Aldrees requests information to acquire stations in Egypt

Aldrees Petroleum and Transport Services Co. submitted an official request for information to acquire service stations in Egypt, but has not yet received any information.

The company told Argaam that it aims to open 60 fuel stations in the second half of the year, which will bring up its total number of stations to 644.

Commenting on the second-quarter performance, Aldrees attributed the net profit growth to an increase in the number of stations and revamped stations, a rise in the number of WAIE (electronic fueling system) customers, in addition to lesser impact of the pandemic, when compared to Q2 2020. This in turn boosted the company’s sales.

Aldrees’ petroleum segment reported a net profit of SAR 2.09 billion in Q2 2021, compared to SAR 649 million in Q2 2020 and SAR 1.69 billion in the previous quarter.

Moreover, the transport segment reported revenue of SAR 75.3 million in Q2 2021, compared to SAR 69.8 million in Q2 2020 and SAR 71 million in the previous quarter.

Aldrees’ profit from futures accounted for SAR 3.9 million of the second-quarter net earnings.

The fuel station operator reported a net profit after Zakat and tax of SAR 75.3 million for the first half of 2021, a jump of 69% year-on-year, Argaam reported.

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