Expat fees redemption boosts Aldrees’ Q2 earnings, says Vice Chairman

Aldrees Petroleum and Transport Services Co.’s strong performance in Q2 2019 was backed by SAR 12 million in non-recurring revenue, CNBC Arabia has reported, citing Vice Chairman, Abdulmohsen Aldrees.

“These revenues were driven by the redemption of the expat fees,” Aldrees said.

Aldrees’ Q2 2019 profit was bolstered by the transport segment despite generating lower earnings from the petrol business division, Aldrees noted.

The firm posted a net profit after zakat and tax of SAR 47.2 million for the first half of 2019, a rise of 26.88 percent year-on-year (YoY).

The increase was attributed to a rise in sales of transport and petrol divisions, growth in other income, and a decrease in sales and marketing expenses, the statement further said.