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Aldrees' FY20 earnings down 58%; dividends proposed

Aldrees' FY20 earnings down 58%; dividends proposed
Revenue came in at SAR 4.97 billion during the previous year.
ALDREES
4200
-1.03% 67.50 -0.70

Riyadh – Mubasher: The net profits of Aldrees Petroleum and Transport Services Company amounted to SAR 121.1 million in the fiscal year (FY) ended on 31 December 2020, down by 58.48% when compared to SAR 291.7 million in 2019.

The plunge in the annual net earnings is ascribed to the decrease in the sales of Petrol and Transport Divisions due to the Covid-19 precautions, coupled with lower other income, according to a bourse statement on Tuesday.

Revenue came in at SAR 4.97 billion during the previous year, an annual drop of 12.4%.

In a separate statement, the company said its board recommended a cash dividend distribution of SAR 60 million or SAR 1 per share to shareholders for FY20.

Eligibility of dividends will be to the shareholders at the end of the ordinary general meeting’s (OGM) assembly, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the OGM meeting date, which will be determined later.