Saudi's Aldrees Petroleum sees 28% rise in net profit on high fuel sales

Logistics business also boosts fuel retailer's overall income

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Saudi fuel retailer Aldrees Petroleum and Transport Services Co. (Aldrees) posted a net profit of 47.4 million riyals ($12.6 million) for the third quarter of 2021, up 28.4 percent from a year ago. 

The growth has been partly due to the increase in sales of the company’s petrol and transport divisions, the Aldrees said in a disclosure to the Saudi Stock Exchange (Tadawul) on Sunday. 

Aldrees operates more than 500 fuel stations across the kingdom and provides logistics services through a fleet of nearly 3,000 trucks and trailers.  

The company’s sales/ revenue during the third quarter reached more than 6.4 billion riyals, showing an 86 percent growth over the same period last year. 

Oil prices have been rising, hitting a three-year high on Friday at $85 per barrel. The International Energy Agency has also forecast that oil demand could touch 500,000 barrels per day on the back of a supply crunch in the natural, LNG and coal markets. 

(Writing by Cleofe Maceda; editing by Daniel Luiz ) 

Cleofe.maceda@refinitiv.com 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© ZAWYA 2021

More From Equities