Aldrees posts 42% decline in H1 profit

19/07/2017 Argaam Exclusive

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

Aldrees Petroleum and Transport Services Co. reported a net profit of SAR 32.8 million for the first half of 2017, down 41.7 percent year-on-year (YoY) on lower sales in the petrol and transport divisions, higher marketing expenses, and other financial costs.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	1,740.38	1,697.26	(2.5 %)
Gross Income	116.19	90.75	(21.9 %)
Operating Income	63.21	39.37	(37.7 %)
Net Income	56.29	32.84	(41.7 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.56	0.33	(41.7 %)

Net profit for the second quarter fell 35.8 percent YoY to SAR 18.3 million due to lower sales from the petrol and transport segments, as well as higher marketing expenses.

However, Q2 net profit rose 25.3 percent quarter-on-quarter (QoQ) on decreased zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	896.65	856.87	(4.4 %)
Gross Income	58.57	48.25	(17.6 %)
Operating Income	31.97	21.92	(31.4 %)
Net Income	28.51	18.26	(35.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.29	0.18	(35.9 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	840.39	856.87	2.0 %
Gross Income	42.50	48.25	13.5 %
Operating Income	17.46	21.92	25.5 %
Net Income	14.58	18.26	25.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.15	0.18	25.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	258.97	31.8 %	26.26	2.0 %	12.38	(16.0 %)	0.12
Q2 2008	287.29	31.4 %	30.99	17.3 %	15.59	0.9 %	0.16
Q3 2008	282.93	28.2 %	30.01	26.6 %	13.80	31.8 %	0.14
Q4 2008	305.26	32.4 %	31.06	48.3 %	11.11	14.0 %	0.11
2008	1,134.45	30.9 %	118.33	22.2 %	52.88	4.9 %	0.53
Q1 2009	310.12	19.8 %	29.06	10.6 %	13.75	11.1 %	0.14
Q2 2009	335.22	16.7 %	37.34	20.5 %	19.59	25.7 %	0.20
Q3 2009	323.21	14.2 %	34.39	14.6 %	18.14	31.4 %	0.18
Q4 2009	340.96	11.7 %	34.15	9.9 %	17.42	56.7 %	0.17
2009	1,309.51	15.4 %	134.93	14.0 %	68.90	30.3 %	0.69
Q1 2010	342.53	10.5 %	35.99	23.9 %	19.86	44.4 %	0.20
Q2 2010	377.90	12.7 %	44.16	18.3 %	26.70	36.3 %	0.27
Q3 2010	372.72	15.3 %	38.01	10.5 %	20.99	15.7 %	0.21
Q4 2010	387.24	13.6 %	35.05	2.7 %	18.47	6.1 %	0.18
2010	1,480.39	13.0 %	153.21	13.5 %	86.02	24.9 %	0.86
Q1 2011	395.84	15.6 %	37.80	5.0 %	22.01	10.8 %	0.22
Q2 2011	430.42	13.9 %	43.06	(2.5 %)	24.56	(8.0 %)	0.25
Q3 2011	423.92	13.7 %	40.76	7.2 %	22.03	4.9 %	0.22
Q4 2011	444.00	14.7 %	42.65	21.7 %	23.57	27.6 %	0.24
2011	1,694.18	14.4 %	164.26	7.2 %	92.17	7.1 %	0.92
Q1 2012	452.68	14.4 %	41.13	8.8 %	22.77	3.5 %	0.23
Q2 2012	473.74	10.1 %	45.27	5.1 %	26.43	7.6 %	0.26
Q3 2012	462.24	9.0 %	41.11	0.9 %	22.64	2.8 %	0.23
Q4 2012	484.92	9.2 %	43.99	3.1 %	23.71	0.6 %	0.24
2012	1,873.57	10.6 %	171.50	4.4 %	95.55	3.7 %	0.96
Q1 2013	490.06	8.3 %	44.86	9.1 %	23.56	3.5 %	0.24
Q2 2013	503.26	6.2 %	47.79	5.6 %	27.40	3.6 %	0.27
Q3 2013	486.18	5.2 %	46.17	12.3 %	24.34	7.6 %	0.24
Q4 2013	503.18	3.8 %	48.83	11.0 %	26.40	11.3 %	0.26
2013	1,982.68	5.8 %	187.65	9.4 %	101.69	6.4 %	1.02
Q1 2014	518.59	5.8 %	55.62	24.0 %	30.51	29.5 %	0.31
Q2 2014	550.68	9.4 %	62.52	30.8 %	35.36	29.1 %	0.35
Q3 2014	531.96	9.4 %	54.83	18.8 %	26.56	9.1 %	0.27
Q4 2014	543.09	7.9 %	54.14	10.9 %	31.29	18.5 %	0.31
2014	2,144.32	8.2 %	227.11	21.0 %	123.73	21.7 %	1.24
Q1 2015	563.95	8.7 %	65.65	18.0 %	41.99	37.6 %	0.42
Q2 2015	580.01	5.3 %	64.86	3.8 %	36.77	4.0 %	0.37
Q3 2015	566.53	6.5 %	56.33	2.7 %	32.31	21.7 %	0.32
Q4 2015	592.50	9.1 %	65.00	20.1 %	32.96	5.3 %	0.33
2015	2,302.99	7.4 %	251.84	10.9 %	144.04	16.4 %	1.44
Q1 2016	843.73	49.6 %	57.62	(12.2 %)	27.78	(33.8 %)	0.28
Q2 2016	896.65	54.6 %	58.57	(9.7 %)	28.51	(22.5 %)	0.29
Q3 2016	851.65	50.3 %	48.12	(14.6 %)	18.05	(44.1 %)	0.18
Q4 2016	869.33	46.7 %	43.08	(33.7 %)	16.68	(49.4 %)	0.17
2016	3,461.35	50.3 %	207.39	(17.7 %)	91.02	(36.8 %)	0.91
Q1 2017	840.39	(0.4 %)	42.50	(26.2 %)	14.58	(47.5 %)	0.15
Q2 2017	856.87	(4.4 %)	48.25	(17.6 %)	18.26	(35.9 %)	0.18

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	866.45	10.5 %	96.82	37.1 %	50.40	21.7 %	0.50
2008	1,134.45	30.9 %	118.33	22.2 %	52.88	4.9 %	0.53
2009	1,309.51	15.4 %	134.93	14.0 %	68.90	30.3 %	0.69
2010	1,480.39	13.0 %	153.21	13.5 %	86.02	24.9 %	0.86
2011	1,694.18	14.4 %	164.26	7.2 %	92.17	7.1 %	0.92
2012	1,873.57	10.6 %	171.50	4.4 %	95.55	3.7 %	0.96
2013	1,982.68	5.8 %	187.65	9.4 %	101.69	6.4 %	1.02
2014	2,144.32	8.2 %	227.11	21.0 %	123.73	21.7 %	1.24
2015	2,302.99	7.4 %	251.84	10.9 %	144.04	16.4 %	1.44
2016	3,461.35	50.3 %	207.39	(17.7 %)	91.02	(36.8 %)	0.91

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	10.48 %	8.03 %	5.17 %
Q2 2008	10.22 %	7.81 %	4.83 %
Q3 2008	10.21 %	8.07 %	4.86 %
Q4 2008	10.43 %	8.17 %	4.66 %
2008	10.43 %	8.17 %	4.66 %
Q1 2009	10.22 %	8.22 %	4.58 %
Q2 2009	10.33 %	8.48 %	4.72 %
Q3 2009	10.35 %	8.70 %	4.91 %
Q4 2009	10.30 %	9.02 %	5.26 %
2009	10.30 %	9.02 %	5.26 %
Q1 2010	10.57 %	9.36 %	5.59 %
Q2 2010	10.74 %	9.64 %	5.93 %
Q3 2010	10.62 %	9.62 %	5.92 %
Q4 2010	10.35 %	9.44 %	5.85 %
2010	10.35 %	9.44 %	5.85 %
Q1 2011	10.11 %	9.31 %	5.79 %
Q2 2011	9.70 %	9.01 %	5.46 %
Q3 2011	9.57 %	8.90 %	5.36 %
Q4 2011	9.70 %	9.06 %	5.44 %
2011	9.70 %	9.06 %	5.44 %
Q1 2012	9.57 %	8.96 %	5.31 %
Q2 2012	9.46 %	8.95 %	5.28 %
Q3 2012	9.28 %	8.85 %	5.21 %
Q4 2012	9.15 %	8.75 %	5.10 %
2012	9.15 %	8.75 %	5.10 %
Q1 2013	9.17 %	8.68 %	5.04 %
Q2 2013	9.16 %	8.56 %	5.01 %
Q3 2013	9.31 %	8.55 %	5.04 %
Q4 2013	9.46 %	8.67 %	5.13 %
2013	9.46 %	8.67 %	5.13 %
Q1 2014	9.87 %	8.94 %	5.40 %
Q2 2014	10.35 %	9.29 %	5.66 %
Q3 2014	10.54 %	9.41 %	5.65 %
Q4 2014	10.59 %	9.49 %	5.77 %
2014	10.59 %	9.49 %	5.77 %
Q1 2015	10.83 %	9.61 %	5.89 %
Q2 2015	10.79 %	9.55 %	5.87 %
Q3 2015	10.69 %	9.20 %	5.87 %
Q4 2015	10.94 %	9.35 %	5.78 %
2015	10.94 %	9.35 %	5.78 %
Q1 2016	9.44 %	8.08 %	4.85 %
Q2 2016	8.19 %	6.97 %	4.03 %
Q3 2016	7.20 %	6.30 %	3.34 %
Q4 2016	5.99 %	5.16 %	2.63 %
2016	5.99 %	5.16 %	2.63 %
Q1 2017	5.56 %	4.83 %	2.25 %
Q2 2017	5.32 %	4.67 %	1.98 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	11.17 %	8.52 %	5.82 %
2008	10.43 %	8.17 %	4.66 %
2009	10.30 %	9.02 %	5.26 %
2010	10.35 %	9.44 %	5.85 %
2011	9.70 %	9.06 %	5.44 %
2012	9.15 %	8.75 %	5.10 %
2013	9.46 %	8.67 %	5.13 %
2014	10.59 %	9.49 %	5.77 %
2015	10.94 %	9.35 %	5.78 %
2016	5.99 %	5.16 %	2.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	10.14 %	7.85 %	4.78 %
Q2 2008	10.79 %	8.69 %	5.43 %
Q3 2008	10.61 %	8.66 %	4.88 %
Q4 2008	10.18 %	7.51 %	3.64 %
Q1 2009	9.37 %	8.08 %	4.43 %
Q2 2009	11.14 %	9.60 %	5.84 %
Q3 2009	10.64 %	9.49 %	5.61 %
Q4 2009	10.01 %	8.84 %	5.11 %
Q1 2010	10.51 %	9.52 %	5.80 %
Q2 2010	11.69 %	10.59 %	7.07 %
Q3 2010	10.20 %	9.44 %	5.63 %
Q4 2010	9.05 %	8.24 %	4.93 %
Q1 2011	9.55 %	9.03 %	5.56 %
Q2 2011	10.00 %	9.33 %	5.71 %
Q3 2011	9.61 %	8.96 %	5.20 %
Q4 2011	9.60 %	8.94 %	5.31 %
Q1 2012	9.09 %	8.64 %	5.03 %
Q2 2012	9.56 %	9.24 %	5.58 %
Q3 2012	8.89 %	8.58 %	4.90 %
Q4 2012	9.07 %	8.52 %	4.89 %
Q1 2013	9.15 %	8.39 %	4.81 %
Q2 2013	9.50 %	8.74 %	5.44 %
Q3 2013	9.50 %	8.53 %	5.01 %
Q4 2013	9.70 %	9.00 %	5.25 %
Q1 2014	10.73 %	9.45 %	5.88 %
Q2 2014	11.35 %	10.09 %	6.42 %
Q3 2014	10.31 %	9.05 %	4.99 %
Q4 2014	9.97 %	9.35 %	5.76 %
Q1 2015	11.64 %	9.93 %	6.33 %
Q2 2015	11.18 %	9.82 %	6.34 %
Q3 2015	9.94 %	7.69 %	5.02 %
Q4 2015	10.97 %	9.93 %	5.43 %
Q1 2016	6.83 %	5.85 %	3.29 %
Q2 2016	6.53 %	5.62 %	3.18 %
Q3 2016	5.65 %	4.94 %	2.12 %
Q4 2016	4.96 %	4.25 %	1.92 %
Q1 2017	5.06 %	4.45 %	1.74 %
Q2 2017	5.63 %	5.04 %	2.13 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	100.00	0.48	0.48	2.76
Q2 2008	100.00	0.48	0.48	2.92
Q3 2008	100.00	0.52	0.52	3.06
Q4 2008	100.00	0.53	0.53	3.17
Q1 2009	100.00	0.54	0.54	2.91
Q2 2009	100.00	0.58	0.58	3.11
Q3 2009	100.00	0.63	0.63	3.29
Q4 2009	100.00	0.69	0.69	3.47
Q1 2010	100.00	0.75	0.75	3.27
Q2 2010	100.00	0.82	0.82	3.54
Q3 2010	100.00	0.85	0.85	3.75
Q4 2010	100.00	0.86	0.87	3.93
Q1 2011	100.00	0.88	0.89	3.64
Q2 2011	100.00	0.86	0.87	3.88
Q3 2011	100.00	0.87	0.88	4.10
Q4 2011	100.00	0.92	0.92	4.34
Q1 2012	100.00	0.93	0.93	4.05
Q2 2012	100.00	0.95	0.95	4.32
Q3 2012	100.00	0.95	0.95	4.54
Q4 2012	100.00	0.96	0.96	4.78
Q1 2013	100.00	0.96	0.96	4.40
Q2 2013	100.00	0.97	0.97	4.67
Q3 2013	100.00	0.99	0.99	4.92
Q4 2013	100.00	1.02	1.02	5.18
Q1 2014	100.00	1.09	1.09	4.87
Q2 2014	100.00	1.17	1.17	5.23
Q3 2014	100.00	1.19	1.19	5.49
Q4 2014	100.00	1.24	1.24	5.80
Q1 2015	100.00	1.35	1.29	5.41
Q2 2015	100.00	1.37	1.30	5.78
Q3 2015	100.00	1.42	1.32	6.10
Q4 2015	100.00	1.44	1.33	6.43
Q1 2016	100.00	1.30	1.25	5.72
Q2 2016	100.00	1.22	1.17	6.19
Q3 2016	100.00	1.07	1.07	6.37
Q4 2016	100.00	0.91	0.91	6.34
Q1 2017	100.00	0.78	0.78	6.07
Q2 2017	100.00	0.68	0.68	6.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	100.00	0.50	0.50	2.96
2008	100.00	0.53	0.53	3.17
2009	100.00	0.69	0.69	3.47
2010	100.00	0.86	0.87	3.93
2011	100.00	0.92	0.92	4.34
2012	100.00	0.96	0.96	4.78
2013	100.00	1.02	1.02	5.18
2014	100.00	1.24	1.24	5.80
2015	100.00	1.44	1.33	6.43
2016	100.00	0.91	0.91	6.34

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	20.83	20.83	3.62
Q2 2008	21.28	21.28	3.51
Q3 2008	12.02	12.02	2.03
Q4 2008	11.77	11.77	1.96
Q1 2009	12.08	12.08	2.25
Q2 2009	12.49	12.49	2.34
Q3 2009	16.47	16.47	3.13
Q4 2009	13.72	13.72	2.73
Q1 2010	12.50	12.50	2.86
Q2 2010	11.91	11.91	2.76
Q3 2010	13.95	13.95	3.16
Q4 2010	13.90	13.80	3.04
Q1 2011	12.20	12.11	2.96
Q2 2011	13.28	13.19	2.94
Q3 2011	12.26	12.18	2.60
Q4 2011	11.94	11.94	2.54
Q1 2012	13.34	13.34	3.06
Q2 2012	10.48	10.48	2.30
Q3 2012	11.51	11.51	2.42
Q4 2012	10.87	10.87	2.17
Q1 2013	10.59	10.59	2.32
Q2 2013	11.44	11.44	2.38
Q3 2013	13.79	13.79	2.78
Q4 2013	13.28	13.28	2.61
Q1 2014	14.58	14.58	3.25
Q2 2014	17.10	17.10	3.82
Q3 2014	19.86	19.86	4.30
Q4 2014	16.57	16.57	3.53
Q1 2015	17.76	18.63	4.44
Q2 2015	19.92	20.88	4.71
Q3 2015	14.89	16.03	3.47
Q4 2015	11.99	12.98	2.69
Q1 2016	11.30	11.72	2.56
Q2 2016	11.25	11.69	2.21
Q3 2016	11.17	11.25	1.88
Q4 2016	17.11	17.11	2.46
Q1 2017	17.75	17.75	2.28
Q2 2017	17.87	17.87	1.93

Period	P/E	Adjusted P/E	Price/book
2007	26.11	26.11	4.45
2008	11.77	11.77	1.96
2009	13.72	13.72	2.73
2010	13.90	13.80	3.04
2011	11.94	11.94	2.54
2012	10.87	10.87	2.17
2013	13.28	13.28	2.61
2014	16.57	16.57	3.53
2015	11.99	12.98	2.69
2016	17.11	17.11	2.46

Business Segments (Million)

Compared With The

Period	Oil services sector	Transport Service	elimination	Super Sector 2
Q1 2008	225.67	32.51	-	0.79
Q2 2008	248.00	38.52	-	0.78
Q3 2008	243.15	39.07	-	0.71
Q4 2008	262.58	41.78	-	0.90
Q1 2009	268.72	40.51	-	0.89
Q2 2009	286.93	47.40	-	0.89
Q3 2009	276.18	46.22	-	0.81
Q4 2009	299.59	40.45	-	0.92
Q1 2010	301.37	40.23	-	0.94
Q2 2010	330.45	46.54	-	0.90
Q3 2010	325.52	46.51	-	0.68
Q4 2010	344.68	41.81	-	0.76
Q1 2011	363.56	40.81	(9.58)	1.05
Q2 2011	395.08	45.07	(10.78)	1.06
Q3 2011	384.14	49.80	(10.85)	0.83
Q4 2011	402.26	52.53	(11.78)	0.99
Q1 2012	415.89	48.60	(11.81)	-
Q2 2012	432.76	53.41	(12.43)	-
Q3 2012	422.65	52.04	(12.45)	-
Q4 2012	446.47	51.46	(13.01)	-
Q1 2013	446.50	57.18	(13.62)	-
Q2 2013	457.78	59.76	(14.28)	-
Q3 2013	439.61	60.55	(13.98)	-
Q4 2013	458.09	58.93	(13.84)	-
Q1 2014	461.66	70.51	(13.58)	-
Q2 2014	490.43	75.51	(15.25)	-
Q3 2014	477.58	70.09	(15.71)	-
Q4 2014	488.27	72.08	(17.25)	-
Q1 2015	501.71	78.56	(16.32)	-
Q2 2015	521.51	75.81	(17.31)	-
Q3 2015	516.71	66.69	(16.86)	-
Q4 2015	538.90	70.07	(16.47)	-
Q1 2016	794.80	69.50	(20.57)	-
Q2 2016	850.61	68.12	(22.09)	-
Q3 2016	815.13	56.04	(19.52)	-
Q4 2016	831.65	56.88	(19.20)	-
Q1 2017	807.00	51.91	(18.51)	-
Q2 2017	818.12	58.52	(19.78)	-

Period	Oil services sector	Transport Service	elimination	Super Sector 2
2007	760.50	103.00	-	2.95
2008	979.40	151.88	-	3.17
2009	1,131.41	174.59	-	3.51
2010	1,302.02	175.09	-	3.28
2011	1,545.04	188.22	(43.00)	3.92
2012	1,717.77	205.51	(49.71)	-
2013	1,801.98	236.42	(55.72)	-
2014	1,917.93	288.18	(61.79)	-
2015	2,078.82	291.13	(66.96)	-
2016	3,292.18	250.55	(81.38)	-

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	23.15	18.26	(21.1 %)

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
Hermes	21.00	18.26	(13.1) %
OSOOL AND BAKHEET	25.30	18.26	(27.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	11,300.00
Enterprise Value (EV) (M)	11,594.81
Shares Outstanding ((M))	100.00
EPS ( Riyal) (TTM)	2.88
Book Value (BV) ( Riyal)	12.99
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	39.27
P/E (TTM)	39.27
Price/book	8.70
Return on Average Assets (%) (TTM)	3.9
Return on Average Equity (%) (TTM)	23.2

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Aldrees posts 42% decline in H1 profit

View other reports

Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Aldrees posts 42% decline in H1 profit

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)