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Al Tayyar Travel profit misses consensus by 29.6% in Q1

Al Tayyar Travel Group Holding Co. said its normalized net income for the first quarter came to 74 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.05 riyals per share.

EPS decreased 19.8% year over year from 92 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 147.9 million riyals, a decrease of 19.8% from 184.5 million riyals in the prior-year period.

The normalized profit margin climbed to 27.3% from 8.6% in the year-earlier period.

Total revenue fell 8.6% on an annual basis to 1.97 billion riyals from 2.15 billion riyals, and total operating expenses declined 6.6% year over year to 1.73 billion riyals from 1.85 billion riyals.

Reported net income fell 32.1% from the prior-year period to 193.8 million riyals, or 97 halalas per share, from 285.6 million riyals, or 1.43 riyals per share.

As of April 27, US$1 was equivalent to 3.75 Saudi Arabian riyals.