Aldrees 2020 net profit slumps 59% to SAR 121.1 mln

19/01/2021 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. (Aldrees) reported an annual net profit after Zakat and tax of SAR 121.1 million for 2020, down 59% year-on-year (YoY).

Financials (M)

Item	2019	2020	Change‬
Revenues	5,681.13	4,974.08	(12.4 %)
Gross Income	461.60	325.74	(29.4 %)
Operating Income	313.84	188.31	(40.0 %)
Net Income	291.74	121.08	(58.5 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	2.92	1.21	(58.5 %)

The company attributed the profit slump to a decrease in sales of transport and petrol divisions due to the COVID-19 pandemic, as well as lower other income.

Unrealized losses from re-evaluation of investment at fair value through profit and loss, and increased financial expenses due to the application of International Accounting Standard No. 16 (IFRS16) also contributed to the decrease in profit.

This was despite the decrease in marketing, general, administrative and Zakat expenses, and the increase in investment profits in the joint venture.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	1,582.14	1,496.73	(5.4 %)
Gross Income	264.05	106.49	(59.7 %)
Operating Income	209.64	67.03	(68.0 %)
Net Income	228.03	39.52	(82.7 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	2.28	0.40	(82.7 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	1,300.26	1,496.73	15.1 %
Gross Income	88.49	106.49	20.3 %
Operating Income	62.26	67.03	7.7 %
Net Income	36.90	39.52	7.1 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.37	0.40	7.1 %

In Q4 2020, the company reported a net profit of SAR 39.5 million, compared to SAR 228 million in the same period in 2019.

The company recognized the effect of the profit margin increase in the FY2019 financial statement, by reducing the cost of sales in the comprehensive income statement.

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