Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company said its profits tumbled 35.8% year-on-year in the second quarter of 2017.

Quarter-on-quarter, the company’s profits levelled up 25.3%, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The-Tadawul listed firm's profits fell to SAR 18.3 million in Q2-17, from SAR 28.5 million in Q2-16.

Aldrees Petroleum's sales levelled down 4.4% reaching SAR 856.9 million in Q2-17, compared to SAR 896.7 million in the same period in the year before.

The year-on-year decline in profits in Q2-17 was attributed to the decrease in petrol and transport sales, and the rise in marketing and financial expenses, and other revenues increased.

In the first half of 2017, Aldrees Petroleum logged profits of SAR 32.8 million, down 41.7% from SAR 56.3 million in the corresponding period in the year earlier.

The sales fell slightly by 2.5% to reach SAR 1.7 billion in H1-17, compared to SAR 1.74 billion in H1-16.

Aldrees' stock increased 0.20% to SAR 24.66, on Wednesday.