Saudi Arabia's Al Tayyar Travel Group posted a 28.4 percent rise in first-quarter net profit as sales increased and it sold property and equipment.

Al Tayyar made a profit of 280 million riyals ($74.7 million) in the three months to March 31, up from 218 million riyals in the prior-year period, according to a bourse filing.

Bakheet Investment Group forecast Al Tayyar would make a quarterly profit of 246.1 million riyals.

The travel company attributed its profit rise to a 15 percent increase in sales, as well as the 27 million-riyal gain it booked from the sale of property and equipment.  - Reuters