Financial Results : Aldrees’ net profit up 27% in H1 2019 on higher sales

Aldrees’ net profit up 27% in H1 2019 on higher sales

17/07/2019 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. (Aldrees) posted a net profit after zakat and tax of SAR 47.2 million for the first half of 2019, a rise of 26.88 percent year-on-year (YoY), the company said in a bourse statement.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 2,575.48 2,626.25 2.0 %
Gross Income 132.03 131.51 (0.4 %)
Operating Income 76.60 69.61 (9.1 %)
Net Income 37.22 47.16 26.7 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.37 0.47 26.7 %

The increase can be attributed to an increase in sales of transport and petrol divisions, a rise in other income, and a decrease in sales and marketing expenses, the statement further said.

 

The second-quarter net profit after zakat and tax increased 14.57 percent YoY to SAR 17.3 million, backed by higher sales of transport as well as petrol segments, increase of other income and lower expenses, despite higher sales, marketing, general and administrative expenses.

 

When compared to previous quarter, net profit declined 42.14 percent driven by lower sales and higher marketing expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 1,290.31 1,326.46 2.8 %
Gross Income 62.88 63.87 1.6 %
Operating Income 36.17 32.96 (8.9 %)
Net Income 15.12 17.27 14.2 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.15 0.17 14.2 %


Financial results (Million)

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


Profit Performance (Million)

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

Profitability

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


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

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

Business Segments (Million)

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

Analysts Estimates (Million)

Item Q2 2019 (e) Q2 2019 (a) Change‬
Average 18.90 17.27 (8.6 %)

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (a) Change
OSOOL AND BAKHEET 18.90 17.27 (8.6) %


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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