Aldrees Petroleum announced yearly 2013 net profit

16/01/2014 11:03 AST

Aldrees Petroleum and Transport Services Company (Aldrees) announces its annual financial results for the period ended 31 December 2013, net profit during the fourth quarter amounted to SAR 26.4 million compared with SAR 23.7 million for the same quarter of the previous year, an increase of 11.4%, compared to SAR 24.3 million riyals in the preceding quarter, an increase of 8.64%. The increase in net profit for the fourth quarter compared to the same quarter of the previous year was a result of higher sales of petroleum sector.

Gross profit for the fourth quarter reached SAR 48.8 million compared to the gross profit of SAR 44 million for the same quarter the previous year, with a growth of 5.63%.

Operating income for the fourth quarter tallied at SAR 29.3 million as compared to SAR 26.1 million realized for the same quarter of previous year, an increase of 12.26%.

Net profit for the twelve-month period amounted to SAR 101.7 million compared to the net profit of SAR 95.5 million for the same period last year, an increase of 6.5%. The increase in net profit during the year was a result of higher revenues on account of the expansion in station network and transportation sectors.

Earnings per share for the twelve-month period improved to SAR 3.4 from SAR 3.18 for the same period last year.

Gross profit during the twelve-month period was SAR 187.6 million, compared to the gross profit of SAR 187.6 million for the same period the previous year, with a growth of 9.4%. Operating income for twelve months reached SAR 109.3 million compared to SAR 105 million riyals for the same period last year, an increase of 4.1%.

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