Al Tayyar Travel Group (1810.SE) reported KPIs for 2Q2016, with net income of SAR300mn, down 24% Y-o-Y (+55% Q-o-Q). Excluding the impact of impairment losses on equity investments (SAR6mn) and intangible assets (SAR24mn), net profit decreased by 22% Y-o-Y only. The company attributed the decline in earnings to lower revenue from traditional travel industry and domestic tourism, especially to the government sector and government-related companies, as well as lower ticket prices and ticket taxes. Meanwhile, gross profit fell c13% Y-o-Y to SAR473mn, while operating profit dropped c23% Y-o-Y to SAR311mn. It should be noted that the company’s online sales have increased 1000% compared Y-o-Y to SAR66mn from SAR6mn, as the sector saw rapid growth. (Tadawul)