Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company on Wednesday reported an increase in net profits by 0.55% in the third quarter, compared with the same period of the previous year.
Profits reached SAR 18.2 million in Q3-17, up from SAR 18.1 million in Q3-16, but down from SAR 18.3 million in Q2-17, according to a filing to the Saudi Stock Exchange (Tadawul).
The company attributed the slight increase in profits to the decrease in marketing, general and administrative expenses, and higher other revenues.
Aldrees’ sales amounted to SAR 826.9 million in Q3-17, down 2.9% from SAR 851.6 million in the year ago period.
Aldrees’ profits during the first nine months of this year fell by 31.22% year-on-year to SAR 51.1 million from SAR 74.3 million.
This decline is due to lower sales in its petrol and transport divisions and the rise in financial expenses and other revenues, the company said.
