Aldrees Petroleum and Transport Services Co. saw its net profit increase by 38.6% to $45.2 million (SAR 170 million) for the first nine months of 2022, according to its financial results.
Financial results The rise in the fuel service station provider’s net profit was backed by higher petrol and transport sales, as well as the increase of the unrealized profit from the revaluation of investment at fair value through the profit and loss account. This comes despite a decrease in profit of the joint venture and the increase in marketing, general, administrative, financial, and zakat expenses. Aldrees' revenues surged 39.06% to $2.4 billion (SAR 9 billion) in the nine-month period, according to a bourse filing. In the third quarter of 2022, net profit grew 34.42% to $16.4 million (SAR 61.7 million). Revenues increased 9% to $866.4 million (SAR 3.3 billion) in July-September. Aldrees shares rose 1.52% to $19.58 (SAR 73.6) at close on Monday, with a market capitalization of $1.5 billion (SAR 5.5 billion). Aldrees business Aldrees had 716 fuel stations as of the third quarter of 2022, catering to the wholesale and retail of fuel, gasoline and oil, among other related services, according to its website.
The company's transport business fleet comprises 2,669 trucks and trailers that deliver goods to its customers in Saudi Arabia and neighboring countries.
