The decline in revenue during the current quarter compared to the same quarter of the previous year can be attributed primarily to specific factors affecting the Oil transportation sector. The revenue for this sector decreased by SAR 737 million, primarily due to the decline in global shipping rates during the current quarter compared to the same quarter last year.
The main contributor to the decrease in net profit during the current quarter is the reduction in gross profit by SAR 168 million. This reduction is directly linked to the drop in global shipping rates during the current quarter compared to the same quarter last year. Additionally, an increase in finance costs by SAR 30 million, reflecting higher interest rates, further impacted the net profit. However, the decrease in net profit was partially offset by the increase in the Company's share in results of equity accounted investee companies by SAR 41 million during the current quarter compared with the same quarter last year.
The decrease in revenue during the current quarter compared with the previous quarter is primarily attributed to the decline in revenue from the Oil transportation sector, which dropped by SAR 172 million due to the decrease in global shipping rates. However, this decline was partially offset by an increase in revenue from the Chemicals transportation sector by SAR 98 million and the Logistics sector by SAR 72 million. These increases were driven by higher operational activities and an uptick in global shipping rates during the current quarter compared to the previous quarter.
The increase in net profit during the current quarter compared with the previous quarter is attributed to several factors. Firstly, there was a notable increase in gross profit by SAR 156 million, driven by improved operational performance in multiple sectors, including Oil transportation, Logistics, and Chemicals transportation. Secondly, an increase in the Company's share in results of equity accounted investee companies by SAR 58 million contributed to the positive trend. Additionally, a rise in other income by SAR 33 million, mainly due to a realized capital gain from the sale of vessels, and a decrease in finance costs by SAR 21 million further supported the increase in net profit. However, this increase was somewhat tempered by a rise in general and administrative expenses by SAR 39 million during the current quarter compared to the previous quarter.
The increase in revenue during the current period compared with the same period of the previous year is primarily driven by the improved performance of the Chemicals transportation sector. The revenue for this sector increased by SAR 665 million due to higher operational activities and an increase in global shipping rates during the current period compared with the same period last year. Conversely, the Oil transportation sector experienced a decrease in revenue by SAR 323 million during the same period.
The increase in net profit during the current period compared with the same period of the previous year is mainly attributed to a substantial increase in gross profit by SAR 602 million. This increase is linked to improved operational performance in multiple sectors, with the Oil transportation sector gross profit rising by SAR 354 million and Chemicals transportation sector by SAR 349 million during the current period compared with the same period last year. Furthermore, an increase in other income by SAR 223 million, driven by a realized capital gain from the sale of vessels and other factors, contributed significantly to the higher net profit. Additionally, an increase in the Company's share in results of equity accounted investee companies by SAR 207 million during the current period further boosted net profits. However, the increase in net profits was somewhat mitigated by a rise in finance costs by SAR 324 million, reflecting an increase in interest rates during the current period compared with the same period of the previous year.
