Aldrees’ profits rise 28% in the third quarter to 47 million riyals

Preliminary financial results of Al-Drees Petroleum and Transport Services Company “Al-Drees” showed an increase in its net profit of 28.45% in the third quarter of questyear, to 47.4 million riyals, compared with 36.9 million riyals, net profit in the same quarter of 2020.

On a quarterly basis, Aldrees’ net profit increased by 31.7% in the third quarter of 2021, compared to a net profit of approximately 36 million riyals in the second quarter of 2021.

Al-Drees stated in a statement to Saudi Tadawul today, Sunday, that the reason for the increase in net profit during the third quarter of quest’year compared to the same quarter of the previous year is due to the increase in oil sales and transportation and an increase in unrealized profits from the revaluation of investments in fair value through the income statement and an increase in other income.

He added that despite the decrease in profits from the investment in the joint venture and the increase in marketing expenses, general and administrative expenses and financial charges.

Aldrees’ net profit after zakat and taxes increased by 50.37% in the first nine months of questyear at 122.7 million riyals, compared to 81.6 million riyals in the same period of 2020.

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