Saudi Arabia-based Al Tayyar Travel Group Holding has posted a net profit of SR236 million ($62.8 million) during the fourth quarter of 2014, an increase of 13.46 per cent from SR208 million ($55.3 million) during the same quarter of the previous year.

In comparison to the previous quarter, the Q4 net profit saw a decrease of 3.28 per cent against SR244 million ($64.9 million) in Q3, the company said in a statement.

The gross profit during the fourth quarter stood at SR408 million ($108.6 million) as compared to SR339 million ($90.2 million) for the corresponding quarter last year, projecting an increase of 20.35 per cent, and an increase of 9.38 per cent against SR373 million ($99.3 million) for the previous quarter.

The operating profit was valued at SR245 million ($65.2 million) during the fourth quarter, a 15.02 per cent increase in comparison to SR213 million ($56.7 million) for the same quarter of the previous year and a decrease of 4.67 per cent against SR257 million ($68.4 million) for the previous quarter.

Net profit amounted to SR1,123 million ($299 million) for the current period, with an increase of 14.94 per cent from last year’s profits of SR977 million ($260.1 million), the statement said.

The current gross profit amounted to SR1,621 million ($430.6 million) with an increase of 20.88 per cent from SR1,341 million ($357 million) last year.

The earnings per share value increased to SR7.49 ($1.99) from SR6.51 ($1.73) 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 per cent.

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 SR26 million ($6.9 million), it said.

Decrease in net profit during the fourth quarter compared to the third quarter is due to the loss of SR35 million ($9.3 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), the statement said. – TradeArabia News Service