Aldrees profits to improve in Q4 2023, market share at 8.18%: CEO

Abdulelah Aldrees, CEO of Aldrees Petroleum and Transport Services

Aldrees Petroleum and Transport Services Co. (Aldrees) is likely to achieve better results during Q4 2023 compared to Q3 2023, the CEO, Abdulelah Aldrees told Argaam.

The CEO attributed the year-on-year (YoY) profit rise in Q3 2023 to the increased sales of the petroleum and transport segments, along with higher financing revenues and the higher share of the joint venture’s investment results.

He also noted the higher sukuk investment income and a decrease in selling and marketing expenses, despite the increase in general and administrative expenses, financial charges, and Zakat expenses, accompanied by a decrease in other revenues.

No impact on the stock portfolio has been reflected during the current quarter, as the portfolio was liquidated compared to the similar period last year, he added.

The company's sales volume in the petroleum segment amounted to SAR 3.73 billion in the third quarter, and the transport segment sales amounted to about SAR 154.8 million, bringing the company's total sales to about SAR 3.88 billion.

The proceeds from sukuk by the end of the third quarter stood at SAR 5.8 million, of which nearly SAR 1.9 million was generated in Q3 2023.

He highlighted that the company's market share reached 8.18% by the end of the third quarter of 2023, noting that the number of stations went up to 818, while the number of trucks reached 1,579, including 531 trucks serving the petroleum segment.

The number of stations developed by the end of the third quarter of 2023 reached 620, at a total value of SAR 710 million.

He added that the number of the company's stations using WAIE electronic fueling system reached 805 out of 818 stations, in addition to 22 mobile stations.

According to data compiled by Argaam, Aldrees reported a 23% profit leap in 9M 2023 to SAR 208.3 million from SAR 170 million a year earlier. The third-quarter profit stood at SAR 67.6 million.