Riyadh- Mubasher: Aldrees Petroleum and Transport Services reported a 14.57% year-on-year rise in profits during the second quarter of 2019, while it recorded a 42.14% quarter-on-quarter decline in the Q2-19.

The initial results of Aldrees Petroleum showed a net profit of SAR 17.3 million in Q2-19, versus SAR 15.1 million in Q2-18, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Aldrees noted that the increase in profits on an annual basis was backed by a rise in the sales of both the petroleum and transportation sectors, in addition to a rise in other revenues, as well as a decline in financial expenses.

On a quarterly basis, Aldrees ascribed the decline in profits to a decrease in transport divisions’ sales, an increase in expenses of sales and marketing, and a drop in other income, despite the higher sales of the petrol division and the lower value in general and administrative, financial and Zakat expenses.

It is worth to mention that during the first half of 2019, Aldrees’ profits increased by 26.88% to reach SAR 47.2 million, versus SAR 37.2 million in H1-18.