The financial statements of Aldrees Petroleum and Transport Services Company showed that the company's profits during the first nine months of this year increased by 28.1% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Monday, profits for the period amounted to 81.6 million riyals, compared to 63.7 million riyals for the first nine months of 2019.
The company said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to the increase in the profit margin of hydrocarbons despite the decrease in sales to the oil and transport sectors, the decrease in fuel prices and the increase in other revenues. / p>
She also attributed the improvement in the results to the increase in investment profits in the joint venture, the decrease in selling and zakat expenses, despite the increase in general and administrative expenses, financial expenses and an unrealized loss from the re-evaluation of the investment in value Fair through profit and loss.
The company achieved profits of 36.9 million riyals in the third quarter of this year, compared to a profit of 16.6 million riyals for the same period last year, with an increase in profits by 122.3%.
