After announcing its financial statements… Aldrees shares rise 1.62% in Tadawul

The shares of Aldrees Petroleum and Transportation Services Company, listed on the Saudi Stock Exchange (Tadawul), rose by 1.62%, in the middle of Tuesday’s trading session, to trade at a price of 125.80 riyals per share, after announcing the financial statements.

Trading in Dar Medical and Scientific Equipment Company shares at that time amounted to 306.56 thousand shares, with a trading value of 38.36 million riyals.

The highest share price at that time was 126.40 riyals per share during the session, while the lowest share price was 124.20 riyals per share.

Al-Drees Company recorded a noticeable increase in its net profits during the year 2024, with the growth rate reaching 20.37% compared to the previous year.

According to the financial statements issued by the company, net profit reached 338 million riyals in 2024, compared to 280.8 million riyals in 2023.

The company explained that this growth in profits is due to several factors, including increased sales in the transportation and petroleum sectors, increased returns from bank deposits and investments in sukuk, in addition to improved investment performance in joint projects, and lower sales and marketing costs.

However, the company witnessed a decrease in other income and an increase in general and administrative expenses, as well as in financial burdens and zakat entitlements.

The company’s revenues also increased significantly to reach 19.29 billion riyals in 2024, compared to 14.83 billion riyals in the previous year, recording a growth of 30.03%.

In terms of the results of the fourth quarter of the year, Aldrees achieved a growth in net profits by 29.1% compared to the fourth quarter of 2023, as net profits amounted to 93.6 million riyals, compared to 72.5 million riyals in the same period of the previous year.

This increase in profits is due to increased sales in the petroleum and transportation sectors, higher returns on bank deposits, improved share of investment results in joint projects, in addition to investment in sukuks and lower selling and marketing costs.

However, the company faced an increase in general and administrative expenses, financial burdens and zakat dues, along with a decrease in other revenues.

Compared to the third quarter of 2024, Aldrees’ profits in the last quarter increased by 10.6%, reaching 93.6 million riyals, compared to 84.6 million riyals in the previous quarter.

The company’s revenues also witnessed an increase of 32.85% during the fourth quarter of 2024, reaching 5.25 billion riyals, compared to 3.95 billion riyals in the same quarter of the previous year.