Aldrees profit rises 20% to SAR 338M in 2024, 29% in Q4 to SAR 93.6M

Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit of SAR 338 million in 2024, up 20% from SAR 281 million a year earlier.

The profit increase was primarily driven by a 30% rise in revenues, attributed to stronger sales in the petrol and transport segments, supported by a higher number of operating service stations and improved transportation rates.

Aldrees also reported higher deposit income, increased returns from investments in sukuk, higher income from the company's joint venture, and a reduction in selling and marketing expenses.

This growth occurred despite a rise in general and administrative expenses (G&A), financing costs (FCs) and Zakat, as well as a decline in other revenues.

The fourth-quarter net profit grew 29% to SAR 93.60 million, from SAR 72.49 million in Q4 2023, supported by higher revenues and deposit income.

On a quarter-on-quarter (QoQ) basis, the company’s net profit rose 10.6% in Q4 2024, from SAR 84.65 million in Q3 2024.

Total shareholders’ equity, no minority interest, reached SAR 1.47 billion at the end of 2024, compared to SAR 1.23 billion at the end of 2023.

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