Aldrees to use profits from margins increase to develop petrol stations, says official

Aldrees Petroleum & Transport Services Company (ALDREES) will use the profits generated from the margin increase to develop its petrol stations, the company’s vice chairman Abdulmohsin Aldrees told Argaam.

“The company has spent SAR 351 million on the development of 270 stations and plans to spend SAR 192 million on the development of 148 stations before 2020-end,” Aldrees said.

He also said that profits generated from the increase of margins will appear in the company’s financial statements, but will be spent on developing stations.

Aldrees hopes that the government will bear the fees imposed on expats working for service companies as it did with the industrial sector, noting that “the majority of staff working for the service sector are expats.”

Earlier this week, the company said it has received the approval of the Ministry of Energy on increasing profit margins of fuel stations and other service centers, which are qualified by Ministry of Municipal and Rural Affairs (MOMRA).