Aldrees expects continued, but slower growth ahead: CEO

Abdulilah Saad Aldrees, CEO of Aldrees Petroleum & Transport Services Co., told Argaam that his company's net profit for Q1 2018 was attributed to higher sales from the transport division and improved operating performance.

The company builds and operates fuel stations across Saudi Arabia, and posted a net profit of SAR 24.6 million for Q1 2018 -- 69 percent above the same period a year earlier.

Its petroleum services unit (The main business line) reported a net profit of SAR 17.8 million, against a total revenue of SAR 1.236 billion.

It posted a net income from the transport division at SAR 6.8 million in Q1, while revenues amounted to SAR 69.5 million.

During the quarter, the company shut down 15 stations and leased ten, the CEO said.

Aldrees receivables from the government reached about SAR 375 million as at the end of Q1.

“Sales and profit growth is seen for the coming period but at lower rates than Q1," he added.