The financial statements of Al-Drees Petroleum and Transport Services Company revealed an increase in the company's profits in the third quarter of this year by 30.2% on an annual basis.
According to Aldrees results for the Saudi market, Tadawul, today, Monday, the profits for the third quarter of this year amounted to 61.7 million riyals, compared to 47.4 million riyals, profits for the same period in 2021.
Al-Drees said in the statement that the increase in profits during the comparison periods is due to the increase in sales to the petroleum and tanker sectors, the increase in other revenues and the increase in investment profits at fair value through profit and loss despite the decrease in investment profits in the joint venture and the increase in marketing expenses, general and administrative expenses, financial expenses and Zakat expenses.
Al-Drees achieved profits of 170 million riyals in the first nine months of this year, compared to profits of about 122.7 million riyals in the same period of the previous year, an increase in profits by 38.6%.
Al-Drees’ revenues at the end of the first nine months of this year amounted to about 9.02 billion riyals, compared to 6.49 billion riyals in the same period in 2021, an increase of 39.1%.
