Aldrees CEO expects profits to grow by Q2 2022, highlights market share reaches 7%

CEO of Aldrees, Abdulelah Bin Saad Al-Drees

Aldrees Petroleum and Transport Services Co. (Aldrees) is projected to achieve better results during Q2 2022 compared to the same period last year, the CEO, Abdulelah Aldrees told Argaam in phone call.

The CEO attributed the rise in Q1 2022’s profit to the increase in sales of the petroleum and transport divisions to SAR 2.7 billion and SAR 76.5 million, respectively.
 

He added that the number of stations reached 669 by the end of Q1 2022, while the number of trucks reached 1314.
 

The Saudi-listed firm aims to operate 100 stations in 2022 across the Kingdom and raise 200 trucks for the transport segment.
 

Aldrees’s market share reached 7%, he noted.
 

He pointed out that the rise in unrealized profits from re-evaluating the investment at fair value through profit and loss amounted to SAR 7.8 million.
 

According to data compiled by Argaam, Aldrees reported a 58% rise in Q1 2022’s profits to SAR 62.4 million, compared to SAR 39.4 million in the same period a year ago.