The company also plans to close 14 stations this year after shutting down four in Q4 2018, Al-Drees added.
“The entry of new companies, including Saudi Aramco and Abu Dhabi National Oil Co. (ADNOC), into the Saudi fuel market will likely improve competitiveness and the quality of services,” he noted.
The company’s sales revenue from transport as well as logistics segments rose by 55 percent and 112 percent year-on-year (YoY) in 2018. In addition, Aldrees generated around SAR 2.55 million in profit from Aldrees Bertschi Logistics Services Co., a 50 percent owned joint venture with Swiss firm Bertschi.
“Several positive factors helped improve the sales including the launch of electronic fueling system (WAIE) - a new system to monitor fuel consumption. The new system is implemented in 322 fuel stations as well as more than 93,000 vehicles and helped increase fuel sales,” Al-Drees said.
Additionally, in 2019, Aldrees seeks to boost its market share and continue with its overhaul plan, along with attracting new clients.
“We also plan to pursue our expansion plan in the chemicals as well as the logistics divisions,” Al-Drees concluded.