Aldrees H1 2024 profit rises 14% to SAR 159.8M; Q2 at SAR 82.4M

22/07/2024 Argaam Exclusive

Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit of SAR 159.8 million for the first half of 2024, a rise of 14% from SAR 140.8 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 6,999.22 8,958.99 28.0 %
Gross Income 332.20 389.60 17.3 %
Operating Income 207.81 247.62 19.2 %
Net Income 140.77 159.84 13.5 %
Average Shares 100.00 100.00 -
EPS (Riyals) 1.41 1.60 13.5 %

The profit growth was buoyed by an increase in operating stations and transport trucks. This was in addition to higher petrol and transport division sales, an increase in income from bank deposits and sukuk investments, as well as higher income from the joint venture.

 

Total comprehensive income increased in H1 2024 compared to the same period of the previous year, due to the remeasurement losses of employees' defined benefits obligations.

 

However, the company posted lower other income and higher marketing, selling, general, administrative, financing, and Zakat expenses

 

In Q2 2024, Aldrees posted a net profit of SAR 82.4 million, up 17% from SAR 70.24 million in Q2 2023, driven mainly by an increase in operating stations and transport trucks.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 3,580.60 4,601.15 28.5 %
Gross Income 168.90 200.10 18.5 %
Operating Income 104.36 128.02 22.7 %
Net Income 70.24 82.41 17.3 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.70 0.82 17.3 %

Sequentially, Q2 2024 net profit rose 6.4% from SAR 77.44 million.

 

Total shareholders’ equity, no minority interest, reached SAR 1.30 billion as of June 30, 2024, compared to SAR 1.10 billion a year earlier.

View More Financial Results

 

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Share Price

Aldrees Petroleum and Transport Services Co.
134.20
(4.20) (3.03 %)

Aldrees Petroleum and Transport Services Co. (ALDREES)

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Financial Ratios
Current
Market Cap (M Riyal) 13,420.00
Enterprise Value (EV) (M) 13,347.85
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 3.17
Book Value (BV) ( Riyal) 13.90
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 42.83
P/E (TTM) 42.34
Price/book 9.65
Return on Average Assets (%) (TTM) 4.1
Return on Average Equity (%) (TTM) 24.8
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 563.95 8.7 % 65.65 18.0 % 39.40 20.8 %
Q2 2015 580.01 5.3 % 64.86 3.8 % 39.99 1.8 %
Q3 2015 566.53 6.5 % 56.33 2.7 % 31.69 (0.8 %)
Q4 2015 592.50 9.1 % 65.00 20.1 % 35.73 3.5 %
Q1 2016 843.73 49.6 % 57.62 (12.2 %) 31.24 (20.7 %)
Q2 2016 896.65 54.6 % 58.57 (9.7 %) 31.97 (20.0 %)
Q3 2016 851.65 50.3 % 48.12 (14.6 %) 23.36 (26.3 %)
Q4 2016 869.33 46.7 % 43.08 (33.7 %) 17.89 (49.9 %)
Q1 2017 840.39 (0.4 %) 42.50 (26.2 %) 17.46 (44.1 %)
Q2 2017 856.87 (4.4 %) 48.25 (17.6 %) 21.92 (31.4 %)
Q3 2017 826.87 (2.9 %) 46.50 (3.4 %) 23.06 (1.3 %)
Q4 2017 885.47 1.9 % 45.58 5.8 % 18.83 5.2 %
Q1 2018 1,285.18 52.9 % 69.15 62.7 % 40.43 131.6 %
Q2 2018 1,290.31 50.6 % 62.88 30.3 % 36.17 65.0 %
Q3 2018 1,288.49 55.8 % 60.65 30.4 % 36.55 58.5 %
Q4 2018 1,312.61 48.2 % 60.30 32.3 % 33.92 80.1 %
Q1 2019 1,299.80 1.1 % 67.64 (2.2 %) 36.65 (9.4 %)
Q2 2019 1,326.46 2.8 % 63.87 1.6 % 32.96 (8.9 %)
Q3 2019 1,472.74 14.3 % 66.04 8.9 % 34.59 (5.4 %)
Q4 2019 1,582.14 20.5 % 264.05 337.9 % 209.64 518.1 %
Q1 2020 1,457.81 12.2 % 84.72 25.3 % 51.65 40.9 %
Q2 2020 719.28 (45.8 %) 46.03 (27.9 %) 7.38 (77.6 %)
Q3 2020 1,300.26 (11.7 %) 88.49 34.0 % 62.26 80.0 %
Q4 2020 1,496.73 (5.4 %) 106.49 (59.7 %) 67.03 (68.0 %)
Q1 2021 1,759.66 20.7 % 101.01 19.2 % 63.40 22.8 %
Q2 2021 2,173.19 202.1 % 103.85 125.6 % 63.27 757.8 %
Q3 2021 2,556.38 96.6 % 117.88 33.2 % 73.08 17.4 %
Q4 2021 2,620.38 75.1 % 128.70 20.8 % 83.61 24.7 %
Q1 2022 2,780.13 58.0 % 136.18 34.8 % 83.99 32.5 %
Q2 2022 2,987.61 37.5 % 136.45 31.4 % 83.21 31.5 %
Q3 2022 3,256.19 27.4 % 150.43 27.6 % 88.88 21.6 %
Q4 2022 3,332.16 27.2 % 171.50 33.3 % 106.94 27.9 %
Q1 2023 3,418.62 23.0 % 163.30 19.9 % 103.45 23.2 %
Q2 2023 3,580.60 19.8 % 168.90 23.8 % 104.36 25.4 %
Q3 2023 3,883.19 19.3 % 175.83 16.9 % 106.57 19.9 %
Q4 2023 3,951.65 18.6 % 172.82 0.8 % 106.78 (0.1 %)
Q1 2024 4,357.84 27.5 % 189.50 16.0 % 119.60 15.6 %
Q2 2024 4,601.15 28.5 % 200.10 18.5 % 128.02 22.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 41.99 37.6 % 0.42 6.30 35.69 0.36
Q2 2015 36.77 4.0 % 0.37 - 36.77 0.37
Q3 2015 32.31 21.7 % 0.32 3.86 28.46 0.28
Q4 2015 32.96 5.3 % 0.33 0.78 32.18 0.32
Q1 2016 27.78 (33.8 %) 0.28 - 27.78 0.28
Q2 2016 28.51 (22.5 %) 0.29 - 28.51 0.29
Q3 2016 18.05 (44.1 %) 0.18 - 18.05 0.18
Q4 2016 16.68 (49.4 %) 0.17 - 16.68 0.17
Q1 2017 14.58 (47.5 %) 0.15 - 14.58 0.15
Q2 2017 18.26 (35.9 %) 0.18 - 18.26 0.18
Q3 2017 18.22 0.9 % 0.18 - 18.22 0.18
Q4 2017 13.59 (18.6 %) 0.14 - 13.59 0.14
Q1 2018 22.09 51.5 % 0.22 - 22.09 0.22
Q2 2018 15.12 (17.2 %) 0.15 - 15.12 0.15
Q3 2018 16.01 (12.1 %) 0.16 - 16.01 0.16
Q4 2018 13.38 (1.5 %) 0.13 - 13.38 0.13
Q1 2019 29.89 35.3 % 0.30 12.92 16.97 0.17
Q2 2019 17.27 14.2 % 0.17 - 17.27 0.17
Q3 2019 16.55 3.4 % 0.17 - 16.55 0.17
Q4 2019 228.03 1603.9 % 2.28 50.71 177.32 1.77
Q1 2020 30.29 1.3 % 0.30 - 30.29 0.30
Q2 2020 14.38 (16.7 %) 0.14 17.41 (3.02) (0.03)
Q3 2020 36.90 122.9 % 0.37 - 36.90 0.37
Q4 2020 39.52 (82.7 %) 0.40 - 39.52 0.40
Q1 2021 39.36 30.0 % 0.39 - 39.36 0.39
Q2 2021 35.95 150.0 % 0.36 - 35.95 0.36
Q3 2021 47.41 28.5 % 0.47 - 47.41 0.47
Q4 2021 54.09 36.9 % 0.54 - 54.09 0.54
Q1 2022 62.42 58.6 % 0.62 - 62.42 0.62
Q2 2022 45.92 27.7 % 0.46 - 45.92 0.46
Q3 2022 61.71 30.2 % 0.62 - 61.71 0.62
Q4 2022 71.78 32.7 % 0.72 - 71.78 0.72
Q1 2023 70.54 13.0 % 0.71 - 70.54 0.71
Q2 2023 70.24 53.0 % 0.70 - 70.24 0.70
Q3 2023 67.55 9.5 % 0.68 - 67.55 0.68
Q4 2023 72.49 1.0 % 0.72 3.67 68.81 0.69
Q1 2024 77.44 9.8 % 0.77 - 77.44 0.77
Q2 2024 82.41 17.3 % 0.82 - 82.41 0.82

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
Q1 2017 5.56 % 4.83 % 2.25 %
Q2 2017 5.32 % 4.67 % 1.98 %
Q3 2017 5.31 % 4.78 % 2.00 %
Q4 2017 5.36 % 4.88 % 1.90 %
Q1 2018 5.43 % 6.37 % 1.87 %
Q2 2018 5.23 % 7.29 % 1.61 %
Q3 2018 5.02 % 7.98 % 1.41 %
Q4 2018 4.89 % 8.71 % 1.29 %
Q1 2019 4.84 % 8.50 % 1.18 %
Q2 2019 4.83 % 8.37 % 1.22 %
Q3 2019 4.76 % 8.04 % 1.19 %
Q4 2019 8.13 % 10.90 % 4.02 %
Q1 2020 8.20 % 10.97 % 4.13 %
Q2 2020 8.81 % 11.27 % 4.23 %
Q3 2020 9.55 % 12.42 % 4.77 %
Q4 2020 6.55 % 9.83 % 2.08 %
Q1 2021 6.48 % 9.82 % 2.14 %
Q2 2021 5.94 % 9.24 % 2.25 %
Q3 2021 5.37 % 8.05 % 2.03 %
Q4 2021 4.96 % 7.29 % 1.94 %
Q1 2022 4.80 % 6.74 % 1.97 %
Q2 2022 4.74 % 6.46 % 1.92 %
Q3 2022 4.74 % 6.32 % 1.92 %
Q4 2022 4.81 % 6.23 % 1.96 %
Q1 2023 4.78 % 6.21 % 1.92 %
Q2 2023 4.81 % 6.26 % 2.02 %
Q3 2023 4.78 % 6.24 % 1.97 %
Q4 2023 4.59 % 6.23 % 1.87 %
Q1 2024 4.48 % 6.15 % 1.80 %
Q2 2024 4.40 % 5.98 % 1.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2017 100.00 0.68 0.68 6.43
Q4 2017 100.00 0.65 0.65 6.56
Q1 2018 100.00 0.72 0.72 6.29
Q2 2018 100.00 0.69 0.69 6.47
Q3 2018 100.00 0.67 0.67 6.66
Q4 2018 100.00 0.67 0.67 6.43
Q1 2019 100.00 0.74 0.61 6.36
Q2 2019 100.00 0.77 0.64 6.54
Q3 2019 100.00 0.77 0.64 6.70
Q4 2019 100.00 2.92 2.28 8.75
Q1 2020 100.00 2.92 2.41 9.05
Q2 2020 100.00 2.89 2.21 8.26
Q3 2020 100.00 3.10 2.41 8.63
Q4 2020 100.00 1.21 1.04 8.92
Q1 2021 100.00 1.30 1.13 9.32
Q2 2021 100.00 1.52 1.52 9.08
Q3 2021 100.00 1.62 1.62 9.55
Q4 2021 100.00 1.77 1.77 9.95
Q1 2022 100.00 2.00 2.00 9.45
Q2 2022 100.00 2.10 2.10 9.91
Q3 2022 100.00 2.24 2.24 10.53
Q4 2022 100.00 2.42 2.42 11.09
Q1 2023 100.00 2.50 2.50 11.80
Q2 2023 100.00 2.74 2.74 11.00
Q3 2023 100.00 2.80 2.80 11.68
Q4 2023 100.00 2.81 2.77 12.36
Q1 2024 100.00 2.88 2.84 12.99
Q2 2024 100.00 3.00 2.96 13.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2017 20.53 20.53 2.16
Q4 2017 21.34 21.34 2.10
Q1 2018 18.56 18.56 2.13
Q2 2018 20.29 20.29 2.16
Q3 2018 21.27 21.27 2.13
Q4 2018 27.78 27.78 2.88
Q1 2019 22.23 26.90 2.60
Q2 2019 26.93 32.40 3.15
Q3 2019 37.22 44.71 4.28
Q4 2019 12.86 16.45 4.29
Q1 2020 11.51 13.92 3.71
Q2 2020 13.05 17.07 4.57
Q3 2020 12.83 16.46 4.60
Q4 2020 32.17 37.57 4.36
Q1 2021 32.84 37.90 4.59
Q2 2021 33.77 33.77 5.65
Q3 2021 33.71 33.71 5.73
Q4 2021 28.35 28.35 5.04
Q1 2022 29.17 29.17 6.17
Q2 2022 23.85 23.85 5.05
Q3 2022 22.70 22.70 4.83
Q4 2022 23.08 23.08 5.03
Q1 2023 28.49 28.49 6.03
Q2 2023 33.98 33.98 8.47
Q3 2023 37.61 37.61 9.02
Q4 2023 47.40 48.03 10.77
Q1 2024 43.03 43.59 9.53
Q2 2024 40.15 40.65 9.21

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
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) -
Q3 2017 782.34 63.22 (18.68) -
Q4 2017 843.19 62.51 (20.23) -
Q1 2018 1,236.02 69.53 (20.38) -
Q2 2018 1,240.39 70.66 (20.74) -
Q3 2018 1,235.89 71.60 (19.00) -
Q4 2018 1,247.46 85.15 (20.00) -
Q1 2019 1,226.32 92.00 (18.52) -
Q2 2019 1,258.96 87.18 (19.69) -
Q3 2019 1,407.07 85.88 (20.20) -
Q4 2019 1,510.62 93.71 (22.19) -
Q1 2020 1,406.89 73.61 (22.69) -
Q2 2020 666.76 69.79 (17.27) -
Q3 2020 1,246.27 77.86 (23.87) -
Q4 2020 1,447.61 73.29 (24.18) -
Q1 2021 1,712.60 71.05 (24.00) -
Q2 2021 2,122.64 75.30 (24.75) -
Q3 2021 2,489.92 94.16 (27.71) -
Q4 2021 2,540.16 110.33 (30.11) -
Q1 2022 2,711.54 100.22 (31.63) -
Q2 2022 2,929.58 92.72 (34.70) -
Q3 2022 3,183.22 110.34 (37.37) -
Q4 2022 3,255.85 113.62 (37.31) -
Q1 2023 3,347.70 112.84 (41.93) -
Q2 2023 3,491.71 133.68 (44.79) -
Q3 2023 3,777.46 154.81 (49.08) -
Q4 2023 3,863.19 136.89 (48.43) -
Q1 2024 4,291.40 122.55 (56.11) -
Q2 2024 4,516.44 146.16 (61.45) -

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 78.46 82.41 5.03 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
United Securities Company 82.00 82.41 0.5 %
Hermes 82.00 82.41 0.5 %
Al Rajhi Capital 80.00 82.41 3.0 %
Morgan Stanley International 78.00 82.41 5.6 %
SNB Capital 70.30 82.41 17.2 %

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