Aldrees to develop 50 stations in 2016

Aldrees Petroleum and Transport Services Company plans to develop 40 to 50 petrol stations in 2016, in addition to another five stations on the highways, the company said in its annual report.

The company also intends to expand its fleet by adding 10 new trucks, as well as provide logistics services through its joint venture, Aldrees Bertschi Logistics Services, a SAR 1 million, equally-owned joint venture with Swiss logistics firm Bertschi.

Aldrees opened 40 new stations in 2015, while disposing of 32, bringing the total number of stations to 486, with 472 being rented. The company originally planned to add 21 stations during the period.

It also added 25 trucks and 39 trailers to its fleet during 2015, while disposing of 72 trailers to bring the total number of trucks and trailers to 3,322.

The company, which operates gas stations in Saudi Arabia, posted a net profit of SAR 144 million for the 2015 fiscal year, marking a 16.4 percent increase year-on-year (YoY) compared to the same period of 2014 on higher sales, lower financial charges, and realizing a capital gain from selling two petrol stations.