Riyadh - Mubasher: The financial statements of Aldrees Petroleum and Transport Services Company reported a decline in net profits in the first quarter of 2017by 47.5% year-on-year, and by 1.4% quarter-on-quarter.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday that profits totalled SAR 14.6 million in Q1-17 compared to SAR 27.8 million in Q1-16.
The drop in profits is attributed to the decrease of transport sector sales beside temporarily stopped operation of some stations for renovations, as well as the increase in the cost of sales, operating expenses and financial charges, the statement noted.
