Saudi Arabia’s Aldrees Petroleum and Transport Services Company reported a 50 percent net profit rise in the first 9 months of 2021, signaling a strong recovery from COVID-19 pandemic.
Profit rose from from SR81.6 million during the first nine months of 2020, to SR122.7 million in the same period this year, the company said in a bourse filing.
This growth is due to a rise in sales of transport and petroleum services sector, as well as the reevaluation of its investments.
Revenues have almost doubled in the third quarter of 2021, compared to the same time the previous year.
The new figures came despite higher marketing, general, administrative expenses, financial and Zakat charges, as well as a decrease in the joint venture’s investment profit.