23-04-2025
Aldrees CEO: Deposit, sukuk returns exceed SAR 14M in Q1
Aldrees Petroleum and Transport Services Co. realized SAR 7.2 million revenue on bank deposits, while returns on investment in sukuk reached SAR 7.1 million in Q1 2025, CEO Abdulilah Aldrees told Argaam in an interview.
At the meantime, there are currently no plans to raise these investments, the CEO added.
He explained that the growth of Q1 2025 profit is driven by the increase sales in the transport and oil services segments, in addition to higher revenues from bank deposits and investments in sukuk, and improved results from the joint venture.
Aldrees' Q1 2025 sales emanated from SAR 5.64 billion for the oil services segment and SAR 188.8 million for the transport business, bringing the company's total sales to SAR 5.83 billion.
Such positive performance was achieved despite a decline in other revenues, an increase in selling, marketing, general, and administrative expenses, and an increase in financing and Zakat expenses, the exec noted.
He further clarified that the revenues growth was supported by the expansion in the number of stations, higher transportation prices, and improved operational efficiency. The company's stations reached 1,147 by the end of the three-month period.
Meanwhile, Aldrees pointed out that the company expects continued profit growth during Q2 2025.
