Aldrees Reports 17.4% Increase in Q2 Profits to SAR 82.4 Million

 Aldrees Petroleum and Transport Services Co. (ALDREES) announced on Monday that its net profit rose to 82.4 million riyals during the second quarter of 2024, compared to 70.2 million riyals in the same quarter of last year, marking a 17.4% increase. This announcement followed the release of the company’s estimated financial results for the period ending on June 30, 2024.

Operating profit reached 128 million riyals in the second quarter of 2024, compared to 104.4 million riyals in the same quarter of the previous year, representing a 22.6% increase.

Earnings per share were 1.6 riyals in Q2 2024, compared to 1.41 riyals in the same quarter of the previous year.

The reason for the increase of sales for the current quarter compared with the same quarter last year due to the increase in operating stations and transport trucks.

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 Division sales, increase of deposit income, and Sukuk, and increase of income of the joint venture project investment. Although there is a decrease in the other income and increase of Marketing and Selling and General, Administrative, Financing costs and Zakat expenses.

Total comprehensive income increased during the current quarter compared to the same quarter of the previous year, due to the remeasurement losses of employees’ defined benefits obligations.

 The reason for the increase of sales for the current quarter compared with the previous quarter is due to the increase in operating stations, although there is a slight reduction in operating trucks.

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 Sales, increase of deposit income and Sukuk, and decrease of Marketing, Selling expenses although there is increase in General, Administrative, Financing costs and the decrease in other income and the joint venture project investment .

The increase in total comprehensive income during the current quarter compared to the previous quarter, due to the increase in the remeasurement losses of employees’ defined benefit obligations.

The reason for the increase of sales for the current period compared with the same period last year due to the increase in operating stations and transport trucks.

The reason for the increase of net profit for the current period compared with the same period last year is due to the increase of Petrol and Transport Division sales, increase of deposit income, and Sukuk, and increase of income of the joint venture project investment. Although there is a decrease in the other income and increase of Marketing and Selling and General, Administrative, Financing costs and Zakat expenses.

Total comprehensive income increased during the current period compared to the same period of the previous year, due to the remeasurement losses of employees’ defined benefits obligations.