ALDREES profits increase to 61.7 mln during Q3, by 30%

The net profit after zakat and tax of Aldrees Petroleum and Transport Services Co. (ALDREES) rose to SR61.7 million during the third quarter, compared to SR47.4 million during the same quarter of the previous year by 30%.
This came after the announcement on Monday of the estimated financial results for the period ending on 30-09-2022 “9 months”.
The operational profit amounted to SR93 million during the third quarter, compared to SR73 million during the same quarter of the previous year, an increase of 27%.
The gross profit amounted to SR150.4 million during the third quarter, compared to SR118 million during the same quarter of the previous year, a growth of 28%.
The net profit after zakat and tax during the current period amounted to SR170 million, compared to SR123 million during the same period of the previous year, a decrease of 39%.
Profits per share during the current period amounted to SR2.27, compared to SR1.64 during the same period of the previous year.
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 and the increase of other income and the increase of the unrealized profit from revaluation of investment at fair value through profit and loss account, although there is a decrease of profit of the joint venture and the increase of Marketing, General, Administrative, Financial and Zakat expenses.
The reason for the 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 increase of other income and the increase of the unrealized profit from revaluation of investment at fair value through profit and loss account although there is a decrease of profit of the joint venture, and the increase in Marketing , General, Administrative and Financial Expenses.
The reason for the 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 the increase of other income and increase of the unrealized profit from revaluation of investment at fair value through profit and loss account, although there is the decrease of profit of the joint venture and increase in the Marketing, General, Administrative, Financial and Zakat expenses
Some comparative figures for the previous year have been reclassified in line with the current year’s classification.
Adjustment of income from operations for the previous year is due to the reclassification of other income as it was included in the operations.
Diesel price has been adjusted.