Aldrees net profit surges 69% to SAR 75.3 mln in H1 2021

14/07/2021 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. (ALDREES)

Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit after Zakat and tax of SAR 75.3 million for the first half of 2021, a jump of 69% from SAR 44.7 million in the prior-year period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 2,177.09 3,932.85 80.6 %
Gross Income 130.75 204.87 56.7 %
Operating Income 59.02 126.67 114.6 %
Net Income 44.67 75.31 68.6 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.45 0.75 68.6 %

The increase was attributed to higher sales from transport and petrol divisions, a rise in profits from joint ventures, and an increase in unrealized profit from revaluation of investment at fair value through profit and loss account.

 

This was offset by higher marketing, general, administrative, financial and Zakat expenses, along with a decrease in other income.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 719.28 2,173.19 202.1 %
Gross Income 46.03 103.85 125.6 %
Operating Income 7.38 63.27 757.8 %
Net Income 14.38 35.95 150.0 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.14 0.36 150.0 %

In Q2 2021, Aldrees posted a net profit after Zakat and tax of SAR 36 million, a sharp rise of 150% from SAR 14.4 million in Q2 2020, due to higher sales and an increase in unrealized profit from revaluation of investment at fair value through profit and loss account.

 

Compared to the previous quarter, the Q2 2021 net profit fell 8.5%.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 452.68 14.4 % 41.13 8.8 % 22.77 3.5 % 0.23
Q2 2012 473.74 10.1 % 45.27 5.1 % 26.43 7.6 % 0.26
Q3 2012 462.24 9.0 % 41.11 0.9 % 22.64 2.8 % 0.23
Q4 2012 484.92 9.2 % 43.99 3.1 % 23.71 0.6 % 0.24
Q1 2013 490.06 8.3 % 44.86 9.1 % 23.56 3.5 % 0.24
Q2 2013 503.26 6.2 % 47.79 5.6 % 27.40 3.6 % 0.27
Q3 2013 486.18 5.2 % 46.17 12.3 % 24.34 7.6 % 0.24
Q4 2013 503.18 3.8 % 48.83 11.0 % 26.40 11.3 % 0.26
Q1 2014 518.59 5.8 % 55.62 24.0 % 30.51 29.5 % 0.31
Q2 2014 550.68 9.4 % 62.52 30.8 % 35.36 29.1 % 0.35
Q3 2014 531.96 9.4 % 54.83 18.8 % 26.56 9.1 % 0.27
Q4 2014 543.09 7.9 % 54.14 10.9 % 31.29 18.5 % 0.31
Q1 2015 563.95 8.7 % 65.65 18.0 % 41.99 37.6 % 0.42
Q2 2015 580.01 5.3 % 64.86 3.8 % 36.77 4.0 % 0.37
Q3 2015 566.53 6.5 % 56.33 2.7 % 32.31 21.7 % 0.32
Q4 2015 592.50 9.1 % 65.00 20.1 % 32.96 5.3 % 0.33
Q1 2016 843.73 49.6 % 57.62 (12.2 %) 27.78 (33.8 %) 0.28
Q2 2016 896.65 54.6 % 58.57 (9.7 %) 28.51 (22.5 %) 0.29
Q3 2016 851.65 50.3 % 48.12 (14.6 %) 18.05 (44.1 %) 0.18
Q4 2016 869.33 46.7 % 43.08 (33.7 %) 16.68 (49.4 %) 0.17
Q1 2017 840.39 (0.4 %) 42.50 (26.2 %) 14.58 (47.5 %) 0.15
Q2 2017 856.87 (4.4 %) 48.25 (17.6 %) 18.26 (35.9 %) 0.18
Q3 2017 826.87 (2.9 %) 46.50 (3.4 %) 18.22 0.9 % 0.18
Q4 2017 885.47 1.9 % 45.58 5.8 % 13.59 (18.6 %) 0.14
Q1 2018 1,285.18 52.9 % 69.15 62.7 % 22.09 51.5 % 0.22
Q2 2018 1,290.31 50.6 % 62.88 30.3 % 15.12 (17.2 %) 0.15
Q3 2018 1,288.49 55.8 % 60.65 30.4 % 16.01 (12.1 %) 0.16
Q4 2018 1,312.61 48.2 % 60.30 32.3 % 13.38 (1.5 %) 0.13
Q1 2019 1,299.80 1.1 % 67.64 (2.2 %) 29.89 35.3 % 0.30
Q2 2019 1,326.46 2.8 % 63.87 1.6 % 17.27 14.2 % 0.17
Q3 2019 1,472.74 14.3 % 66.04 8.9 % 16.55 3.4 % 0.17
Q4 2019 1,582.14 20.5 % 264.05 337.9 % 228.03 1603.9 % 2.28
Q1 2020 1,457.81 12.2 % 84.72 25.3 % 30.29 1.3 % 0.30
Q2 2020 719.28 (45.8 %) 46.03 (27.9 %) 14.38 (16.7 %) 0.14
Q3 2020 1,300.26 (11.7 %) 88.49 34.0 % 36.90 122.9 % 0.37
Q4 2020 1,496.73 (5.4 %) 106.49 (59.7 %) 39.52 (82.7 %) 0.40
Q1 2021 1,759.66 20.7 % 101.01 19.2 % 39.36 30.0 % 0.39
Q2 2021 2,173.19 202.1 % 103.85 125.6 % 35.95 150.0 % 0.36

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 9.57 % 8.96 % 5.31 %
Q2 2012 9.46 % 8.95 % 5.28 %
Q3 2012 9.28 % 8.85 % 5.21 %
Q4 2012 9.15 % 8.75 % 5.10 %
Q1 2013 9.17 % 8.68 % 5.04 %
Q2 2013 9.16 % 8.56 % 5.01 %
Q3 2013 9.31 % 8.55 % 5.04 %
Q4 2013 9.46 % 8.67 % 5.13 %
Q1 2014 9.87 % 8.94 % 5.40 %
Q2 2014 10.35 % 9.29 % 5.66 %
Q3 2014 10.54 % 9.41 % 5.65 %
Q4 2014 10.59 % 9.49 % 5.77 %
Q1 2015 10.83 % 9.61 % 5.89 %
Q2 2015 10.79 % 9.55 % 5.87 %
Q3 2015 10.69 % 9.20 % 5.87 %
Q4 2015 10.94 % 9.35 % 5.78 %
Q1 2016 9.44 % 8.08 % 4.85 %
Q2 2016 8.19 % 6.97 % 4.03 %
Q3 2016 7.20 % 6.30 % 3.34 %
Q4 2016 5.99 % 5.16 % 2.63 %
Q1 2017 5.56 % 4.83 % 2.25 %
Q2 2017 5.32 % 4.67 % 1.98 %
Q3 2017 5.31 % 4.78 % 2.00 %
Q4 2017 5.36 % 4.88 % 1.90 %
Q1 2018 5.43 % 6.37 % 1.87 %
Q2 2018 5.23 % 7.29 % 1.61 %
Q3 2018 5.02 % 7.98 % 1.41 %
Q4 2018 4.89 % 8.71 % 1.29 %
Q1 2019 4.84 % 8.50 % 1.18 %
Q2 2019 4.83 % 8.37 % 1.22 %
Q3 2019 4.76 % 8.04 % 1.19 %
Q4 2019 8.13 % 10.90 % 4.02 %
Q1 2020 8.20 % 10.97 % 4.13 %
Q2 2020 8.81 % 11.27 % 4.23 %
Q3 2020 9.55 % 12.42 % 4.77 %
Q4 2020 6.55 % 9.83 % 2.08 %
Q1 2021 6.48 % 9.82 % 2.14 %
Q2 2021 5.94 % 9.24 % 2.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 100.00 0.93 0.93 4.05
Q2 2012 100.00 0.95 0.95 4.32
Q3 2012 100.00 0.95 0.95 4.54
Q4 2012 100.00 0.96 0.96 4.78
Q1 2013 100.00 0.96 0.96 4.40
Q2 2013 100.00 0.97 0.97 4.67
Q3 2013 100.00 0.99 0.99 4.92
Q4 2013 100.00 1.02 1.02 5.18
Q1 2014 100.00 1.09 1.09 4.87
Q2 2014 100.00 1.17 1.17 5.23
Q3 2014 100.00 1.19 1.19 5.49
Q4 2014 100.00 1.24 1.24 5.80
Q1 2015 100.00 1.35 1.29 5.41
Q2 2015 100.00 1.37 1.30 5.78
Q3 2015 100.00 1.42 1.32 6.10
Q4 2015 100.00 1.44 1.33 6.43
Q1 2016 100.00 1.30 1.25 5.72
Q2 2016 100.00 1.22 1.17 6.19
Q3 2016 100.00 1.07 1.07 6.37
Q4 2016 100.00 0.91 0.91 6.34
Q1 2017 100.00 0.78 0.78 6.07
Q2 2017 100.00 0.68 0.68 6.25
Q3 2017 100.00 0.68 0.68 6.43
Q4 2017 100.00 0.65 0.65 6.56
Q1 2018 100.00 0.72 0.72 6.29
Q2 2018 100.00 0.69 0.69 6.47
Q3 2018 100.00 0.67 0.67 6.66
Q4 2018 100.00 0.67 0.67 6.43
Q1 2019 100.00 0.74 0.61 6.36
Q2 2019 100.00 0.77 0.64 6.54
Q3 2019 100.00 0.77 0.64 6.70
Q4 2019 100.00 2.92 2.28 8.75
Q1 2020 100.00 2.92 2.41 9.05
Q2 2020 100.00 2.89 2.21 8.26
Q3 2020 100.00 3.10 2.41 8.63
Q4 2020 100.00 1.21 1.04 8.92
Q1 2021 100.00 1.30 1.13 9.32
Q2 2021 100.00 1.52 1.52 9.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 13.34 13.34 3.06
Q2 2012 10.48 10.48 2.30
Q3 2012 11.51 11.51 2.42
Q4 2012 10.87 10.87 2.17
Q1 2013 10.59 10.59 2.32
Q2 2013 11.44 11.44 2.38
Q3 2013 13.79 13.79 2.78
Q4 2013 13.28 13.28 2.61
Q1 2014 14.58 14.58 3.25
Q2 2014 17.10 17.10 3.82
Q3 2014 19.86 19.86 4.30
Q4 2014 16.57 16.57 3.53
Q1 2015 17.76 18.63 4.44
Q2 2015 19.92 20.88 4.71
Q3 2015 14.89 16.03 3.47
Q4 2015 11.99 12.98 2.69
Q1 2016 11.30 11.72 2.56
Q2 2016 11.25 11.69 2.21
Q3 2016 11.17 11.25 1.88
Q4 2016 17.11 17.11 2.46
Q1 2017 17.75 17.75 2.28
Q2 2017 17.87 17.87 1.93
Q3 2017 20.53 20.53 2.16
Q4 2017 21.34 21.34 2.10
Q1 2018 18.56 18.56 2.13
Q2 2018 20.29 20.29 2.16
Q3 2018 21.27 21.27 2.13
Q4 2018 27.78 27.78 2.88
Q1 2019 22.23 26.90 2.60
Q2 2019 26.93 32.40 3.15
Q3 2019 37.22 44.71 4.28
Q4 2019 12.86 16.45 4.29
Q1 2020 11.51 13.92 3.71
Q2 2020 13.05 17.07 4.57
Q3 2020 12.83 16.46 4.60
Q4 2020 32.17 37.57 4.36
Q1 2021 32.84 37.90 4.59
Q2 2021 33.77 33.77 5.65

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
Q1 2012 415.89 48.60 (11.81) -
Q2 2012 432.76 53.41 (12.43) -
Q3 2012 422.65 52.04 (12.45) -
Q4 2012 446.47 51.46 (13.01) -
Q1 2013 446.50 57.18 (13.62) -
Q2 2013 457.78 59.76 (14.28) -
Q3 2013 439.61 60.55 (13.98) -
Q4 2013 458.09 58.93 (13.84) -
Q1 2014 461.66 70.51 (13.58) -
Q2 2014 490.43 75.51 (15.25) -
Q3 2014 477.58 70.09 (15.71) -
Q4 2014 488.27 72.08 (17.25) -
Q1 2015 501.71 78.56 (16.32) -
Q2 2015 521.51 75.81 (17.31) -
Q3 2015 516.71 66.69 (16.86) -
Q4 2015 538.90 70.07 (16.47) -
Q1 2016 794.80 69.50 (20.57) -
Q2 2016 850.61 68.12 (22.09) -
Q3 2016 815.13 56.04 (19.52) -
Q4 2016 831.65 56.88 (19.20) -
Q1 2017 807.00 51.91 (18.51) -
Q2 2017 818.12 58.52 (19.78) -
Q3 2017 782.34 63.22 (18.68) -
Q4 2017 843.19 62.51 (20.23) -
Q1 2018 1,236.02 69.53 (20.38) -
Q2 2018 1,240.39 70.66 (20.74) -
Q3 2018 1,235.89 71.60 (19.00) -
Q4 2018 1,247.46 85.15 (20.00) -
Q1 2019 1,226.32 92.00 (18.52) -
Q2 2019 1,258.96 87.18 (19.69) -
Q3 2019 1,407.07 85.88 (20.20) -
Q4 2019 1,510.62 93.71 (22.19) -
Q1 2020 1,406.89 73.61 (22.69) -
Q2 2020 666.76 69.79 (17.27) -
Q3 2020 1,246.27 77.86 (23.87) -
Q4 2020 1,447.61 73.29 (24.18) -
Q1 2021 1,712.60 71.05 (24.00) -
Q2 2021 2,122.64 75.30 (24.75) -

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 43.00 35.95 (16.4 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
Al Rajhi Capital 43.00 35.95 (16.4) %

Current
Market Cap (M Riyal) 11,340.00
Enterprise Value (EV) (M) 11,634.81
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 2.88
Book Value (BV) ( Riyal) 12.99
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 39.41
P/E (TTM) 39.41
Price/book 8.73
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 23.2

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