Aldrees Petroleum posts 15% net profit rise in Q1

RIYADH: Aldrees Petroleum and Transport Services Co.’s net profit has reached SR62.4 million ($16.64 million) in the first quarter of 2022, up 15.34 percent, compared to the previous quarter. 

Profit also increased by 58.4 percent from a year ago, according to a filing. 

The company’s total shareholder equity in Q1, 2022 stands at SR945 million, while in the first quarter of 2021, it was SR931.8 million. 

In a bourse statement, the company revealed that the rise in profit is attributed to the “increase of petrol and transport divisions sales and the increase of unrealized profit from revaluation of investment at fair value through profit and loss account.”