Abdulelah Aldrees, CEO of Aldrees Petroleum and Transport Services Co.

He told Argaam that the number of Aldrees' stations rose to 933 by the end of Q2 2024, while the number of trucks reached 1,532 in total, including 550 tankers.

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The company also saw an uptick in the second-quarter net profit, driven by higher sales in the transport and petroleum segments, in addition to the increase in revenues from bank deposits and sukuk investments.

This was coupled with the improvement in investment results in a joint venture, despite the decline in other revenues and the jump in selling and marketing expenses, general and administrative expenses, and financing and Zakat costs, according to the top executive.

He also indicated that gains on sukuk investments in the second quarter amounted to about SAR 4.2 million, and SAR 8.2 million for H1 2024. Further, bank deposits’ revenues reached SAR 4.7 million in Q2 2024, totaling SAR 8.7 million for the first six months of the year.

Meanwhile, the Q2 2024 sales of stations were valued at SAR 8.69 billion, while transport sales reached SAR 268.71 million, bringing the total to SAR 8.96 billion by the end of the quarter.

As for the recent capital hike through a bonus issue, the CEO stated that proceeds are aimed to be used to increase the number of stations and trucks and expand into the logistics segment.

He also expects the company to post strong results in the third quarter of 2024.

Aldrees made a net profit of SAR 159.8 million in H1 2024, up 14% from SAR 140.8 million in the prior-year period. Q2 net profit rose 17% year-on-year to SAR 82.4 million, according to Argaam's data.