Aldrees net profit declines 5% to SAR 44.7 mln in H1 2020

21/07/2020 Argaam Exclusive
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Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit after Zakat and tax of SAR 44.7 million for the first six months of 2020 ending June 30, a 5% year-on-year (YoY) decrease against a net profit of SAR 47.2 million in the same period last year.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 2,626.25 2,177.09 (17.1 %)
Gross Income 131.51 130.75 (0.6 %)
Operating Income 69.61 59.02 (15.2 %)
Net Income 47.16 44.67 (5.3 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 0.34 0.27 (20.4 %)
EPS (Riyals) 0.47 0.45 (5.3 %)

The company attributed the decline to lower sales in the transport and petrol divisions. Sales between mid-March to end-June were affected due to the coronavirus precautionary measures, low prices of petrol, unrealized losses from revaluation of investment at fair value through profit and loss, and higher general & administrative (G&A) expenses.

 

This is despite higher other income, higher joint venture profit, and lower marketing, financial and Zakat expenses, the company said.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 1,326.46 719.28 (45.8 %)
Gross Income 63.87 46.03 (27.9 %)
Operating Income 32.96 7.38 (77.6 %)
Net Income 17.27 14.38 (16.7 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 0.17 (0.03) (117.5 %)
EPS (Riyals) 0.17 0.14 (16.7 %)

For the current quarter, the company reported a net profit after Zakat and tax of SAR 14.4 million, down 17% YoY, due to lower petrol division sales, coronavirus precautionary measures in Q2, lower petrol prices, unrealized losses from revaluation of investment at fair value through profit and loss, and higher G&A and Zakat expenses.

 

On a sequential basis, net profit after Zakat and tax declined 52.4%.

 

The company also said that as of June 1, 2020, IFRS 16 was amended to provide a practical expedient for lessees accounting for rent concessions that occur as a result of the COVID-19 pandemic.

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)


Current
Market Cap (M Riyal) 13,460.00
Enterprise Value (EV) (M) 13,363.02
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 3.38
Book Value (BV) ( Riyal) 14.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 39.82
P/E (TTM) 39.82
Price/book 9.10
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 24.9

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