Aldrees Petroleum reports profit surge of 27.5% to SR46 mln

Aldrees Petroleum and Transport Services Co. announced that its profits after zakat and tax rose 27.5% to SR 46 million in the second quarter of 2022 compared to SR 36 million during the same period of 2021.

This came after Aldrees Petroleum announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The company’s operational profits surged 31.13% to SR 83.4 million in the 2^nd quarter of the current year from SR 63.6 million in the same period of the previous year.

Gross Profits of Aldrees Petroleum soared 31.38% to SR 136.5 million in the second quarter of this year from SR 104 million a year ago, while the profit per share rose to SR 1.44 from SR 1.0.

The reason for the increase of net profit for the current quarter compared with the same quarter last year is due to the increase of Petrol and transport Divisions sales, although there is decrease in other income and losses the investment at fair value through profit and loss, and the decrease in the joint venture profit, and increasing marketing expenses, general and administrative expenses, financial expenses and Zakat expenses.

The reason for the decrease of net profit for the current quarter compared with the previous quarter is due to an increase in marketing expenses, general and administrative expenses, and financial expenses, a decrease in transport division sales, a decrease in other income in losses the investment at fair value through profit and loss, and an increase in sales of the Petrol Division and the increase in investment profits in the joint venture.

The reason for the increase of net profit for the current period compared to the same period of the previous year is due to the increase in sales in Petrol and Transport Division, and the increase in profits the investment at fair value through profit and loss, although there is decrease in other income and decrease investment profits in the joint venture and an increase in Marketing expenses, general and administrative expenses, financial expenses and Zakat expenses.