Aldrees transport segment behind earnings growth in 1Q18, shuts 15 stations
Aldrees Petroleum and Transport Services Co.’s CEO Abdulilah Saad Aldrees said the increase in the company’s net profit in 1Q18 was a result of higher sales from the transport division and improved operating performance. The transport segment posted SAR69.5mn in sales during the quarter (up c34% Y-o-Y), and the segment’s net income came in at SAR6.8mn (c28% of net profit). Aldrees also closed down 15 stations during the first quarter and leased 10. Sales and profit growth are expected to continue throughout the year but at lower rates than 1Q, he added.
Aldrees: SAR29.11 as of 22 Apr. 2018, Rating: Neutral, TP: SAR28.00/share, MCap: USD388mn, ALDREES AB/4200.SE
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