Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit after Zakat and tax of SAR 44.7 million for the first six months of 2020 ending June 30, a 5% year-on-year (YoY) decrease against a net profit of SAR 47.2 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 2,626.25 | 2,177.09 | (17.1 %) |
| Gross Income | 131.51 | 130.75 | (0.6 %) |
| Operating Income | 69.61 | 59.02 | (15.2 %) |
| Net Income | 47.16 | 44.67 | (5.3 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.47 | 0.45 | (5.3 %) |
The company attributed the decline to lower sales in the transport and petrol divisions. Sales between mid-March to end-June were affected due to the coronavirus precautionary measures, low prices of petrol, unrealized losses from revaluation of investment at fair value through profit and loss, and higher general & administrative (G&A) expenses.
This is despite higher other income, higher joint venture profit, and lower marketing, financial and Zakat expenses, the company said.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,326.46 | 719.28 | (45.8 %) |
| Gross Income | 63.87 | 46.03 | (27.9 %) |
| Operating Income | 32.96 | 7.38 | (77.6 %) |
| Net Income | 17.27 | 14.38 | (16.7 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.17 | 0.14 | (16.7 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,457.81 | 719.28 | (50.7 %) |
| Gross Income | 84.72 | 46.03 | (45.7 %) |
| Operating Income | 51.65 | 7.38 | (85.7 %) |
| Net Income | 30.29 | 14.38 | (52.5 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.30 | 0.14 | (52.5 %) |
For the current quarter, the company reported a net profit after Zakat and tax of SAR 14.4 million, down 17% YoY, due to lower petrol division sales, coronavirus precautionary measures in Q2, lower petrol prices, unrealized losses from revaluation of investment at fair value through profit and loss, and higher G&A and Zakat expenses.
On a sequential basis, net profit after Zakat and tax declined 52.4%.
The company also said that as of June 1, 2020, IFRS 16 was amended to provide a practical expedient for lessees accounting for rent concessions that occur as a result of the COVID-19 pandemic.
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