Aldrees net profit surges 43.8% to SAR 108.3 mln in H1 2022

Aldrees net profit surges 43.8% to SAR 108.3 mln in H1 2022

21/07/2022 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit after Zakat and tax of SAR 108.3 million for the first half of 2022, a jump of 43.8% from SAR 75.3 million in the prior-year period. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 3,932.85 5,767.73 46.7 %
Gross Income 204.87 272.64 33.1 %
Operating Income 126.67 167.21 32.0 %
Net Income 75.31 108.34 43.8 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.75 1.08 43.8 %

The profit growth was driven by strong sales in petrol and transport divisions, as well as high earnings from investment at fair value through profit and loss. This came despite a decline in other income and investment profits from the joint venture, higher marketing, general and administrative expenses, as well as finance and Zakat charges.  

 

In Q2 2022, Aldrees posted a net profit after Zakat and tax of SAR 45.90 million, up 28% from SAR 35.95 million in Q2 2021. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 2,173.19 2,987.61 37.5 %
Gross Income 103.85 136.45 31.4 %
Operating Income 63.27 83.21 31.5 %
Net Income 35.95 45.92 27.7 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.36 0.46 27.7 %

Compared to the previous quarter, the Q2 2022 net profit fell 26.5% from SAR 62.4 million. . 

 

Total shareholders’ equity, after minority interest, reached SAR 991 million as on June 30, 2022, compared to SAR 907.8 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 490.06 8.3 % 44.86 9.1 % 25.78 3.6 %
Q2 2013 503.26 6.2 % 47.79 5.6 % 28.42 (2.7 %)
Q3 2013 486.18 5.2 % 46.17 12.3 % 25.75 3.9 %
Q4 2013 503.18 3.8 % 48.83 11.0 % 29.34 12.6 %
Q1 2014 518.59 5.8 % 55.62 24.0 % 32.60 26.5 %
Q2 2014 550.68 9.4 % 62.52 30.8 % 39.27 38.2 %
Q3 2014 531.96 9.4 % 54.83 18.8 % 31.95 24.1 %
Q4 2014 543.09 7.9 % 54.14 10.9 % 34.51 17.6 %
Q1 2015 563.95 8.7 % 65.65 18.0 % 39.40 20.8 %
Q2 2015 580.01 5.3 % 64.86 3.8 % 39.99 1.8 %
Q3 2015 566.53 6.5 % 56.33 2.7 % 31.69 (0.8 %)
Q4 2015 592.50 9.1 % 65.00 20.1 % 35.73 3.5 %
Q1 2016 843.73 49.6 % 57.62 (12.2 %) 31.24 (20.7 %)
Q2 2016 896.65 54.6 % 58.57 (9.7 %) 31.97 (20.0 %)
Q3 2016 851.65 50.3 % 48.12 (14.6 %) 23.36 (26.3 %)
Q4 2016 869.33 46.7 % 43.08 (33.7 %) 17.89 (49.9 %)
Q1 2017 840.39 (0.4 %) 42.50 (26.2 %) 17.46 (44.1 %)
Q2 2017 856.87 (4.4 %) 48.25 (17.6 %) 21.92 (31.4 %)
Q3 2017 826.87 (2.9 %) 46.50 (3.4 %) 23.06 (1.3 %)
Q4 2017 885.47 1.9 % 45.58 5.8 % 18.83 5.2 %
Q1 2018 1,285.18 52.9 % 69.15 62.7 % 40.43 131.6 %
Q2 2018 1,290.31 50.6 % 62.88 30.3 % 36.17 65.0 %
Q3 2018 1,288.49 55.8 % 60.65 30.4 % 36.55 58.5 %
Q4 2018 1,312.61 48.2 % 60.30 32.3 % 33.92 80.1 %
Q1 2019 1,299.80 1.1 % 67.64 (2.2 %) 36.65 (9.4 %)
Q2 2019 1,326.46 2.8 % 63.87 1.6 % 32.96 (8.9 %)
Q3 2019 1,472.74 14.3 % 66.04 8.9 % 34.59 (5.4 %)
Q4 2019 1,582.14 20.5 % 264.05 337.9 % 209.64 518.1 %
Q1 2020 1,457.81 12.2 % 84.72 25.3 % 51.65 40.9 %
Q2 2020 719.28 (45.8 %) 46.03 (27.9 %) 7.38 (77.6 %)
Q3 2020 1,300.26 (11.7 %) 88.49 34.0 % 62.26 80.0 %
Q4 2020 1,496.73 (5.4 %) 106.49 (59.7 %) 67.03 (68.0 %)
Q1 2021 1,759.66 20.7 % 101.01 19.2 % 63.40 22.8 %
Q2 2021 2,173.19 202.1 % 103.85 125.6 % 63.27 757.8 %
Q3 2021 2,556.38 96.6 % 117.88 33.2 % 73.08 17.4 %
Q4 2021 2,620.38 75.1 % 128.70 20.8 % 83.61 24.7 %
Q1 2022 2,780.13 58.0 % 136.18 34.8 % 83.99 32.5 %
Q2 2022 2,987.61 37.5 % 136.45 31.4 % 83.21 31.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 23.56 3.5 % 0.24 - 23.56 0.24
Q2 2013 27.40 3.6 % 0.27 - 27.40 0.27
Q3 2013 24.34 7.6 % 0.24 - 24.34 0.24
Q4 2013 26.40 11.3 % 0.26 - 26.40 0.26
Q1 2014 30.51 29.5 % 0.31 - 30.51 0.31
Q2 2014 35.36 29.1 % 0.35 - 35.36 0.35
Q3 2014 26.56 9.1 % 0.27 - 26.56 0.27
Q4 2014 31.29 18.5 % 0.31 - 31.29 0.31
Q1 2015 41.99 37.6 % 0.42 6.30 35.69 0.36
Q2 2015 36.77 4.0 % 0.37 - 36.77 0.37
Q3 2015 32.31 21.7 % 0.32 3.86 28.46 0.28
Q4 2015 32.96 5.3 % 0.33 0.78 32.18 0.32
Q1 2016 27.78 (33.8 %) 0.28 - 27.78 0.28
Q2 2016 28.51 (22.5 %) 0.29 - 28.51 0.29
Q3 2016 18.05 (44.1 %) 0.18 - 18.05 0.18
Q4 2016 16.68 (49.4 %) 0.17 - 16.68 0.17
Q1 2017 14.58 (47.5 %) 0.15 - 14.58 0.15
Q2 2017 18.26 (35.9 %) 0.18 - 18.26 0.18
Q3 2017 18.22 0.9 % 0.18 - 18.22 0.18
Q4 2017 13.59 (18.6 %) 0.14 - 13.59 0.14
Q1 2018 22.09 51.5 % 0.22 - 22.09 0.22
Q2 2018 15.12 (17.2 %) 0.15 - 15.12 0.15
Q3 2018 16.01 (12.1 %) 0.16 - 16.01 0.16
Q4 2018 13.38 (1.5 %) 0.13 - 13.38 0.13
Q1 2019 29.89 35.3 % 0.30 12.92 16.97 0.17
Q2 2019 17.27 14.2 % 0.17 - 17.27 0.17
Q3 2019 16.55 3.4 % 0.17 - 16.55 0.17
Q4 2019 228.03 1603.9 % 2.28 50.71 177.32 1.77
Q1 2020 30.29 1.3 % 0.30 - 30.29 0.30
Q2 2020 14.38 (16.7 %) 0.14 17.41 (3.02) (0.03)
Q3 2020 36.90 122.9 % 0.37 - 36.90 0.37
Q4 2020 39.52 (82.7 %) 0.40 - 39.52 0.40
Q1 2021 39.36 30.0 % 0.39 - 39.36 0.39
Q2 2021 35.95 150.0 % 0.36 - 35.95 0.36
Q3 2021 47.41 28.5 % 0.47 - 47.41 0.47
Q4 2021 54.09 36.9 % 0.54 - 54.09 0.54
Q1 2022 62.42 58.6 % 0.62 - 62.42 0.62
Q2 2022 45.92 27.7 % 0.46 - 45.92 0.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2021 5.37 % 8.05 % 2.03 %
Q4 2021 4.96 % 7.29 % 1.94 %
Q1 2022 4.80 % 6.74 % 1.97 %
Q2 2022 4.74 % 6.46 % 1.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2021 100.00 1.62 1.62 9.55
Q4 2021 100.00 1.77 1.77 9.95
Q1 2022 100.00 2.00 2.00 9.45
Q2 2022 100.00 2.10 2.10 9.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2021 33.71 33.71 5.73
Q4 2021 28.35 28.35 5.04
Q1 2022 29.17 29.17 6.17
Q2 2022 23.85 23.85 5.05

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
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) -
Q3 2021 2,489.92 94.16 (27.71) -
Q4 2021 2,540.16 110.33 (30.11) -
Q1 2022 2,711.54 100.22 (31.63) -
Q2 2022 2,929.58 92.72 (34.70) -

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 48.50 45.92 (5.3 %)

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
Hermes 38.00 45.92 20.8 %
Al Rajhi Capital 59.00 45.92 (22.2) %


Financial Ratios
Current
Market Cap (M Riyal) 12,360.00
Enterprise Value (EV) (M) 12,287.85
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 3.17
Book Value (BV) ( Riyal) 13.90
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 39.45
P/E (TTM) 38.99
Price/book 8.89
Return on Average Assets (%) (TTM) 4.1
Return on Average Equity (%) (TTM) 24.8
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Share Price

Aldrees Petroleum and Transport Services Co.
123.60
(5.60) (4.33 %)

Aldrees Petroleum and Transport Services Co. (ALDREES)

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