Riyadh – Mubasher: Saudi Arabia-based Aldrees Petroleum and Transport Services Company on Tuesday said its net profit dropped 16.2% year-on-year in the fourth quarter of 2017.

The firm posted SAR 12.4 million profits in Q4-17, compared to SAR 14.8 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits retreated 31.9%.

The company, which is one of the kingdom's largest petroleum retailers, attributed the decrease in its year-on-year net profits to a rise in general and administrative expenses, financial expenses, and Zakat expenses.

The Tadawul-listed firm added also that profits levelled down due to a drop in other revenues and the fall of profits of a joint venture (JV).

Aldrees’ profits slid 28.9% to SAR 63.4 million in 2017, from SAR 89.2 million in the previous year.

The company’s sales rose 1.9% to SAR 885.5 million during Q4-17, compared to SAR 869.3 million in the corresponding period in the year earlier.

The firm’s sales tumbled 1.5% to SAR 3.41 billion in 2017, from SAR 3.46 billion in the year before.

By 10:20 am KSA time, the stock rose 1.53%, reaching SAR 25.85.