Aldrees net profit rises 28% to SAR 81.6 mln in 9M 2020

19/10/2020 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit after Zakat and tax of SAR 81.6 million for the first nine months of 2020, a 28% year-on-year (YoY) rise, compared to SAR 63.7 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	4,098.99	3,477.35	(15.2 %)
Gross Income	197.55	219.24	11.0 %
Operating Income	104.20	121.28	16.4 %
Net Income	63.71	81.57	28.0 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.64	0.82	28.0 %

The company attributed the increase to higher fuel profit margin despite a decrease in sales and fuel prices and rise in other income; profit from joint venture; and lower marketing and Zakat expenses.

This was despite an increase in general, administrative and financial expense, and unrealized losses from revaluation of investment at fair value through profit and loss.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	1,472.74	1,300.26	(11.7 %)
Gross Income	66.04	88.49	34.0 %
Operating Income	34.59	62.26	80.0 %
Net Income	16.55	36.90	122.9 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.17	0.37	122.9 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	719.28	1,300.26	80.8 %
Gross Income	46.03	88.49	92.3 %
Operating Income	7.38	62.26	744.2 %
Net Income	14.38	36.90	156.5 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.14	0.37	156.5 %

The company reported a net profit after Zakat and tax of SAR 36.9 million in Q3 2020, a more than twofold increase YoY, due to higher fuel profit margin, rise in profit from joint venture, and unrealized profit from revaluation of investment at fair value through profit and loss.

On a sequential basis, net profit after Zakat and tax surged on higher sales.

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