Aldrees’ H1 net profit jumps 20% to SAR 79 mln

15/07/2015 Argaam Exclusive

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

Aldrees Petroleum and Transport Services (Aldrees), one of the largest petroleum retail and commodity hauling companies in Saudi Arabia, said its H1-2015 net profit rose 20 percent year-on-year to SAR 78.8 million on higher sales and income generated from the sale of one of its petrol stations.

Financials (M)

Item	6m 2014	6m 2015	Change‬
Revenues	1,069.27	1,143.96	7.0 %
Gross Income	118.14	130.52	10.5 %
Operating Income	71.86	79.38	10.5 %
Net Income	65.87	78.76	19.6 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.66	0.79	19.6 %

The company posted a second-quarter net profit of SAR 36.8 million, marking a four percent increase when compared to its SAR 35.4 million net profit recorded in Q2-2014.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2014	Q2 2015	Change‬
Revenues	550.68	580.01	5.3 %
Gross Income	62.52	64.86	3.8 %
Operating Income	39.27	39.99	1.8 %
Net Income	35.36	36.77	4.0 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.35	0.37	4.0 %

Item	Q1 2015	Q2 2015	Change‬
Revenues	563.95	580.01	2.8 %
Gross Income	65.65	64.86	(1.2 %)
Operating Income	39.40	39.99	1.5 %
Net Income	41.99	36.77	(12.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.42	0.37	(12.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	214.41	17.7 %	17.79	10.1 %	11.50	6.5 %	0.12
Q2 2006	200.44	1.2 %	19.54	19.4 %	12.19	13.5 %	0.12
Q3 2006	176.08	(11.0 %)	18.39	32.0 %	9.30	13.1 %	0.09
Q4 2006	193.49	(6.0 %)	14.91	(19.0 %)	8.42	(12.2 %)	0.08
2006	784.42	0.1 %	70.64	8.9 %	41.42	5.2 %	0.41
Q1 2007	196.52	(8.3 %)	25.74	44.7 %	14.74	28.2 %	0.15
Q2 2007	218.66	9.1 %	26.43	35.2 %	15.44	26.7 %	0.15
Q3 2007	220.71	25.3 %	23.70	28.9 %	10.47	12.5 %	0.10
Q4 2007	230.56	19.2 %	20.95	40.5 %	9.75	15.7 %	0.10
2007	866.45	10.5 %	96.82	37.1 %	50.40	21.7 %	0.50
Q1 2008	258.97	31.8 %	26.26	2.0 %	12.38	(16.0 %)	0.12
Q2 2008	287.29	31.4 %	30.99	17.3 %	15.59	0.9 %	0.16
Q3 2008	282.93	28.2 %	30.01	26.6 %	13.80	31.8 %	0.14
Q4 2008	305.26	32.4 %	31.06	48.3 %	11.11	14.0 %	0.11
2008	1,134.45	30.9 %	118.33	22.2 %	52.88	4.9 %	0.53
Q1 2009	310.12	19.8 %	29.06	10.6 %	13.75	11.1 %	0.14
Q2 2009	335.22	16.7 %	37.34	20.5 %	19.59	25.7 %	0.20
Q3 2009	323.21	14.2 %	34.39	14.6 %	18.14	31.4 %	0.18
Q4 2009	340.96	11.7 %	34.15	9.9 %	17.42	56.7 %	0.17
2009	1,309.51	15.4 %	134.93	14.0 %	68.90	30.3 %	0.69
Q1 2010	342.53	10.5 %	35.99	23.9 %	19.86	44.4 %	0.20
Q2 2010	377.90	12.7 %	44.16	18.3 %	26.70	36.3 %	0.27
Q3 2010	372.72	15.3 %	38.01	10.5 %	20.99	15.7 %	0.21
Q4 2010	387.24	13.6 %	35.05	2.7 %	18.47	6.1 %	0.18
2010	1,480.39	13.0 %	153.21	13.5 %	86.02	24.9 %	0.86
Q1 2011	395.84	15.6 %	37.80	5.0 %	22.01	10.8 %	0.22
Q2 2011	430.42	13.9 %	43.06	(2.5 %)	24.56	(8.0 %)	0.25
Q3 2011	423.92	13.7 %	40.76	7.2 %	22.03	4.9 %	0.22
Q4 2011	444.00	14.7 %	42.65	21.7 %	23.57	27.6 %	0.24
2011	1,694.18	14.4 %	164.26	7.2 %	92.17	7.1 %	0.92
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
2012	1,873.57	10.6 %	171.50	4.4 %	95.55	3.7 %	0.96
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
2013	1,982.68	5.8 %	187.65	9.4 %	101.69	6.4 %	1.02
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
2014	2,144.32	8.2 %	227.11	21.0 %	123.73	21.7 %	1.24
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	783.89	25.9 %	64.85	16.2 %	39.35	4.1 %	0.39
2006	784.42	0.1 %	70.64	8.9 %	41.42	5.2 %	0.41
2007	866.45	10.5 %	96.82	37.1 %	50.40	21.7 %	0.50
2008	1,134.45	30.9 %	118.33	22.2 %	52.88	4.9 %	0.53
2009	1,309.51	15.4 %	134.93	14.0 %	68.90	30.3 %	0.69
2010	1,480.39	13.0 %	153.21	13.5 %	86.02	24.9 %	0.86
2011	1,694.18	14.4 %	164.26	7.2 %	92.17	7.1 %	0.92
2012	1,873.57	10.6 %	171.50	4.4 %	95.55	3.7 %	0.96
2013	1,982.68	5.8 %	187.65	9.4 %	101.69	6.4 %	1.02
2014	2,144.32	8.2 %	227.11	21.0 %	123.73	21.7 %	1.24

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	8.15 %	6.28 %	4.91 %
Q2 2006	8.51 %	6.44 %	5.07 %
Q3 2006	9.30 %	6.96 %	5.34 %
Q4 2006	9.00 %	6.53 %	5.28 %
2006	9.00 %	6.53 %	5.28 %
Q1 2007	10.25 %	7.49 %	5.83 %
Q2 2007	10.89 %	8.28 %	6.10 %
Q3 2007	10.95 %	8.26 %	5.92 %
Q4 2007	11.17 %	8.52 %	5.82 %
2007	11.17 %	8.52 %	5.82 %
Q1 2008	10.48 %	8.03 %	5.17 %
Q2 2008	10.22 %	7.81 %	4.83 %
Q3 2008	10.21 %	8.07 %	4.86 %
Q4 2008	10.43 %	8.17 %	4.66 %
2008	10.43 %	8.17 %	4.66 %
Q1 2009	10.22 %	8.22 %	4.58 %
Q2 2009	10.33 %	8.48 %	4.72 %
Q3 2009	10.35 %	8.70 %	4.91 %
Q4 2009	10.30 %	9.02 %	5.26 %
2009	10.30 %	9.02 %	5.26 %
Q1 2010	10.57 %	9.36 %	5.59 %
Q2 2010	10.74 %	9.64 %	5.93 %
Q3 2010	10.62 %	9.62 %	5.92 %
Q4 2010	10.35 %	9.44 %	5.85 %
2010	10.35 %	9.44 %	5.85 %
Q1 2011	10.11 %	9.31 %	5.79 %
Q2 2011	9.70 %	9.01 %	5.46 %
Q3 2011	9.57 %	8.90 %	5.36 %
Q4 2011	9.70 %	9.06 %	5.44 %
2011	9.70 %	9.06 %	5.44 %
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 %
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 %
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 %
2014	10.59 %	9.49 %	5.77 %
Q1 2015	10.83 %	9.61 %	5.89 %
Q2 2015	10.79 %	9.55 %	5.87 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	8.27 %	6.44 %	5.02 %
2006	9.00 %	6.53 %	5.28 %
2007	11.17 %	8.52 %	5.82 %
2008	10.43 %	8.17 %	4.66 %
2009	10.30 %	9.02 %	5.26 %
2010	10.35 %	9.44 %	5.85 %
2011	9.70 %	9.06 %	5.44 %
2012	9.15 %	8.75 %	5.10 %
2013	9.46 %	8.67 %	5.13 %
2014	10.59 %	9.49 %	5.77 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	8.30 %	6.25 %	5.36 %
Q2 2006	9.75 %	7.04 %	6.08 %
Q3 2006	10.44 %	7.54 %	5.28 %
Q4 2006	7.71 %	5.39 %	4.35 %
Q1 2007	13.10 %	9.97 %	7.50 %
Q2 2007	12.09 %	9.90 %	7.06 %
Q3 2007	10.74 %	7.63 %	4.74 %
Q4 2007	9.09 %	6.84 %	4.23 %
Q1 2008	10.14 %	7.85 %	4.78 %
Q2 2008	10.79 %	8.69 %	5.43 %
Q3 2008	10.61 %	8.66 %	4.88 %
Q4 2008	10.18 %	7.51 %	3.64 %
Q1 2009	9.37 %	8.08 %	4.43 %
Q2 2009	11.14 %	9.60 %	5.84 %
Q3 2009	10.64 %	9.49 %	5.61 %
Q4 2009	10.01 %	8.84 %	5.11 %
Q1 2010	10.51 %	9.52 %	5.80 %
Q2 2010	11.69 %	10.59 %	7.07 %
Q3 2010	10.20 %	9.44 %	5.63 %
Q4 2010	9.05 %	8.24 %	4.93 %
Q1 2011	9.55 %	9.03 %	5.56 %
Q2 2011	10.00 %	9.33 %	5.71 %
Q3 2011	9.61 %	8.96 %	5.20 %
Q4 2011	9.60 %	8.94 %	5.31 %
Q1 2012	9.09 %	8.64 %	5.03 %
Q2 2012	9.56 %	9.24 %	5.58 %
Q3 2012	8.89 %	8.58 %	4.90 %
Q4 2012	9.07 %	8.52 %	4.89 %
Q1 2013	9.15 %	8.39 %	4.81 %
Q2 2013	9.50 %	8.74 %	5.44 %
Q3 2013	9.50 %	8.53 %	5.01 %
Q4 2013	9.70 %	9.00 %	5.25 %
Q1 2014	10.73 %	9.45 %	5.88 %
Q2 2014	11.35 %	10.09 %	6.42 %
Q3 2014	10.31 %	9.05 %	4.99 %
Q4 2014	9.97 %	9.35 %	5.76 %
Q1 2015	11.64 %	9.93 %	6.33 %
Q2 2015	11.18 %	9.82 %	6.34 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	100.00	0.40	0.40	2.15
Q2 2006	100.00	0.42	0.42	2.28
Q3 2006	100.00	0.43	0.43	2.37
Q4 2006	100.00	0.41	0.41	2.45
Q1 2007	100.00	0.45	0.45	2.60
Q2 2007	100.00	0.48	0.48	2.76
Q3 2007	100.00	0.49	0.49	2.86
Q4 2007	100.00	0.50	0.50	2.96
Q1 2008	100.00	0.48	0.48	2.76
Q2 2008	100.00	0.48	0.48	2.92
Q3 2008	100.00	0.52	0.52	3.06
Q4 2008	100.00	0.53	0.53	3.17
Q1 2009	100.00	0.54	0.54	2.91
Q2 2009	100.00	0.58	0.58	3.11
Q3 2009	100.00	0.63	0.63	3.29
Q4 2009	100.00	0.69	0.69	3.47
Q1 2010	100.00	0.75	0.75	3.27
Q2 2010	100.00	0.82	0.82	3.54
Q3 2010	100.00	0.85	0.85	3.75
Q4 2010	100.00	0.86	0.87	3.93
Q1 2011	100.00	0.88	0.89	3.64
Q2 2011	100.00	0.86	0.87	3.88
Q3 2011	100.00	0.87	0.88	4.10
Q4 2011	100.00	0.92	0.92	4.34
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	100.00	0.39	0.39	2.04
2006	100.00	0.41	0.41	2.45
2007	100.00	0.50	0.50	2.96
2008	100.00	0.53	0.53	3.17
2009	100.00	0.69	0.69	3.47
2010	100.00	0.86	0.87	3.93
2011	100.00	0.92	0.92	4.34
2012	100.00	0.96	0.96	4.78
2013	100.00	1.02	1.02	5.18
2014	100.00	1.24	1.24	5.80

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	More than 50	More than 50	12.05
Q2 2006	More than 50	More than 50	15.27
Q3 2006	More than 50	More than 50	15.66
Q4 2006	37.68	37.68	6.36
Q1 2007	33.71	33.71	5.79
Q2 2007	25.47	25.47	4.43
Q3 2007	25.07	25.07	4.30
Q4 2007	26.11	26.11	4.45
Q1 2008	20.83	20.83	3.62
Q2 2008	21.28	21.28	3.51
Q3 2008	12.02	12.02	2.03
Q4 2008	11.77	11.77	1.96
Q1 2009	12.08	12.08	2.25
Q2 2009	12.49	12.49	2.34
Q3 2009	16.47	16.47	3.13
Q4 2009	13.72	13.72	2.73
Q1 2010	12.50	12.50	2.86
Q2 2010	11.91	11.91	2.76
Q3 2010	13.95	13.95	3.16
Q4 2010	13.90	13.80	3.04
Q1 2011	12.20	12.11	2.96
Q2 2011	13.28	13.19	2.94
Q3 2011	12.26	12.18	2.60
Q4 2011	11.94	11.94	2.54
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

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	37.68	37.68	6.36
2007	26.11	26.11	4.45
2008	11.77	11.77	1.96
2009	13.72	13.72	2.73
2010	13.90	13.80	3.04
2011	11.94	11.94	2.54
2012	10.87	10.87	2.17
2013	13.28	13.28	2.61
2014	16.57	16.57	3.53

Business Segments (Million)

Compared With The

Period	Oil services sector	Transport Service	elimination	Super Sector 2
Q1 2006	194.14	19.61	-	0.65
Q2 2006	179.51	19.90	-	1.04
Q3 2006	155.28	19.55	-	1.25
Q4 2006	173.51	19.25	-	0.73
Q1 2007	171.50	24.24	-	0.78
Q2 2007	193.16	24.77	-	0.74
Q3 2007	193.51	26.52	-	0.68
Q4 2007	202.34	27.47	-	0.75
Q1 2008	225.67	32.51	-	0.79
Q2 2008	248.00	38.52	-	0.78
Q3 2008	243.15	39.07	-	0.71
Q4 2008	262.58	41.78	-	0.90
Q1 2009	268.72	40.51	-	0.89
Q2 2009	286.93	47.40	-	0.89
Q3 2009	276.18	46.22	-	0.81
Q4 2009	299.59	40.45	-	0.92
Q1 2010	301.37	40.23	-	0.94
Q2 2010	330.45	46.54	-	0.90
Q3 2010	325.52	46.51	-	0.68
Q4 2010	344.68	41.81	-	0.76
Q1 2011	363.56	40.81	(9.58)	1.05
Q2 2011	395.08	45.07	(10.78)	1.06
Q3 2011	384.14	49.80	(10.85)	0.83
Q4 2011	402.26	52.53	(11.78)	0.99
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)	-

Period	Oil services sector	Transport Service	elimination	Super Sector 2
2005	708.64	74.98	-	0.28
2006	702.45	78.30	-	3.67
2007	760.50	103.00	-	2.95
2008	979.40	151.88	-	3.17
2009	1,131.41	174.59	-	3.51
2010	1,302.02	175.09	-	3.28
2011	1,545.04	188.22	(43.00)	3.92
2012	1,717.77	205.51	(49.71)	-
2013	1,801.98	236.42	(55.72)	-
2014	1,917.93	288.18	(61.79)	-

Analysts Estimates (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change‬
Average	39.85	36.77	(7.7 %)

Estimates vs Actual (Million)

Item	Q2 2015 (e)	Q2 2015 (a)	Change
KASB Capital	39.00	36.77	(5.7) %
OSOOL AND BAKHEET	40.70	36.77	(9.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	10,540.00
Enterprise Value (EV) (M)	10,834.81
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)	36.63
P/E (TTM)	36.63
Price/book	8.11
Return on Average Assets (%) (TTM)	3.9
Return on Average Equity (%) (TTM)	23.2

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Aldrees’ H1 net profit jumps 20% to SAR 79 mln

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q2

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Analysts Estimates (Million)

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Aldrees’ H1 net profit jumps 20% to SAR 79 mln

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2015

Revenue by Business Segment (Latest) 2015 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)