Aldrees starts reserving required quantities from Aramco with the new margin

04/02/2020 Argaam

 

Aldrees Petroleum and Transport Services Co. started today reserving required quantities from Saudi Arabian Oil Co. (Saudi Aramco) with the new profit margin, the company said in a bourse statement.

 

The company added that it is working up to date with Saudi Aramco to complete the mechanism of receiving the retroactive effect of the margin change.

 

The financial impact from the new margins is likely to reflect positively on the company’s financial results starting from Q1 2020. However, it is currently difficult to estimate the exact financial impact, as it depends on actual sales of petroleum products, the statement added.

 

Any updates regarding this matter will be disclosed by the company.

 

In October 2019, the Ministry of Energy approved increasing profit margins of fuel stations and other service centers, which are qualified by Ministry of Municipal and Rural Affairs (MOMRA), according to data compiled by Argaam.

 

Petrol profit margins were hiked to SAR 0.15 from SAR 0.09 per liter, and diesel margins to SAR 0.05 from SAR 0.035 per liter.

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