.1 m in Q1, 2014 projecting an increase of 10.6%. Similarly, Tourism Enterprise Company (Shams) profits grew by 5.9% to SAR641,600 in Q1 compared to SAR606,300 in Q1 2014.