Mubasher: Al Maha Petroleum Products Marketing Company on Thursday reported a drop of 17.6% in profits for the first quarter of 2017, compared to the same period in 2016.

Al Maha’s net profits stood at OMR 1.69 million ($4.37 million) in Q1-17, compared to OMR 2.05 million ($5.31 million) in Q1-16, according to a filing to the Muscat Securities Market (MSM).

The company's revenues rose 20.1% to OMR 101.06 million in Q1-17, compared to OMR 84.18 million in the corresponding period in the year before.

Annual net profits in 2016 declined 4.9% reaching OMR 8.75 million, compared to OMR 9.2 million in 2015.