Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company on Thursday reported a 68.5% year-on-year hike in its net profits in the first quarter of 2018, compared to the year-ago period.
The firm’s net profits amounted to SAR 24.6 million during Q1-18, up from SAR 14.6 million in Q1-17, according to a filing to the Saudi Stock Exchange (Tadawul).
Aldrees attributed the rise of Q1-18 profits to a growth in sales of transport division, in addition to an increase in other revenues.
Quarter-on-quarter, the company’s net profits surged 80.9% during Q1-18, compared to Q4-17, the Saudi Arabia-based firm noted.
Earnings per share (EPS) hit SAR 0.49 in Q1-18, up from SAR 0.29 in the same period in the year before.
Sales went up 52.9% to SAR 1.29 billion during Q1-18, compared to SAR 840.4 million for the corresponding period of 2017.
The stock increased 4.2%%, to close Wednesday at SAR 27.07.
