Aldrees Petroleum and Transport Services Company (Aldrees) slipped into negative territory in the second quarter when its net profit dropped 7.9 percent to SR24.6 million against SR26.7 million in the same period last year, the company said in a statement posted on Tadawul website Sunday. Compared to the first quarter of this year, however, it increased 11.8 percent from SR22 million. The decline in profits during the second quarter compared to the same quarter last year was mainly due to lower revenues from the hauling of barley that affected the financial results for this period, the company, whose Vice Chairman is Eng. Abdulmohsen M. Al Drees, said. The gross profit during the second quarter reached SR43.1 million, compared to SR44.2 million for the same quarter of last year, a decrease of 2.5 percent The operating profit during the second quarter tallied at SR26.6 million, compared to SR29.1 million for the same quarter last year, a decrease of 8.6 percent. Net profit for the six-month period was the same as last year at SR46.6 million. Earnings per share for the six-month period remained at SR1.86, compared to the same SR1.86 for the same period last year. Gross profit for the six-month period was SR80.9 million, compared to SR80.1 million for the same period the previous year, with a growth of 1 percent. The operating profit during the six months reached SR49.7 million, compared to SR51.1 million for the same period the previous year, a decrease of 2.7 percent.
