In the name of Allah, most Gracious, most Merciful.
It is to my pleasure and pride to tell you that “Al Tayyar Travel Group “has become one of the most prominent companies within the region and has accomplished an accelerated growth in revenue and profits over the past three years. I personally have witnessed this growth in my capacity as chairman of the Board of Directors since 2005.
The revenue of the company has jumped from 1513 million Riyals in 2005 to almost 3069 million Riyals in 2009, an annual increase of 41%. In the same period, net profits went up from 54.6 million to 395.6 million, with an average annual increase of 130%. Likewise, the capital of the company increased from 150 million Riyals in 2004 to almost 800 million Riyals in 2009. This phenomenal increase, which has been generated mainly from retained earnings, is unprecedented in the industry, particularly when considering the fiercely competitive environment in which Al Tayyar Travel Group operates and the uncertain domestic and global economic situation.
Nevertheless the board of directors and executive management team of Al Tayyar Travel Group spared no effort to serve the best interests of the company and shareholders by expanding its activities both domestically and globally. Its services now cover the entire urban and rural areas of the Kingdom of Saudi Arabia and Al Tayyar Travel Group now has the widest service network among companies within the same industry.
We take great pride in the success of a national company that provides outstanding service for a wide group of travelers and holiday makers. One such group that the company is proud to serve is scholarship students who are granted overseas scholarships as part of the Saudi Government program and under the wise leadership of the Custodian of the Two holy Mosques, King Abdullah Bin Abdulaziz who personally patronized this ambitious national program to create the future leaders.
From our part, as citizens and as members of the Board we appreciate the pioneering efforts being undertaken by Al Tayyar Travel Group to facilitate this mission of more than 45 thousands students who are hosted by the Scholarship Program of King Abdullah, along with their dependents totaling some 120 thousands citizens who also depend on Al Tayyar Travel Group for their travel arrangements.
By all measures, Al Tayyar Travel Group has become the leading provider of travel and tourism services in the Kingdom and we are confident that the company will undertake a travel and tourism leading role in the Middle East region as well. We hope that the company will soon become a publicly traded company on the Saudi Stock Market and that every citizen will be able to own part of this pioneering national company.
Prince Sultan Bin Mohammed Al-Saud