Al-Drees Petroleum and Transport Services Company (Al-Drees) achieved a 150% growth in profits for the second quarter of this year, to reach 36 million riyals after zakat and tax, compared to about 14.4 million riyals in the same quarter of 2020.
According to Arabiya Net, the company's net profit fell on a quarterly basis by 8.6% in the second quarter of 2021, compared to a net profit of about 39.4 million riyals in the first quarter of 2021.
Al-Drees said in a statement on Saudi Arabia's Tadawul, today, Wednesday, that the increase in net profit during the second quarter compared to the same quarter of the previous year is due to the increase in sales to the two petroleum sectors. A transfer and an increase in unrealized profits from revaluing the investment at fair value through profit and loss, despite the decrease in investment profits in the joint venture, the increase in marketing expenses, general and administrative expenses, financial expenses, zakat expenses, and a decrease in other revenues.
Al-Drees' net profit increased by 68.46% in the first half of this year, reaching 75.3 million riyals, after zakat and tax, compared to 44.7 million riyals, net profit for the period. Similar from 2020.
