Aldrees profit up 17% to SAR 244.5M in 9M 2024; Q3 at SAR 84.6M

Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit of SAR 244.5 million in the first nine months of 2024, up 17% from SAR 208.3 million a year earlier.

The rise in profit was driven by higher sales due to an increase in the number of operating service stations and improved transportation rates.

Aldrees also reported better petrol and transport segment sales, higher deposit income and income from investment in Sukuk, as well as higher income from investment in the joint venture.

Total comprehensive income went up due to the remeasurement losses of employees' defined benefits obligations.

This came despite a decrease in other income as well as a rise in marketing and selling expenses, general and administrative expenses (G&A), financing costs and Zakat expenses.

The third-quarter net profit grew 25% to SAR 84.6 million, from SAR 67.6 million in Q3 2023 as the petrol and transport segment sales increased. Additionally, Aldrees posted higher deposit income and income from investment in Sukuk.

On the other hand, G&A increased.

The Q3 2024 earnings rose by 2.7% from SAR 82.4 million in the previous quarter.

Total shareholders’ equity, no minority interest, reached SAR 1.39 billion as of Sept. 30, 2024, compared to SAR 1. 16 billion a year earlier.

View More Financial Results