Aldrees amends results, posts 18.6% profit drop in Q4

Aldrees amends results, posts 18.6% profit drop in Q4
Aldrees amended its results for 2017 based on IFRS changes
Aldrees
4200
0.70% 28.95 0.20

Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company on Tuesday announced amendments to its financial results for the fourth quarter of 2017 and annual results.

Profits for the giant petroleum and transport services provider declined 18.56% to hit SAR 13.6 million during Q4-17, compared to SAR 16.7 million in the same period a year earlier, according to a bourse statement.

Quarter-on-quarter, the firm's profits retreated 25.27%.

In January, Aldrees had stated that its net profit decreased 16.2% to SAR 12.4 million in Q4-17, from SAR 14.8 million in the same period a year earlier.

As for the full year 2017, Aldrees’ profits levelled down 29.01% to SAR 64.6 million, compared to SAR 91 million in the year before.

The company attributed the adjustment of its financial results to reclassifying International Financial Reporting Standards (IFRS) number 19 (Employee Benefits) that led to amending earnings per share (EPS) for Q4-17 and the full year 2017.