Eng. Abdul Mohsen Al-Drees, Vice Chairman of the Board of Directors and Chairman of the Executive Committee of Al-Drees Petroleum and Transport Services Company, confirmed that work will continue on the company’s goals of leasing 1,000 filling stations for extended periods ranging from Da 10 to 20 years, with 100 stations per year.
In an interview with Al-Arabiya, Al-Drees referred to the cost of renting a station, An estimated range of 5 to 6 million riyalsThe company relies more on the sale of fuel through leasing.
He explained that the transport sector accounts for 4% of sales and 9% of profitability, indicating an increase in transport prices of more than 20%. According to Al-Drees, transport sales exceeded 240 million riyals, reflecting the outcome of the Kingdom’s inland transport operations.
He added that the company has 614 stations, as well as an increase in the transport fleet by 24 trucks provided by a contract of a total of 200 trucks, explaining that the number of trucks at the moment is 1253 trucks.
Regarding the company’s portfolio in the Saudi stock market, Al-Drees said he has seen “reasonable increases and its size is between 100 million riyals and we are evaluating the situation regarding the appropriate time to increase it”.
Preliminary financial results of Al-Drees Petroleum and Transport Services Company “Al-Drees” showed an increase in its net profit of 28.45% in the third quarter of questyear, to 47.4 million riyals, compared with 36.9 million riyals, net profit in the same quarter of 2020.
On a quarterly basis, Aldrees’ net profit increased 31.7% in the third quarter of 2021, compared to a net profit of approximately 36 million riyals in the second quarter of 2021.
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