Aldrees Petroleum & Transport Services Co. (Aldrees) reported a net profit after Zakat and tax of SAR 30.3 million for the first quarter of 2020, up 1.3% year-on-year (YoY), compared to SAR 29.9 million from the same year-earlier period.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 1,299.80 | 1,457.81 | 12.2 % |
| Gross Income | 67.64 | 84.72 | 25.3 % |
| Operating Income | 36.65 | 51.65 | 40.9 % |
| Net Income | 29.89 | 30.29 | 1.3 % |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.30 | 0.30 | 1.3 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 1,582.14 | 1,457.81 | (7.9 %) |
| Gross Income | 264.05 | 84.72 | (67.9 %) |
| Operating Income | 209.64 | 51.65 | (75.4 %) |
| Net Income | 228.03 | 30.29 | (86.7 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 2.28 | 0.30 | (86.7 %) |
This was driven by an increase in higher sales from the petrol division, profit from joint ventures, and lower marketing and Zakat expenses.
The profit increase came despite a decrease in sales from transport division, lower other income, higher general, administrative and financial expenses, and unrealized losses from revaluation of investment.
When compared to the previous quarter, Q1 net profit slumped 86.7% due to lower sales from the transport and petrol division, and on the back of COVID-19 precautionary measures.
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