RIYADH: Aldrees Petroleum and Transport Services Co. is likely to beat its results from last year in the second quarter of 2022, as its market share reached 7 percent, CEO Abdulelah Bin Saad Al-Drees told Argaam.
The expectation comes as Aldrees’ net profit for the first quarter reached SR62.4 million ($16.64 million), up 58.4 percent from the same period a year ago, according to a bourse filing.
He attributed the increase in quarter one profits to higher sales in the petroleum division, which amounted to SR2.7 billion, and the transport division, which amounted to SR76.5 million.
As of the end of quarter one, the number of stations accounted for was 669, whereas the number of trucks was 1314, Al-Drees stated.
The company recently announced its plans to operate 1,000 gas stations by 2025 and it aims to open 100 stations by the end of 2022.