Aldrees profit rises 13% to SAR 70.5 mln in Q1 2023

Aldrees profit rises 13% to SAR 70.5 mln in Q1 2023

03/05/2023 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. reported a net profit of SAR 70.5 million for the first quarter of 2023, a rise of 13% from SAR 62.4 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,780.13 3,418.62 23.0 %
Gross Income 136.18 163.30 19.9 %
Operating Income 83.99 103.45 23.2 %
Net Income 62.42 70.54 13.0 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.62 0.71 13.0 %

The profit growth was due to higher sales in the petrol and transport divisions, as well as an increase in other income and income from sukuk investment listed at amortized cost, in addition to lower marketing expenses. 

 

This was despite a decline in unrealized profits from the revaluation of investment at fair value through profit and loss and a decrease in profit from the joint venture. The general, administrative, financial and Zakat expenses increased. 

 

When compared to Q4 2022, the first-quarter net profit fell 1.8% from SAR 71.78 million.

 

Shareholders’ equity, no minority interest, reached SAR 1.17 billion by the end of Q1 2023, from SAR 945.1 million in the year-ago period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2022 3,256.19 27.4 % 150.43 27.6 % 88.88 21.6 %
Q4 2022 3,332.16 27.2 % 171.50 33.3 % 106.94 27.9 %
Q1 2023 3,418.62 23.0 % 163.30 19.9 % 103.45 23.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 61.71 30.2 % 0.62 - 61.71 0.62
Q4 2022 71.78 32.7 % 0.72 - 71.78 0.72
Q1 2023 70.54 13.0 % 0.71 - 70.54 0.71

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 4.74 % 6.32 % 1.92 %
Q4 2022 4.81 % 6.23 % 1.96 %
Q1 2023 4.78 % 6.21 % 1.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 100.00 2.24 2.24 10.53
Q4 2022 100.00 2.42 2.42 11.09
Q1 2023 100.00 2.50 2.50 11.80

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 22.70 22.70 4.83
Q4 2022 23.08 23.08 5.03
Q1 2023 28.49 28.49 6.03

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
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) -
Q3 2022 3,183.22 110.34 (37.37) -
Q4 2022 3,255.85 113.62 (37.31) -
Q1 2023 3,347.70 112.84 (41.93) -

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 70.50 70.54 0.05 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Al Rajhi Capital 72.00 70.54 (2.0) %
Hermes 69.00 70.54 2.2 %


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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