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) 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 -
Earnings Per Share before unusual items (Riyals) 0.27 0.75 176.2 %
EPS (Riyal) 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 -
Earnings Per Share before unusual items (Riyal) (0.03) 0.36 1289.0 %
EPS (Riyal) 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%.

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