Aldrees profits increased 37% in the fourth quarter to 54.1 million...

Aldrees profits increased 37% in the fourth quarter to 54.1 million...
Aldrees profits increased 37% in the fourth quarter to 54.1 million...

The company’s financial results showed Aldrees Petroleum and Transport Services “Aldrees” Its net profit increased by 36.96% in the fourth quarter of 2021, to reach 54.1 million riyals, compared to a net profit of about 39.5 million riyals in the same quarter of 2020.

On a quarterly basis, Aldrees net profit increased by 14.13%, compared to a net profit of about 47.4 million riyals in the third quarter of 2021.

Al-Drees said in a statement on the Saudi Tadawul today, Tuesday, that the increase in net profit during the fourth quarter of 2021, on an annual basis, is due to the increase in sales to the petroleum and tanker sectors, despite an increase in unrealized losses from re-evaluating the investment at fair value through Profit or loss, decrease in investment profits in the joint venture, decrease in other revenues, increase in marketing expenses, general and administrative expenses, financial expenses and Zakat expenses.

The company indicated an increase in total comprehensive income during the fourth quarter of 2021 compared to the same quarter of the year 2020, despite the increase in re-measurement losses for employee defined benefit obligations.

Al-Drees achieved net profits after zakat and tax of about 176.8 million riyals in 2021, compared to about 121.1 million riyals, net profits in 2020, an increase of 46%.

According to a separate statement by the company, its board of directors recommended distributing cash dividends of about 112.5 million riyals to shareholders for the fiscal year 2021.

She added that the number of shares entitled to dividends is about 75 million, and the share of the distribution is 1.5 riyals, with a distribution ratio to the nominal value of the share of 15%.

The eligibility for profits is for the shareholders who own shares at the end of the day of the company’s general assembly and who are registered in the company’s shareholders register with the Securities Depository Center Company “The Depository Center” at the end of the second trading day following the date of the company’s general assembly, which will be set for a later date, and the distribution date will be announced later. .

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