Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company reported a 9.78% year-on-year (YoY) increase in net profit to SAR 77.40 million in the first quarter (Q1) of 2024 from SAR 70.50 million.

Revenues surged 27.47% YoY to SAR 4.35 billion in Q1-24 from SAR 3.41 billion, according to the interim financial results.

The earnings per share (EPS) hit SAR 1.03 in the three-month period that ended on 31 March 2024, up from SAR 0.94 in Q1-23.

Quarter-on-quarter (QoQ), the company’s net profit increased by 6.75% in Q1-24 from SAR 72.50 million, while revenues went up 10.27% QoQ from SAR 3.95 billion.

Aldrees Petroleum recorded a net profit of SAR 280.80 million in 2023, up 16.12% YoY from SAR 241.80 million.