Al Tayyar Travel Group Holding announces Financial Results for the year ending 2014
Net profit for the fourth quarter stands at 236 million Saudi riyals with an increase of 13.46 per cent
Almasalla, ATP News- Al Tayyar Travel Group Holding revealed its preliminary financial results for the period ending 31st December 2014. The details of the financial results were outlined as below.
Net profit during the fourth quarter was reported at 236 million Saudi riyals, with an increase of 13.46 per cent from 208 million riyals during the same quarter of the previous year.
The quarter’s net profit saw a decrease of 3.28 per cent against 244 million riyals in the previous quarter.
The gross profit during the fourth quarter stood at 408 million riyals as compared to 339 million riyals for the corresponding quarter last year, projecting an increase of 20.35 per cent, and an increase of 9.38 per cent against 373 million riyals for the previous quarter.
The operating profit was valued at 245 million riyals during the fourth quarter, a 15.02 per cent increase in comparison to 213 million riyals for the same quarter of the previous year and a decrease of 4.67 per cent against 257 million riyals for the previous quarter.
Net profit amounted to 1123 million riyals for the current period, with an increase of 14.94 per cent from last year’s profits of 977 million riyals.
The current gross profit amounted to 1621 million riyals with an increase of 20.88 per cent from 1341 million riyals last year.
The earnings per share value increased to 7.49 riyals from 6.51 riyals in the previous year.
The company attributed the increase in the current quarter to growth in sales by 37 per cent, and growth in other operating income by 64%.
The main reason for increase in current period as compared to the same period last year is attributed to growth in sales by 23 per cent and increase in other operating income by 11 per cent in addition to increase in capital gain on property and equipment by 26 million Saudi Riyals.
Certain of the prior year figures have been reclassified to confine to the current year presentation.
Decrease in net profit during the fourth quarter compared to the third quarter of the current year is due to the loss of SR 35 million recorded for one of the groups’ equity investee companies. Excluding the impact of this loss, the growth in net income as compared to the previous period is 11 per cent.
Earnings or loss per share from operating income, other income expense and net income for the current and comparative period have been calculated considering 150 million ordinary shares outstanding as on 31 December 2014 (150 million shares as on 31 December 2013 after taking into account the effect of bonus shares issued on March 20, 2014).
