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 )
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