Riyadh – Mubasher: Saudi Arabia-based Aldrees Petroleum and Transport Services Company on Thursday reported a 5.8% year-on-year profit hike in the third quarter of 2018. 

Aldrees posted a profit of SAR 49.2 million ($11.41 million) during Q3-18, compared to SAR 46.5 million ($10.78 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the Saudi firm’s profits fell 3.5% in the three-month period ended September, from SAR 51 million.

Net profits after calculating Zakat and Tax rose 3.2% to SAR 18.8 million by the end of Q3-18, compared to SAR 18.2 million in the corresponding period last year.

Aldrees’ revenues surged 55.8% to SAR 1.3 billion during Q3-18, from SAR 826.9 million in Q3-17.

During the first nine months of 2018, the Tadawul-listed company’s profits surged 15.3% to SAR 158.4 million, up from SAR 137.3 million in the prior-year period.

Net profits after calculating Zakat and Tax went up 21% to SAR 61.6 million in the January-September period of 2018, compared to SAR 51.1 million in the year-ago period.

The firm’s sales jumped 53% to SAR 3.8 billion from January to September, against SAR 2.5 billion in the corresponding nine months a year earlier.

Earnings per share (EPS) amounted to SAR 1.23 by the end of the nine-month period, up from SAR 1.02 in the same period during 2017.

The firm attributed the nine-month profit growth to a rise in sales of petrol and transport divisions, coupled with lower marketing expenses.

Aldrees’ stock inched up 0.88% to close Wednesday’s trading session at SAR 28.95.