Aldrees CEO: Deposit, sukuk returns exceed SAR 14M in Q1

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

Aldrees Petroleum and Transport Services Co. generated more than SAR 14 million in revenue from bank deposits and sukuk investments in the first quarter of 2025, CEO Abdullah Aldrees told Argaam.

Aldrees said the company earned SAR 7.2 million from bank deposits and SAR 7.1 million from sukuk investments, adding that there are currently no plans to increase these investments.

The CEO attributed the year-on-year increase in Q1 2025 profits to higher sales from both the transport and oil services segments, as well as stronger returns from deposits, sukuk investments, and improved performance of the company’s joint venture.

Company sales in the first quarter totaled SAR 5.83 billion, including SAR 5.64 billion from the oil services segment and SAR 188.8 million from the transport segment.

Such positive performance was achieved despite a decline in other revenues, an increase in selling, marketing, general, and administrative expenses, and an increase in financing and Zakat expenses, Aldrees noted.

He further clarified that the revenue growth was supported by the expansion in the number of stations, higher transportation prices, and improved operational efficiency. The company's stations reached 1,147 by the end of the three-month period.

The company expects continued profit growth during Q2 2025, Aldrees said.

According to data available on Argaam, Aldrees reported a net profit of SAR 100.1 million for Q1 2025, an increase of 29% year-on-year (YoY) from SAR 77.4 million in the year-ago period.