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Friday, May 20, 2022

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RIYADH: One of the biggest operators of gas stations in the Kingdom, Saudi-listed Aldrees Petroleum and Transport Services Co., aims to open 100 new fuel stations in 2022.

The number of stations in operation reached 640 by the end of 2021, after the company rented 26 new ones during the fourth quarter, Argaam reported, citing Abdullah bin Saad Al Drees, CEO of the corporation.

The sales of the petroleum service sector amounted to SR2.53 billion ($674 million) in the final quarter of 2021 compared to SR1.44 billion in the same period of last year, representing a 43 percent growth rate.

The transport sector also saw an increase in sales in the fourth quarter of 2021 to SR87 million, compared to around SAR55 million during the same period in 2020, representing a 37 percent growth rate.

That said, the firm’s investment portfolio in the Saudi stock market achieved profits of SR540,000 during the fourth quarter.

The firm will study increasing or reducing the size of the portfolio by the end of the first quarter of this year.

“The company has the capacity and is ready to develop its stations to serve the new generation of electric cars,” the CEO said.

In addition, the firm’s profits for the year 2021 reached SR176.8 million, an increase of 46 percent compared to 2020. The profits for the fourth quarter alone amounted to SR54.1 million.


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