Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company gained SAR 14.4 million in net profits after Zakat and tax in the second quarter (Q2) of 2020, down by 16.76% year-on-year (YoY).
Revenues for the three-month period ending on 30 June 2020 plunged by 45.77% YoY to stand at SAR 719.3 million, according to a bourse filing on Tuesday.
Aldrees attributed the decline in net profits to lower sales of the petrol department. During Q2-20, sales were affected as a result of the precautionary measurements adopted against COVID-19, coupled with low petrol prices and unrealised losses from revaluation of an investment at the fair value (FV).
While the company’s general, administrative, and Zakat expenses increased, other income and profits from a joint venture (JV) rose, whereas marketing and financial expenses fell.
