Aldrees H1 2024 profit rises 14% to SAR 159.8M; Q2 at SAR 82.4M

22/07/2024 Argaam Exclusive

Content Summary:

Loading data...

Comments Analysis:

Positive: 0%
Neutral: 0%
Negative: 0%
Comments Summary:Loading data...
Please note that this news summary has been generated using artificial intelligence. It is recommended to review the original sources for complete details and to verify the accuracy of the information.

Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit of SAR 159.8 million for the first half of 2024, a rise of 14% from SAR 140.8 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 6,999.22 8,958.99 28.0 %
Gross Income 332.20 389.60 17.3 %
Operating Income 207.81 247.16 18.9 %
Net Income 140.77 159.84 13.5 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 1.41 1.60 13.5 %
EPS (Riyal) 1.41 1.60 13.5 %

The profit growth was buoyed by an increase in operating stations and transport trucks. This was in addition to higher petrol and transport division sales, an increase in income from bank deposits and sukuk investments, as well as higher income from the joint venture.

 

Total comprehensive income increased in H1 2024 compared to the same period of the previous year, due to the remeasurement losses of employees' defined benefits obligations.

 

However, the company posted lower other income and higher marketing, selling, general, administrative, financing, and Zakat expenses

 

In Q2 2024, Aldrees posted a net profit of SAR 82.4 million, up 17% from SAR 70.24 million in Q2 2023, driven mainly by an increase in operating stations and transport trucks.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 3,580.60 4,601.15 28.5 %
Gross Income 168.90 200.10 18.5 %
Operating Income 104.36 127.83 22.5 %
Net Income 70.24 82.41 17.3 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyal) 0.70 0.82 17.3 %
EPS (Riyal) 0.70 0.82 17.3 %

Sequentially, Q2 2024 net profit rose 6.4% from SAR 77.44 million.

 

Total shareholders’ equity, no minority interest, reached SAR 1.30 billion as of June 30, 2024, compared to SAR 1.10 billion a year earlier.

View More Financial Results

 

View other reports