Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company posted a 53.64% decrease in the net profits of the fourth quarter of 2016 to SAR 15.3 million ($4.01 million) from SAR 33 million ($8.8 million) in Q3-15.
The decrease of net profit was due to higher sales in petrol sector due to increase of fuel prices and decrease of transport sales because of the decrease in prices and quantities of cement and petrochemicals as well, according to a bourse filing on Tuesday.
Temporarily stopped operation of some stations for its renovations and increase in cost of sales and operating expenses resulting from adjusted prices of energy products, electricity and water tariffs for petroleum and transport sectors also contributed to the drop.
Increase of financial charges, decrease of marketing and general and administration and zakat and higher other income and gains on the joint venture, the statement said.
The Saudi-listed company’s profits retreated 36.81% in the twelve months of 2016 to SAR 91 million compared to SAR 144 million in 2015.
Aldrees's results in Q4 came below the estimates if Osool and Bakheet of SAR 23.7 million, with a 35.44% decline.
