Riyadh – Mubasher: Aldrees Petroleum and Transport Services Company posted net profits worth SAR 280.80 million in 2023, higher by 16.12% than SAR 241.80 million in 2022.
Revenues hiked by 20.05% to SAR 14.83 billion last year from SAR 12.35 billion as of 31 December 2022, according to the interim financial results.
The earnings per share (EPS) amounted to SAR 3.74 in 2023, marking an annual rise from SAR 3.22.
Income Statements for Q4-23
In the fourth quarter (Q4) of 2023, the Saudi firm’s net profits edged up by 0.97% year-on-year (YoY) to SAR 72.50 million from SAR 71.80 million.
The company generated sales valued at SAR 3.95 billion in Q4-23, up 18.59% from SAR 3.33 billion in the year-ago period.
On a quarterly basis, the Q4-23 net profits climbed by 7.24% from the SAR 67.60 million registered in Q3-23, while the revenues grew by 1.76% from SAR 3.88 billion.
Dividends
The board member of Aldrees recommended cash dividends amounting to SAR 75 million, representing 10% of the capital, for 2023.
A dividend of SAR 1 per share will be granted to 75 million eligible shareholders.
Meanwhile, the eligibility and distribution dates for the dividends will be announced at a later time.
Capital Hike
During the same meeting that was held on 25 January, the board proposed a 33.33% capital increase in line with the size of the company's business and future expansions.
Aldrees will implement the capital hike by granting one bonus share for every three owned shares.
The new capital will stand at SAR 1 billion distributed over 100 million shares, versus SAR 750 million and 75 million shares, prior to the raise.
