Abdul Mohsen Muhammad Al-Drees, Vice Chairman of the Board of Directors and Chairman of the Executive Committee at Al-Drees Petroleum and Transport Services Company, said in an interview with Al-Arabiya that the number of the company’s gas stations increased by about 90 stations by the end of the second quarter of 2023.
Al-Drees added that the number of the company’s stations increased to 788 stations, compared to 698 stations at the end of last year.
He pointed out that there are 10,000 fuel stations in Saudi Arabia, saying: “Al-Drees’ share increased to about 8% of the stations’ share in the market by the end of the second quarter of 2023.”
He revealed that the company withdrew from the stock investment portfolio, which amounted to about 100 million riyals, in light of achieving not good results, explaining: “The company tended to invest in sukuk, and we have a portfolio worth 145 million riyals.”
The net profit of Al-Drees Petroleum and Transport Services Company “Al-Drees” increased in the second quarter of this year by approximately 53% to 70.2 million riyals, compared to 45.9 million riyals in the corresponding period of last year.
The company said in a statement to Tadawul Saudi Arabia today, Tuesday, that revenues for the second quarter of the year amounted to 3.58 billion riyals, compared to 2.98 billion riyals in the corresponding quarter of last year, an increase of 19.85%.
The company attributed the reason for the increase in net profit during the second quarter of the year compared to the same quarter of the previous year to the increase in sales for the petroleum and transport sectors, the increase in other revenues, financing income from cash investments, commission income from sukuk investment, and the existence of a non-recurring loss that was present in the second quarter in the stock portfolio. last year.
It also indicated a decrease in selling and marketing expenses, an increase in general and administrative expenses, financial burdens, zakat expenses, and a decrease in the share of investment results in the joint venture.
The company’s net profit decreased on a quarterly basis by 0.42%, as it recorded 70.5 million riyals in the first quarter of this year.
The company said that the reason for the decrease in net profit during the second quarter compared to the previous quarter is due to the increase in general and administrative expenses and financial burdens, despite the increase in sales to the petroleum and transport sectors, and the increase in other revenues and financing revenues from cash investment, commission income from sukuk investment, and the increase in the share in the results of investment in the joint venture. Lower selling and marketing expenses.
