Aldrees Q1 profit lifted by higher sales, market share reaches 7.6%: CEO

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

Aldrees Petroleum and Transport Services Co. reported profit growth in Q1 2023, backed by a rise in sales from the petroleum services and transport segments to SAR 3.4 billion, CEO Abdulelah Aldrees told Argaam.

The company aims to bring up the number of fuel stations and trucks to 100 and 200, respectively, this year.

Aldrees closed Q1 2023 with 762 stations and 1,464 oil tanker trucks, the CEO explained.

Further, the company’s market share in the service stations segment stands at 7.6%, he added, ruling out any impact on the company from higher fuel prices in the first quarter of the year.

Aldrees is expected to demonstrate better performance in Q2 2023, the CEO concluded.

The fuel retailer reported a 13% rise in Q1 2023 net profit to SAR 70.5 million, from SAR 62.4 million a year earlier, Argaam reported.