Arab News, Monday, Oct 18, 2021 | Rabi Al-Awwal 12, 1443
Saudi petroleum firm Aldrees records 50% net profit growth as pandemic threat eases
Saudi Arabia: In another sign that
Saudi Arabian economy is recoverying from COVID-19 pandemic, Aldrees Petroleum
and Transport Services Co., one of the biggest operators of fuel stations in the
Kingdom, reported a 50 percent net profit rise in the first 9 months of 2021.
Profit rose from from SR81.6 million during the
first nine months of 2020, to SR122.7 million in the same period this year, the
company said in a bourse filing. This growth is due to a rise in sales of
transport and petroleum services sector, as well as the reevaluation of its
investments, it added.
Demand for gasoline was noticeably higher in the
first seven months of 2021 from a year ago, Saudi official data posted on JODI
database showed.
The differences were starkest in April and May as
demand topped 400 thousand barrels per day (kb/d) compared to same two months
last year when demand stayed below 300 kb/d.
The increase in demand is a major factor for the
increase in Aldrees' revenues that have almost doubled in the third quarter of
2021, compared to the same time the previous year.
The new figures came despite higher marketing,
general, administrative expenses, financial and Zakat charges, as well as a
decrease in the joint venture’s investment profit, the company said.