Al Tayyar Travel Group (1810.SE) reported KPIs for 1Q2016, with net income of SAR194 million, down 32% Y-o-Y (-10% Q-o-Q). The decline in earnings was driven by a 9% Y-o-Y decrease in revenue to cSAR1,959, mainly in the domestic travel and tourism sector, especially for government and government-related companies. However, online sales (3% of total revenue), a key area of focus for the company, surged tenfold to SAR66 million. Earnings were also affected negatively by lower ticket prices during 1Q2016, provisions, ticket taxes, as well as impairment losses on investment in associates (SAR6 million) and intangibles (SAR24million). Excluding these impairments, net profit decreased 22% Y-o-Y. Meanwhile, gross profit for the quarter came in at SAR377 million, while gross margin was flattish Y-o-Y at 19.2%. Net operating profit also dropped c32% Y-o-Y to SAR205 million, while EBIT margin narrowed 400bps to 10.5%. (Tadawul)