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Aldrees Petroleum logs SAR 84m profit in 2018

Aldrees Petroleum logs SAR 84m profit in 2018
Aldrees generated a profit of SAR 22 million after calculating Zakat and Tax in Q4-18
ALDREES
4200
48.61% 171.20 56.00

Riyadh – Mubasher: Saudi Arabia’s Aldrees Petroleum and Transport Services Company on Thursday reported a 62% year-on-year profit rise during the fourth quarter in 2018.

Aldrees generated a profit of SAR 22 million ($5.87 million) after calculating Zakat and Tax by the end of Q4-18, up from SAR 13.6 million ($3.63 million) in Q4-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the fourth-quarter profit hike to a growth of petrol and Transport Divisions sales, joint venture’s (JV) profits, coupled with lower marketing and selling expenses.

Revenues jumped 48.2% to SAR 1.31 billion during the October-December period of 2018, from SAR 885.5 million in the prior-year period.

Total profits rose 17.5%, reaching SAR 53.6 million from October to December 2018, compared to SAR 45.6 million in the same period of 2017.

Year-on-year, operational profits went up 39.3% to SAR 26.2 million by the end of December, against SAR 18.8 million.

As for the full-year 2018, Aldrees Petroleum and Transport Services Company’s net profits after calculating Zakat and Tax levelled up 29.4% to 83.6 million, up from SAR 64.6 million a year earlier.

Sales jumped 51.8% to SAR 5.17 billion last year, versus SAR 3.40 billion in 2017.

The Saudi firm’s total profits in 2018 amounted to SAR 212 million, up 16% from SAR 182.8 million in the year before.

Operational profits went up 29.27%, reaching SAR 105.1 million for the full year 2018, compared to SAR 81.3 million.

The total value of shareholders equity, excluding the minority, increased 5% to SAR 688.5 million in 2018, compared to SAR 655.8 million during 2017.

Earnings per share (EPS) amounted to SAR 1.67 lasy year, compared to SAR 1.29 in 2017.

By 10:13 am Saudi time, Aldrees Petroleum and Transport Services Company's stock rose 10% to SAR 37.40.