Riyadh – Mubasher: Saudi Arabia-based Aldrees Petroleum and Transport Services Company on Wednesday posted a 0.55% year-on-year decrease in its net profits for the second quarter of 2018.

The firm’s net profits amounted to SAR 18.2 million in the period between April to June, compared to SAR 18.3 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the Saudi company's profits retreated 26.02% from SAR 24.6 million.

Aldress attributed the second-quarter profit drop to a growth in general costs, administrative and financial expenses, coupled with other income declines.

The firm’s total sales income jumped 50.58% to SAR 1,29 billion in Q2-18, compared to SAR 856.9 million in the year-ago period.

Shareholder's equity, excluding the minority interest, rose 3.50%, to SAR 647.1 million by June-end, compared to SAR 625.2 in the same period last year, the statement added.

In the first six months of 2018, Aldrees’ net profits surged to SAR 42.8 million from SAR 32.8 million during H1-17.

The Tadawul-listed firm ascribed the first-half profit rise to the sales increase in petrol and transport divisions.

The stock dropped 1.63% to close Tuesday at SAR 30.20.