Saudi Arabia’s Aldrees Petroleum and Transport Services Company reported a 35.3% year-on-year rise in profits during the first quarter of 2019.
The firm’s profits after calculating Zakat and Tax reached SAR 29.9 million in Q1-19, up from SAR 22.1 million during Q1-18, according to a bourse filing on Wednesday.
Aldrees attributed the jump in its first-quarter profit to a rise in sales of the transport sector, a growth in other revenues, coupled with lower selling and marketing expenses.
Sales inched up 1.1% to SAR 1.3 billion during Q1-19, from SAR 1.29 billion in Q1-18.
Quarter-on-quarter, the Saudi company’s profits surged 53.3%, from SAR 19.5 million in Q4-18.
During the full-year 2018, Aldrees Petroleum’s net profits after calculating Zakat and Tax grew 29.4% to 83.6 million, from SAR 64.6 million in 2017.