Aldrees Profits Increased to SR54 mln during the 4Q, by 37%

The net profit after zakat and tax of Aldrees Petroleum and Transport Services Company (Aldrees) increased to SR54 million during the 4Q, compared to SR40 million during the same quarter of the year before last, at a rate of 37%.

This came after Aldrees Petroleum and Transport Services Company announcement on Tuesday of the annual financial results for the period ending on 31.12.2021 (twelve months).

The operational profit during the current quarter, it amounted to SR84 million, compared to SR67 million during the same period last year, with a growth of 25%.

The gross profit during the current quarter amounted to SR129 million, compared to SR107 million during the same period last year, an increase of 21%.

The net profit during the current period amounted to SR177 million, compared to SR121 million during the same period last year, an increase of 46%.

Profits per share during the current period amounted to SR2.36, compared to SR1.61 during the same period last year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

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, despite the increase in unrealized losses from evaluating the investment at fair value, a decrease in investment profit from the joint venture, a decrease in other income, and increase of marketing, general, administrative, financial, and Zakat expenses.

The increase in total comprehensive income during the current quarter compared to the same quarter last year, despite the increase in re-measurement losses for defined employee benefits obligations.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is:

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, despite the increase in unrealized losses from evaluating the investment at fair value, a decrease in investment profit from the joint venture, a decrease in other income, and increase of marketing, general, administrative, financial, and Zakat expenses.

Decrease in total comprehensive income during the current quarter compared to the previous quarter of the year due to an increase in re-measurement losses of employee defined benefit obligations.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:

The reason of increase of net profit during the current period compared to the same period of the previous year is due to the increase in sales in the Petrol and Transport Divisions and an increase in unrealized profits from re-evaluating the investment at fair value through profit or loss, despite the decrease in investment profits in the joint venture, a decrease in other revenues and an increase in marketing, general and administrative, financial and Zakat expenses.

The increase in total comprehensive income during the current period compared to the same period of the previous year, despite the increase in re-measurement losses for defined employee benefits obligations.

Some comparative figures for the previous year have been reclassified in line with the current year’s classification:

The petrol selling price changed monthly during the first and second quarters, and it was stable in the third and fourth quarters. The diesel selling price changed on the last day of the year.

Earnings per share have been adjusted in line with the increase of the company’s capital from 60 million to 75 million shares after the approval of the Extraordinary General Assembly on April 14, 2021.