Saudi Arabia's Al Tayyar Travel Group posted a 6.9 per cent fall in fourth quarter net profit on Wednesday.

The company made a net profit of SR215 million ($57.3 million) in the three months to December 31, down from SR231 million ($61.5 million) in the prior-year period, according to a bourse filing.

Analysts at Aljazira Capital and Osool & Bakheet Investment Co expected the company to make a quarterly profit of SR286.3 million ($76.3 million) and SR296.4 million ($78.9 million) respectively.

Al Tayyar, whose founder Nasser bin Aqeel al-Tayyar stepped down as vice chairman and managing director on September 1, blamed the profit fall on a 27 per cent rise in general and administrative expenses and selling and marketing expenses from the opening of 30 new branches during the quarter, as well as rises in medical insurance rental expenses and an increase in impairment losses. - Reuters