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Fuel retailer Aldrees Petroleum and Transport Services Company reported a c. 1% y-o-y rise in net income in 4Q 2023 to SAR 72.5 mn, it said in a disclosure to Tadawul yesterday. Its revenue grew 18.6% y-o-y to c. SAR 4 bn in the quarter, up from SAR 3.3 bn in the corresponding quarter a year earlier.
On a full-year basis: Aldrees’s bottom line was up 16.1% y-o-y to c. SAR 281 mn last year on a 20.1% rise in revenues to SAR 14.8 bn.
Driving growth: Aldrees attributed the growth in net income in 4Q 2023 to higher sales by its petrol and transport division and a rise in deposit income and other income sources, including sukuk investment, joint venture project investment and commission from investment at amortized cost. Higher revenues during the quarter came on the back its growing network of filling stations as well as more business for its transport division’s logistics unit.
