Aldrees Profits Rise 28% during 3Q to SR47 million

The net profit after zakat and tax for Aldrees Petroleum and Transport Services Co.(ALDREES) increased toSR47.4 million during the third quarter, compared to SR36.9 million during the same quarter of the previous year, at a rate of 28.46%.

This came after the company announced on Sunday its interim financial results for the period ending on 2021-09-30 (nine months).

The operational profit amounted to SR73.1 million during the third quarter, compared to SR62.3 million during the same quarter of the previous year, at a growth of 17.3%.

The gross profit amounted to SR117.9 million during the third quarter, compared to SR88.5 million during the same quarter of the previous year, an increase of 33.22%.

The net profit after zakat and tax during the current period amounted to SR122.7 million, compared to SR81.6 million during the same period of the previous year, an increase of 50.37%.

Profits per share during the current period amounted to SR1.64 riyals, compared to SR1.09 during the same period of the previous year.

The reason of 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 and the increase in the unrealized profit from revaluation of investment at fair value through profit and loss account and increase in the other income, although there is decrease in the investment profit of the joint venture and the increase of Marketing, General, Administrative, and Financial expenses.

While the reason of increase of net profit for the current quarter compared with the previous quarter is due to the increase of Petrol and Transport Divisions sales and the decrease in Financial expenses, although there is an increase in Marketing, General, Administrative Expense, and the decrease in other income; and the decrease in the investment profit of the joint venture; and the decrease in the unrealized profit from revaluation of investment at fair value through profit and loss.

The reason of increase of net profit for the current period compared with the same period of last year is due to the increase of Transport and Petrol Divisions sales, and increase in the unrealized profit from revaluation of investment at fair value through profit and loss account, although there is the decrease in the investment profit of the joint venture and other income, and increase in the Marketing, General, Administrative, Financial and Zakat expenses.

The company said that certain of the prior period amounts have been reclassified to conform with the presentation in the current period.

“The fuel selling prices changed on monthly basis during the first and second quarters, and the selling prices were unchanged during the third quarter.” it added.

The profit per share was adjusted in accordance with the increase of the Company Capital from 60 million shares to 75 million shares after the approval of the Extraordinary Assembly meeting held on April 14, 2021.