Financial Results : Aldrees profit rises 13% to SAR 70.5 mln in Q1 2023

Aldrees profit rises 13% to SAR 70.5 mln in Q1 2023

03/05/2023 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. reported a net profit of SAR 70.5 million for the first quarter of 2023, a rise of 13% from SAR 62.4 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,780.13 3,418.62 23.0 %
Gross Income 136.18 163.30 19.9 %
Operating Income 83.99 103.45 23.2 %
Net Income 62.42 70.54 13.0 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.62 0.71 13.0 %

The profit growth was due to higher sales in the petrol and transport divisions, as well as an increase in other income and income from sukuk investment listed at amortized cost, in addition to lower marketing expenses. 

 

This was despite a decline in unrealized profits from the revaluation of investment at fair value through profit and loss and a decrease in profit from the joint venture. The general, administrative, financial and Zakat expenses increased. 

 

When compared to Q4 2022, the first-quarter net profit fell 1.8% from SAR 71.78 million.

 

Shareholders’ equity, no minority interest, reached SAR 1.17 billion by the end of Q1 2023, from SAR 945.1 million in the year-ago period.

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