Financial Results : Aldrees posts 27% net profit drop in H1

Aldrees posts 27% net profit drop in H1

20/07/2016 Argaam Exclusive

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Aldrees Petroleum and Transport Services (Aldrees) reported a net profit of SAR 57.2 million in the first half of 2016, a 27 percent year-on-year (YoY) decline attributed to lower sales within its transport division, as well as higher sales and operating costs.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 1,143.96 1,740.38 52.1 %
Gross Income 130.52 116.19 (11.0 %)
Operating Income 79.38 63.21 (20.4 %)
Net Income 78.76 56.29 (28.5 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.79 0.56 (28.5 %)

The company’s second-quarter net profit fell 21 percent YoY to SAR 29 million. Profit for the period was 3 percent higher compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 580.01 896.65 54.6 %
Gross Income 64.86 58.57 (9.7 %)
Operating Income 39.99 31.97 (20.0 %)
Net Income 36.77 28.51 (22.5 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.37 0.29 (22.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 196.52 (8.3 %) 25.74 44.7 % 15.32 46.3 %
Q2 2007 218.66 9.1 % 26.43 35.2 % 15.93 47.3 %
Q3 2007 220.71 25.3 % 23.70 28.9 % 11.49 18.1 %
Q4 2007 230.56 19.2 % 20.95 40.5 % 8.66 43.0 %
Q1 2008 258.97 31.8 % 26.26 2.0 % 13.70 (10.6 %)
Q2 2008 287.29 31.4 % 30.99 17.3 % 17.56 10.2 %
Q3 2008 282.93 28.2 % 30.01 26.6 % 16.38 42.5 %
Q4 2008 305.26 32.4 % 31.06 48.3 % 14.07 62.4 %
Q1 2009 310.12 19.8 % 29.06 10.6 % 15.97 16.6 %
Q2 2009 335.22 16.7 % 37.34 20.5 % 22.82 30.0 %
Q3 2009 323.21 14.2 % 34.39 14.6 % 20.80 27.0 %
Q4 2009 340.96 11.7 % 34.15 9.9 % 19.95 41.8 %
Q1 2010 342.53 10.5 % 35.99 23.9 % 22.02 37.8 %
Q2 2010 377.90 12.7 % 44.16 18.3 % 29.09 27.4 %
Q3 2010 372.72 15.3 % 38.01 10.5 % 23.37 12.3 %
Q4 2010 387.24 13.6 % 35.05 2.7 % 19.59 (1.8 %)
Q1 2011 395.84 15.6 % 37.80 5.0 % 23.06 4.7 %
Q2 2011 430.42 13.9 % 43.06 (2.5 %) 26.63 (8.4 %)
Q3 2011 423.92 13.7 % 40.76 7.2 % 24.45 4.6 %
Q4 2011 444.00 14.7 % 42.65 21.7 % 25.76 31.5 %
Q1 2012 452.68 14.4 % 41.13 8.8 % 24.89 8.0 %
Q2 2012 473.74 10.1 % 45.27 5.1 % 29.20 9.7 %
Q3 2012 462.24 9.0 % 41.11 0.9 % 24.78 1.3 %
Q4 2012 484.92 9.2 % 43.99 3.1 % 26.06 1.2 %
Q1 2013 490.06 8.3 % 44.86 9.1 % 25.78 3.6 %
Q2 2013 503.26 6.2 % 47.79 5.6 % 28.42 (2.7 %)
Q3 2013 486.18 5.2 % 46.17 12.3 % 25.75 3.9 %
Q4 2013 503.18 3.8 % 48.83 11.0 % 29.34 12.6 %
Q1 2014 518.59 5.8 % 55.62 24.0 % 32.60 26.5 %
Q2 2014 550.68 9.4 % 62.52 30.8 % 39.27 38.2 %
Q3 2014 531.96 9.4 % 54.83 18.8 % 31.95 24.1 %
Q4 2014 543.09 7.9 % 54.14 10.9 % 34.51 17.6 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 14.74 28.2 % 0.15 - 14.74 0.15
Q2 2007 15.44 26.7 % 0.15 - 15.44 0.15
Q3 2007 10.47 12.5 % 0.10 - 10.47 0.10
Q4 2007 9.75 15.7 % 0.10 - 9.75 0.10
Q1 2008 12.38 (16.0 %) 0.12 - 12.38 0.12
Q2 2008 15.59 0.9 % 0.16 - 15.59 0.16
Q3 2008 13.80 31.8 % 0.14 - 13.80 0.14
Q4 2008 11.11 14.0 % 0.11 - 11.11 0.11
Q1 2009 13.75 11.1 % 0.14 - 13.75 0.14
Q2 2009 19.59 25.7 % 0.20 - 19.59 0.20
Q3 2009 18.14 31.4 % 0.18 - 18.14 0.18
Q4 2009 17.42 56.7 % 0.17 - 17.42 0.17
Q1 2010 19.86 44.4 % 0.20 - 19.86 0.20
Q2 2010 26.70 36.3 % 0.27 - 26.70 0.27
Q3 2010 20.99 15.7 % 0.21 - 20.99 0.21
Q4 2010 18.47 6.1 % 0.18 (0.62) 19.09 0.19
Q1 2011 22.01 10.8 % 0.22 - 22.01 0.22
Q2 2011 24.56 (8.0 %) 0.25 - 24.56 0.25
Q3 2011 22.03 4.9 % 0.22 - 22.03 0.22
Q4 2011 23.57 27.6 % 0.24 - 23.57 0.24
Q1 2012 22.77 3.5 % 0.23 - 22.77 0.23
Q2 2012 26.43 7.6 % 0.26 - 26.43 0.26
Q3 2012 22.64 2.8 % 0.23 - 22.64 0.23
Q4 2012 23.71 0.6 % 0.24 - 23.71 0.24
Q1 2013 23.56 3.5 % 0.24 - 23.56 0.24
Q2 2013 27.40 3.6 % 0.27 - 27.40 0.27
Q3 2013 24.34 7.6 % 0.24 - 24.34 0.24
Q4 2013 26.40 11.3 % 0.26 - 26.40 0.26
Q1 2014 30.51 29.5 % 0.31 - 30.51 0.31
Q2 2014 35.36 29.1 % 0.35 - 35.36 0.35
Q3 2014 26.56 9.1 % 0.27 - 26.56 0.27
Q4 2014 31.29 18.5 % 0.31 - 31.29 0.31
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 10.25 % 7.49 % 5.83 %
Q2 2007 10.89 % 8.28 % 6.10 %
Q3 2007 10.95 % 8.26 % 5.92 %
Q4 2007 11.17 % 8.52 % 5.82 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 100.00 0.45 0.45 2.60
Q2 2007 100.00 0.48 0.48 2.76
Q3 2007 100.00 0.49 0.49 2.86
Q4 2007 100.00 0.50 0.50 2.96
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 33.71 33.71 5.79
Q2 2007 25.47 25.47 4.43
Q3 2007 25.07 25.07 4.30
Q4 2007 26.11 26.11 4.45
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

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
Q1 2007 171.50 24.24 - 0.78
Q2 2007 193.16 24.77 - 0.74
Q3 2007 193.51 26.52 - 0.68
Q4 2007 202.34 27.47 - 0.75
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) -

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 30.70 28.51 (7.1 %)

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
Value Capital 30.70 28.51 (7.1) %


Financial Ratios
Current
Market Cap (M Riyal) 12,200.00
Enterprise Value (EV) (M) 12,127.85
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) 38.94
P/E (TTM) 38.49
Price/book 8.77
Return on Average Assets (%) (TTM) 4.1
Return on Average Equity (%) (TTM) 24.8
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Share Price

Aldrees Petroleum and Transport Services Co.
122.00
(2.40) (1.93 %)

Aldrees Petroleum and Transport Services Co. (ALDREES)

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