Saudi Arabia's Al Tayyar Travel Group posted a 24.2 per cent fall in second-quarter net profit on Wednesday.

The company made a net profit of SR300 million ($80 million) in the three months to June 30, down from SR396 million in the prior-year period, according to a bourse filing.

The firm, which completed the acquisition of a 30 per cent stake in Makkah-based Zakhr Investment and Real Estate Development in April through a share swap arrangement, said quarterly revenues decreased year on year by 9 per cent.

This was mainly due to a drop in sales within the traditional travel industry and domestic tourism, especially travel relating to the government sector and government-related sectors. Ticket prices were also lower during the quarter.

It did not provide a figure for quarterly revenue.

Saudi companies issue brief earnings statements early in the reporting period before publishing detailed results later. - Reuters