Al-Drees Petroleum and Transport Services achieved 336% annual profit growth to reach 291.7 million riyals in 2019, compared to 66.9 million riyals in 2018.
According to Arabia Net, the value of Al-Drees profits in the fourth quarter of 2019 amounted to about 228 million riyals.
The value of operating profits achieved by the company in 2019 amounted to 313.8 million riyals, compared to 147.4 million riyals in 2018, a growth of 112.8%.
Ezzat Al-Drees attributed the reason for the increase in net profit during this year compared to the previous year to the increase in sales in the petroleum sector and the increase in profit margins and carrier sales and other revenues, in addition to the decrease in selling and marketing expenses, and financial expenses, despite the increase in general and administrative expenses and the decrease in the profits of the joint venture and the increase of Zakat expenses And creating a potential liability expense.
