A bad start to the year
Q1 2016 revenues reached SAR1,959m (down 9% from SAR2,152m in Q1 2015). The operating profit declined by 31.7% to SAR205m bringing down the net profit to SAR194m (-32.2% yoy and -9.77% qoq) due to an addition to impairment loss recorded on investment in associates and on intangible assets. This drop was mainly due to a decrease in sales of the traditional travel industry and domestic tourism as well as lower ticket prices and the ticket tax.
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