|16 October, 2019

Saudi Arabia's Aldrees logs $4.53mln profits in Q3

Net profits after zakat and tax increased by 3.75%

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri

Riyadh –Aldrees Petroleum and Transport Services Company (Aldrees) posted its interim financial results for the third quarter of 2019.

Net profits after zakat and tax increased by 3.75% to SAR 16.6 million in Q3-19, compared to SAR 16 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company attributed the rise in profits to the increase in Petrol and Transport Divisions sales and the increase of other income and the decrease in sales and marketing and financial expenses

Total revenues levelled up by 14.29% year-on-year to SAR 1.47 billion during the three-month period between July and September.

For the first nine months of 2019, net profits of Aldrees jumped by 19.7% to SAR 63.7 million, from SAR 53.2 million in the same period of the previous year.

The Saudi-based company generated SAR 4 billion in revenues in nine months, 6% up from SAR 3.8 billion in the same period the year before.

Profit per share stood at SAR 1.06 by the end of September, versus SAR 0.89 in September 2018.

Source: Mubasher

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