Al-Tayyar's Q2 net profit in line with forecast, says Saudi Fransi Capital

30/07/2015 Argaam

Al-Tayyar Travel Group's second-quarter net profit (SAR 396 million) was in line with Saudi Fransi Capital’s forecast and a consensus estimate, the brokerage firm said in a report.

 

The investment arm of Banque Saudi Fransi (BSF) kept Al-Tayyar as one of its top picks in the Saudi consumer sector. It also reaffirmed a "buy" on the stock at a target price of SAR 135.

 

The report highlighted the Saudi travel giant’s positive growth, “strong” financial position and attractive free cash flows. New hotel openings were also expected to act as a short-term catalyst for the company, which should meet growing demand during the Hajj season.

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