Aldrees 2021 net profit rises 46% to SAR 176.8 mln

18/01/2022 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit after Zakat and tax of SAR 176.8 million for 2021, up 46% from SAR 121.1 million in the same period last year.



Financials (M)

Item 2020 2021 Change‬
Revenues 4,974.08 9,109.62 83.1 %
Gross Income 325.74 451.44 38.6 %
Operating Income 188.31 283.36 50.5 %
Net Income 121.08 176.81 46.0 %
Average Shares 100.00 100.00 -
EPS (Riyals) 1.21 1.77 46.0 %

The company attributed the profit rise to higher sales in the petrol and transport divisions and an increase in unrealized profit from re-evaluating the investment at fair value through profit or loss.

 

This is despite low investment profits in the joint venture, a decrease in other revenues and an increase in marketing, general, administrative, financial and Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 1,496.73 2,620.38 75.1 %
Gross Income 106.49 128.70 20.8 %
Operating Income 67.03 83.61 24.7 %
Net Income 39.52 54.09 36.9 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.40 0.54 36.9 %

In Q4 2021, the company reported a net profit of SAR 54.1 million, a rise of 37% year-on-year (YoY), due to higher sales in the petrol and transport divisions.

 

Compared with the previous quarter, net profit rose 14.1% from SAR 47.41 million.

 

Shareholders' equity, excluding minority interest, at the end of the period amounted to SAR 995.1 million, compared to SAR 892.5 million at the end of the same period of the previous year.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
Q3 2019 1,472.74 14.3 % 66.04 8.9 % 16.55 3.4 % 0.17
Q4 2019 1,582.14 20.5 % 264.05 337.9 % 228.03 1603.9 % 2.28
Q1 2020 1,457.81 12.2 % 84.72 25.3 % 30.29 1.3 % 0.30
Q2 2020 719.28 (45.8 %) 46.03 (27.9 %) 14.38 (16.7 %) 0.14
Q3 2020 1,300.26 (11.7 %) 88.49 34.0 % 36.90 122.9 % 0.37
Q4 2020 1,496.73 (5.4 %) 106.49 (59.7 %) 39.52 (82.7 %) 0.40
Q1 2021 1,759.66 20.7 % 101.01 19.2 % 39.36 30.0 % 0.39
Q2 2021 2,173.19 202.1 % 103.85 125.6 % 35.95 150.0 % 0.36
Q3 2021 2,556.38 96.6 % 117.88 33.2 % 47.41 28.5 % 0.47
Q4 2021 2,620.38 75.1 % 128.70 20.8 % 54.09 36.9 % 0.54
2021 9,109.62 83.1 % 451.44 38.6 % 176.81 46.0 % 1.77

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2019 4.84 % 8.50 % 1.18 %
Q2 2019 4.83 % 8.37 % 1.22 %
Q3 2019 4.76 % 8.04 % 1.19 %
Q4 2019 8.13 % 10.90 % 4.02 %
Q1 2020 8.20 % 10.97 % 4.13 %
Q2 2020 8.81 % 11.27 % 4.23 %
Q3 2020 9.55 % 12.42 % 4.77 %
Q4 2020 6.55 % 9.83 % 2.08 %
Q1 2021 6.48 % 9.82 % 2.14 %
Q2 2021 5.94 % 9.24 % 2.25 %
Q3 2021 5.37 % 8.05 % 2.03 %
Q4 2021 4.96 % 7.29 % 1.94 %
2021 4.96 % 7.29 % 1.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2019 100.00 0.77 0.64 6.70
Q4 2019 100.00 2.92 2.28 8.75
Q1 2020 100.00 2.92 2.41 9.05
Q2 2020 100.00 2.89 2.21 8.26
Q3 2020 100.00 3.10 2.41 8.63
Q4 2020 100.00 1.21 1.04 8.92
Q1 2021 100.00 1.30 1.13 9.32
Q2 2021 100.00 1.52 1.52 9.08
Q3 2021 100.00 1.62 1.62 9.55
Q4 2021 100.00 1.77 1.77 9.95

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2019 37.22 44.71 4.28
Q4 2019 12.86 16.45 4.29
Q1 2020 11.51 13.92 3.71
Q2 2020 13.05 17.07 4.57
Q3 2020 12.83 16.46 4.60
Q4 2020 32.17 37.57 4.36
Q1 2021 32.84 37.90 4.59
Q2 2021 33.77 33.77 5.65
Q3 2021 33.71 33.71 5.73
Q4 2021 28.35 28.35 5.04

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
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) -
Q3 2019 1,407.07 85.88 (20.20) -
Q4 2019 1,510.62 93.71 (22.19) -
Q1 2020 1,406.89 73.61 (22.69) -
Q2 2020 666.76 69.79 (17.27) -
Q3 2020 1,246.27 77.86 (23.87) -
Q4 2020 1,447.61 73.29 (24.18) -
Q1 2021 1,712.60 71.05 (24.00) -
Q2 2021 2,122.64 75.30 (24.75) -
Q3 2021 2,489.92 94.16 (27.71) -
Q4 2021 2,540.16 110.33 (30.11) -

Analysts Estimates (Million)

Item Q4 2021 (e) Q4 2021 (a) Change‬
Average 58.00 54.09 (6.7 %)

Estimates vs Actual (Million)

Item Q4 2021 (e) Q4 2021 (a) Change
Al Rajhi Capital 58.00 54.09 (6.7) %

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

Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)


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