The profits of Al-Drees Petroleum and Transport Services Company Al-Drees increased by 27.5%, to reach, after zakat and tax, about 45.9 million riyals in the second quarter of 2022, compared to 36 million riyals profits in the same quarter of 2021.
According to Arabiya Net, the company said in a statement that the reason for the increase in net profit during the second quarter of 2022, on an annual basis, is due to the increase in sales to the petroleum and transport sectors.
She added that this is despite a decrease in other income and investment losses at fair value through profit and loss, a decrease in investment profits in the joint venture, and an increase in marketing expenses, general and administrative expenses, financial expenses and zakat expenses.
The company's sales increased by 37.5% in the second quarter of 2022, to about 2.99 billion riyals, compared to about 2.17 billion riyals in the same quarter of 2021.
On a quarterly basis, Al-Drees' net profit decreased by 26.44% in the second quarter of 2022, compared to a net profit of about 62.4 million riyals in the first quarter of 2022.
During the first half of 2022, Aldrees' net profit rose by 43.8% to 108.3 million riyals after zakat and tax, compared to profits of 75.3 million riyals in the first half of 2021.
