Al Tayyar says Saudia, Ministry of Education met all contractual payments

Al Tayyar Travel Group on Tuesday announced that both the Ministry of Education and Saudi Arabian Airlines (Saudia) have fulfilled all due payments for a recently ended services contract, the Tadawul-listed firm said in a statement.

Al Tayyar had been providing ticketing and travel packages for students enrolled in the Kingdom's scholarship program. The contract was considered one of the company’s biggest revenue streams. The one-year deal, signed in September 2017, just ended last week.

Ticketing services provided to students represented 21 percent of the firm’s total booking services by the end of fiscal year 2017. It dropped to 17 percent in H1 2018, the firm said.

Meanwhile, Al Tayyar recently said that its “strategic transformation” plan is still underway as it aims to diversify its revenue streams, rather than focusing on one main segment. Travel, hospitality, investment and supportive services will be the focus of its transformation plan, the company added.