Riyadh – Mubasher: The net profits after Zakat and tax of Aldrees Petroleum and Transport Services Company amounted to SAR 70.50 million during the first quarter (Q1) of 2023.

The recorded net profits were higher by 12.98% year-on-year (YoY) than SAR 62.40 million, according to the interim financial results.

Revenues jumped by 22.97% to SAR 3.41 billion in the three-month period that ended on 31 March 2023 from SAR 2.78 billion in Q1-22.

The earnings per share (EPS) hit SAR 0.94 in Q1-23, up from SAR 0.83 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax declined by 1.81% from SAR 71.80 million in Q4-22, while the revenues grew by 2.59% from SAR 3.33 billion.

Meanwhile, Aldrees is set to pay out SAR 150 million as cash dividends for 2022 on 15 May 2023.

Last year, the Saudi firm registered a 36.76% hike in net profit after Zakat and tax to SAR 241.80 million, compared to SAR 176.80 million in 2021.