RIYADH: Saudi-listed Aldrees Petroleum and Transport Services Co., one of the biggest operators of fuel stations in the Kingdom, saw its shares surge on Tuesday after announcing a 46 percent net profit hike in 2021.
Profits reached SR177 million ($47 million), compared to SR121 million a year earlier, and revenues leaped 83 percent to reach SR9.1 billion amid a revival of the pandemic-hit economy.
In response to the announcement, shares of the Riyadh-based petroleum company surged over 2 percent in early morning trading on Jan 18. By 2.05 p.m. Saudi time, the stocks were up 1.36 percent.
The profit growth was due to a rise in sales of the transport and petroleum services sector, as well as the reevaluation of its investments, Aldrees said in a bourse statement.
This came despite higher expenses and financial and Zakat charges, in addition to a decrease in profit from joint ventures, it added.
In a separate statement, Aldrees announced its board of directors’ recommendation to distribute around SR113 million dividends to shareholders for the fiscal year 2021. This equates to SR1.5 per share.
Saudi petroleum firm Aldrees records 50% net profit growth as pandemic threat eases