Aldrees’ net profit jumps 30% in H1

18/07/2018 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. reported a net profit of SAR 42.8 million for the first half of 2018, a 30.5 percent year-on-year (YoY) increase on higher sales of petrol division and transport division.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 1,697.26 2,575.48 51.7 %
Gross Income 90.75 132.03 45.5 %
Operating Income 39.37 76.60 94.6 %
Net Income 32.84 37.22 13.3 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.33 0.37 13.3 %

The firm’s net profit in Q2 slid 0.55 percent YoY to SAR 18.2 million due to higher general and administrative expenses, higher financial expenses and lower other income.

 

On a sequential basis, Q2 net profit fell by 26 percent compared to the previous quarter on higher costs, higher financial expenses and lower other income.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 856.87 1,290.31 50.6 %
Gross Income 48.25 62.88 30.3 %
Operating Income 21.92 36.17 65.0 %
Net Income 18.26 15.12 (17.2 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.18 0.15 (17.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 - 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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
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) -
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) -

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 25.15 15.12 (39.9 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
Arbah Capital 22.00 15.12 (31.3) %
OSOOL AND BAKHEET 28.30 15.12 (46.6) %


Financial Ratios
Current
Market Cap (M Riyal) 11,800.00
Enterprise Value (EV) (M) 12,094.81
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 3.00
Book Value (BV) ( Riyal) 13.08
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 39.35
P/E (TTM) 39.35
Price/book 9.02
Return on Average Assets (%) (TTM) 3.8
Return on Average Equity (%) (TTM) 24.9
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Share Price

Aldrees Petroleum and Transport Services Co.
118.00
1.00 0.85 %

Aldrees Petroleum and Transport Services Co. (ALDREES)

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