Abdul Elah Bin Saad Al Drees, CEO of Aldrees Petroleum and Transport Services Co. (Aldrees)
The profit rise in Q4 quarter-on-quarter was driven by the increase in sales for the petroleum and transport segments, rise in the company’s share in investment in the joint venture, the increase in bank deposit revenues and investment in Sukuk, and the decline in selling expenses. This came despite the increase in general and administrative expenses, financial burdens, Zakat, and the decrease in other revenues, according to the top executive. 
The volume of sales for the petroleum and transport segments amounted to SAR 5.3 billion in Q4 2024, while the company’s overall sales reached SAR 19.3 billion in 2024, he added.
The CEO also stated that the increase in bank deposit revenues and in the share of investment in Sukuk has a positive impact on the company’s profits, noting that the volume of investments in Sukuk amounted to nearly SAR 500 million.
As for his expectations for the financial results in Q1 2025, Aldrees expects the company to continue profit growth and optimization.
According to data available with Argaam, Aldrees’ net profit rose to SAR 338 million by the end of 2024, up 20% year-on-year from SAR 281 million. Q4 2024 net profit stood at SAR 93.6 million.
Abdul Elah Bin Saad Al Drees, CEO of Aldrees Petroleum and Transport Services Co. (Aldrees)
The profit rise in Q4 quarter-on-quarter was driven by the increase in sales for the petroleum and transport segments, rise in the company’s share in investment in the joint venture, the increase in bank deposit revenues and investment in Sukuk, and the decline in selling expenses. This came despite the increase in general and administrative expenses, financial burdens, Zakat, and the decrease in other revenues, according to the top executive.
The volume of sales for the petroleum and transport segments amounted to SAR 5.3 billion in Q4 2024, while the company’s overall sales reached SAR 19.3 billion in 2024, he added.
The CEO also stated that the increase in bank deposit revenues and in the share of investment in Sukuk has a positive impact on the company’s profits, noting that the volume of investments in Sukuk amounted to nearly SAR 500 million.
As for his expectations for the financial results in Q1 2025, Aldrees expects the company to continue profit growth and optimization.
According to data available with Argaam, Aldrees’ net profit rose to SAR 338 million by the end of 2024, up 20% year-on-year from SAR 281 million. Q4 2024 net profit stood at SAR 93.6 million.
