Al Tayyar says Careem, Wadi investments are ‘profitable’

Al Tayyar Travel Group Holding Co.’s investments in ride-hailing service Careem and online shopping website Wadi.com are profitable, as their value has more than doubled over the past couple of years, the company's CEO Abdullah bin Al-Dawood told Argaam Thursday.

The losses incurred on the income statements of both firms don’t really reflect the true value of Al Tayyar’s investments, he added.

“Al Tayyar’s investment in Careem is one of the group’s best investments,” Al-Dawood added.

Both Careem and Wadi are looking to increase their customer base and enhance their products and technologies; however these investments were recorded as loss-making investments in Al Tayyar’s income statement.

Commenting on Al Tayyar’s recent acquisition of Thakher Investment and Real Estate Development Co., Al-Dawood said it is a “strategic investment” as the group has started expansions in Hajj and Umrah activities.

The travel group had earlier posted SAR 27.4 million and SAR 20.77 million in losses from its investments in Careem and Wadi, respectively in 2016, Argaam earlier reported.

Careem is 14.7 percent owned by Al Tayyar. Meanwhile, Wadi.com is 33 percent owned by the Saudi-listed travel group, which is one of the largest in the region.