The financial statements of Aldrees Petroleum and Transport Services Company showed an increase in the company's profits last year (2021) by 46% year on year.
The company said in a statement to the Saudi market (Tadawul), today, Tuesday, that the net profit for the past year amounted to 176.8 million riyals, compared to 121.1 million riyals, profits in 2020.
The company achieved quarterly profits of 54.1 million riyals, compared to profits of 39.5 million riyals in the fourth quarter of 2020, an increase of 37%.
The company attributed the increase in quarterly profits to the increase in sales to the oil and tanker sectors, despite the increase in unrealized losses from revaluation of the investment at fair value through profit or loss, and the decrease in investment profits. In the joint venture, a decrease in other revenues, an increase in marketing expenses, general and administrative expenses, financial expenses and zakat expenses.
The company's board of directors recommended distributing cash dividends for the past year of 15% of the nominal value of the share at 1.5 riyals per share, equivalent to about 112.5 million riyals.
