Financial Results : Aldrees 2020 net profit slumps 59% to SAR 121.1 mln

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 %)

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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