Riyadh – Mubasher: The financial statements of Saudi transportation companies showed a 15% drop in net profits in the second quarter of 2017, compared to the same quarter of the previous year, and a 21% decline in profits of the first half.

Data from the Saudi Stock Exchange (Tadawul) revealed that total net profits of five listed transportation companies reached SAR 244.54 million ($65.21m) in Q2-17 as compared to SAR 287.82 million ($76.75m) in Q2-16.

The operating profits of the sector dropped by 18% to SAR 255.16 million in Q2-17 as compared to SAR 311.27 million in the year-ago period.

On the other hand, Saudi Ground Services Company gained around 50% of the sector’s profits in Q2-17 with a net profit of SAR 122.28 million as compared to SAR 195.82 in the year-ago period, which represents a drop of 37.55%.

United International Transportation (Budget Saudi) achieved the second highest profits worth SAR 42.66 million, compared to SAR 46.2 million in the year-ago period, which represents a 7.7% decrease.

Batic Investments and Logistics Co had the lowest quarterly profits of SAR 16 million as compared to SAR 10.73 million in Q2-16, marking an increase of 49.62%.