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 -
Earnings Per Share before unusual items (Riyals) 0.51 0.64 26.3 %
EPS (Riyal) 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 -
Earnings Per Share before unusual items (Riyal) 0.17 0.37 122.9 %
EPS (Riyal) 0.17 0.37 122.9 %

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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Share Price

Aldrees Petroleum and Transport Services Co.
126.80
0.80 0.63 %

Aldrees Petroleum and Transport Services Co. (ALDREES)

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Financial Ratios
Current
Market Cap (M Riyal) 12,680.01
Enterprise Value (EV) (M) 12,632.92
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 3.61
Book Value (BV) ( Riyal) 14.39
Par Value ( Riyal) 10.00
Recurring P/E 35.15
P/E (TTM) 35.15
Price/book 8.81
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 26.4
EV/adj EBITDA 11.36
EV/Revenues 0.61
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