Aldrees runs 1,050 stations, makes SAR 500M sukuk investments by 2024-end: CEO

He told Argaam that the rise in Q4 2024 revenues was driven by the increase in the number of stations and trucks, coupled with improved transport prices.

For the same period, the quarterly profit rise was fueled by an uptick in sales of the petroleum and transport segments, increased share in investments in a joint venture, higher bank deposit revenues, and sukuk investments, as well as decline in selling expenses.

This came despite soaring general and administrative expenses, financial burdens, and Zakat, paired with decrease in other revenues, according to the top executive.

Sales volumes of the petroleum and transport segments amounted to SAR 5.3 billion in Q4 2024, while the company's overall sales reached SAR 19.3 billion in 2024, he added.

The CEO also stated that the increase in bank deposit revenues and sukuk investments positively impacted the company’s earnings, noting that sukuk investments neared SAR 500 million.

As for the upcoming financial results in Q1 2025, Aldrees expects the Saudi-listed company to maintain profit growth and optimization.

According to data available with Argaam, Aldrees’ net profit rose to SAR 338 million by the end of 2024, up 20% from SAR 281 million a year earlier. Q4 2024 net profit stood at SAR 93.6 million.