The net profit of Aldrees Petroleum and Transport Services (Aldrees) decreased by 58.48% to reach 121.1 million riyals after zakat and tax during the year 2020, compared to 291.7 million riyals In the year 2019.
According to Arabiya Net, the company said in a statement that the reason for the decrease in net profit is due to the decrease in sales to the oil and carrier sectors, and sales were affected due to precautionary measures for the emerging corona virus during the year As well as lower other revenues.
and she indicated that the year 2019 includes other revenues for the year 2018 AD, unrealized losses from the re-evaluation of the investment at fair value through profit and loss, and the increase in financial expenses due to the application of the standard International Accounting No. 16, despite the decrease in marketing, general and administrative expenses, and zakat expenses, and the increase in investment profits in the joint venture.
The value of the company's sales decreased by 12.4% during the year 2020 to reach 4.97 billion riyals, compared to 5.68 billion riyals in 2019.
According to Al Arabiya.net's calculations, the net profit of Al-Drees company amounted to about 39.5 million riyals in the fourth quarter of 2020, compared to about 228 million riyals in the same quarter of 2019 , Down by about 83%.
The profits of Al-Drees during the first nine months of 2020, had grown by 28%, to 81.6 million riyals, compared to 63.7 million riyals, in the corresponding period of last year .
