Aldrees’ net profit up 27% in H1 2019 on higher sales

17/07/2019 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. (Aldrees) posted a net profit after zakat and tax of SAR 47.2 million for the first half of 2019, a rise of 26.88 percent year-on-year (YoY), the company said in a bourse statement.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	2,575.48	2,626.25	2.0 %
Gross Income	132.03	131.51	(0.4 %)
Operating Income	76.60	69.61	(9.1 %)
Net Income	37.22	47.16	26.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.37	0.47	26.7 %

The increase can be attributed to an increase in sales of transport and petrol divisions, a rise in other income, and a decrease in sales and marketing expenses, the statement further said.

The second-quarter net profit after zakat and tax increased 14.57 percent YoY to SAR 17.3 million, backed by higher sales of transport as well as petrol segments, increase of other income and lower expenses, despite higher sales, marketing, general and administrative expenses.

When compared to previous quarter, net profit declined 42.14 percent driven by lower sales and higher marketing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	1,290.31	1,326.46	2.8 %
Gross Income	62.88	63.87	1.6 %
Operating Income	36.17	32.96	(8.9 %)
Net Income	15.12	17.27	14.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.15	0.17	14.2 %

Item	Q1 2019	Q2 2019	Change‬
Revenues	1,299.80	1,326.46	2.1 %
Gross Income	67.64	63.87	(5.6 %)
Operating Income	36.65	32.96	(10.1 %)
Net Income	29.89	17.27	(42.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.30	0.17	(42.2 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2015	566.53	6.5 %	56.33	2.7 %	32.31	21.7 %	0.32
Q4 2015	592.50	9.1 %	65.00	20.1 %	32.96	5.3 %	0.33
2015	2,302.99	7.4 %	251.84	10.9 %	144.04	16.4 %	1.44
Q1 2016	843.73	49.6 %	57.62	(12.2 %)	27.78	(33.8 %)	0.28
Q2 2016	896.65	54.6 %	58.57	(9.7 %)	28.51	(22.5 %)	0.29
Q3 2016	851.65	50.3 %	48.12	(14.6 %)	18.05	(44.1 %)	0.18
Q4 2016	869.33	46.7 %	43.08	(33.7 %)	16.68	(49.4 %)	0.17
2016	3,461.35	50.3 %	207.39	(17.7 %)	91.02	(36.8 %)	0.91
Q1 2017	840.39	(0.4 %)	42.50	(26.2 %)	14.58	(47.5 %)	0.15
Q2 2017	856.87	(4.4 %)	48.25	(17.6 %)	18.26	(35.9 %)	0.18
Q3 2017	826.87	(2.9 %)	46.50	(3.4 %)	18.22	0.9 %	0.18
Q4 2017	885.47	1.9 %	45.58	5.8 %	13.59	(18.6 %)	0.14
2017	3,409.60	(1.5 %)	182.84	(11.8 %)	64.65	(29.0 %)	0.65
Q1 2018	1,285.18	52.9 %	69.15	62.7 %	22.09	51.5 %	0.22
Q2 2018	1,290.31	50.6 %	62.88	30.3 %	15.12	(17.2 %)	0.15
Q3 2018	1,288.49	55.8 %	60.65	30.4 %	16.01	(12.1 %)	0.16
Q4 2018	1,312.61	48.2 %	60.30	32.3 %	13.38	(1.5 %)	0.13
2018	5,176.59	51.8 %	252.97	38.4 %	66.61	3.0 %	0.67
Q1 2019	1,299.80	1.1 %	67.64	(2.2 %)	29.89	35.3 %	0.30
Q2 2019	1,326.46	2.8 %	63.87	1.6 %	17.27	14.2 %	0.17

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	2,302.99	7.4 %	251.84	10.9 %	144.04	16.4 %	1.44
2016	3,461.35	50.3 %	207.39	(17.7 %)	91.02	(36.8 %)	0.91
2017	3,409.60	(1.5 %)	182.84	(11.8 %)	64.65	(29.0 %)	0.65
2018	5,176.59	51.8 %	252.97	38.4 %	66.61	3.0 %	0.67

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2015	10.69 %	9.20 %	5.87 %
Q4 2015	10.94 %	9.35 %	5.78 %
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 %
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 %
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 %
2018	4.89 %	8.71 %	1.29 %
Q1 2019	4.84 %	8.50 %	1.18 %
Q2 2019	4.83 %	8.37 %	1.22 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	10.94 %	9.35 %	5.78 %
2016	5.99 %	5.16 %	2.63 %
2017	5.36 %	4.88 %	1.90 %
2018	4.89 %	8.71 %	1.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2015	9.94 %	7.69 %	5.02 %
Q4 2015	10.97 %	9.93 %	5.43 %
Q1 2016	6.83 %	5.85 %	3.29 %
Q2 2016	6.53 %	5.62 %	3.18 %
Q3 2016	5.65 %	4.94 %	2.12 %
Q4 2016	4.96 %	4.25 %	1.92 %
Q1 2017	5.06 %	4.45 %	1.74 %
Q2 2017	5.63 %	5.04 %	2.13 %
Q3 2017	5.62 %	5.41 %	2.20 %
Q4 2017	5.15 %	4.63 %	1.53 %
Q1 2018	5.38 %	9.07 %	1.72 %
Q2 2018	4.87 %	8.56 %	1.17 %
Q3 2018	4.71 %	8.62 %	1.24 %
Q4 2018	4.59 %	8.61 %	1.02 %
Q1 2019	5.20 %	8.24 %	1.31 %
Q2 2019	4.81 %	8.04 %	1.30 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	100.00	1.44	1.33	6.43
2016	100.00	0.91	0.91	6.34
2017	100.00	0.65	0.65	6.56
2018	100.00	0.67	0.67	6.43

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2015	11.99	12.98	2.69
2016	17.11	17.11	2.46
2017	21.34	21.34	2.10
2018	27.78	27.78	2.88

Business Segments (Million)

Compared With The

Period	Oil services sector	Transport Service	elimination	Super Sector 2
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)	-
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)	-

Period	Oil services sector	Transport Service	elimination	Super Sector 2
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)	-
2015	2,078.82	291.13	(66.96)	-
2016	3,292.18	250.55	(81.38)	-
2017	3,250.64	236.15	(77.20)	-
2018	4,959.76	296.94	(80.12)	-

Analysts Estimates (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change‬
Average	18.90	17.27	(8.6 %)

Estimates vs Actual (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change
OSOOL AND BAKHEET	18.90	17.27	(8.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	11,980.00
Enterprise Value (EV) (M)	12,274.81
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)	41.64
P/E (TTM)	41.64
Price/book	9.22
Return on Average Assets (%) (TTM)	3.9
Return on Average Equity (%) (TTM)	23.2

Aldrees Petroleum and Transport Services Co. (ALDREES)

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Aldrees’ net profit up 27% in H1 2019 on higher sales

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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) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

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Aldrees’ net profit up 27% in H1 2019 on higher sales

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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 2019

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

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Business Segments (Million)