Aldrees aims to begin operations at 100 new fuel stations in 2022: CEO

Abdulilah Aldrees CEO of Aldrees Petroleum and Transport Services Co.

Aldrees Petroleum and Transport Services Co. is planning to launch operations at 100 new fuel stations this year, Chief Executive Officer (CEO) Abdulilah Aldrees, told Argaam in an exclusive.

The number of operated stations reached nearly 640 in 2021. The company also leased 26 new petrol stations in the fourth quarter of 2021.

Aldrees added that the petroleum services segment recorded a rise of SAR 1.44 billion, or 43% year-on-year (YoY), to SAR 2.53 billion in Q4 2021. The transport business also reported 37% sales growth to SAR 87 million in the three-month period, compared to nearly SAR 55 million a year earlier.

The fuel retailer’s Saudi equity portfolio recorded a net profit of almost SAR 540,000 for the fourth quarter, the top executive added, noting that the company is studying to increase or decrease the size of its portfolio by the end of Q1 2022.

On the company’s plans to add electric car charging stations at its locations, Aldrees said: “The company is ready to develop its stations and provide services for the new generation of electric vehicles.”

Aldrees reported a net profit after Zakat and tax of SAR 176.8 million for 2021, up 46% YoY. In Q4 2021, the company reported a net profit of SAR 54.1 million, Argaam reported.