Aldrees 2022 profit rises 37% to SAR 241.8 mln, Q4 at SAR 71.8 mln

22/01/2023 Argaam Exclusive

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Aldrees Petroleum and Transport Services Co. reported a net profit after Zakat and tax of SAR 241.8 million for 2022, a rise of 37% from SAR 176.8 million in the previous year.



Financials (M)

Item 2021 2022 Change‬
Revenues 9,109.62 12,356.08 35.6 %
Gross Income 451.44 594.56 31.7 %
Operating Income 283.36 363.02 28.1 %
Net Income 176.81 241.83 36.8 %
Average Shares 100.00 100.00 -
EPS (Riyals) 1.77 2.42 36.8 %

The strong profit was lifted by better sales from the transport and petroleoum segments, as well as improved other Income and the income from Sukuk investment recorded amortized cost. The company also reported higher total comprehensive income, compared to 2021.

 

The profit growth was generated despite a decline in profits from the joint venture, along with an uptick in marketing, general and administrative (G&A), financial and Zakat expenses. 

 

In Q4 2022, net profit after Zakat and tax leapt 33% to SAR 71.8 million, compared to SAR 54.09 million a year ago, driven by higher sales from the transport and petroleum segments. This is besides increased other and total comprehensive income.

 

Compared to the previous quarter, net profit grew by 16.4% from SAR 61.71 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 2,620.38 3,332.16 27.2 %
Gross Income 128.70 171.50 33.3 %
Operating Income 83.61 106.94 27.9 %
Net Income 54.09 71.78 32.7 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.54 0.72 32.7 %

Total shareholders’ equity, after minority interest, stood at SAR 1.109 billion as of Dec. 31, 2022, from SAR 995.1 million in 2021.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2022 2,780.13 58.0 % 136.18 34.8 % 62.42 58.6 % 0.62
Q2 2022 2,987.61 37.5 % 136.45 31.4 % 45.92 27.7 % 0.46
Q3 2022 3,256.19 27.4 % 150.43 27.6 % 61.71 30.2 % 0.62
Q4 2022 3,332.16 27.2 % 171.50 33.3 % 71.78 32.7 % 0.72
2022 12,356.08 35.6 % 594.56 31.7 % 241.83 36.8 % 2.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2022 4.80 % 6.74 % 1.97 %
Q2 2022 4.74 % 6.46 % 1.92 %
Q3 2022 4.74 % 6.32 % 1.92 %
Q4 2022 4.81 % 6.23 % 1.96 %
2022 4.81 % 6.23 % 1.96 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2022 100.00 2.00 2.00 9.45
Q2 2022 100.00 2.10 2.10 9.91
Q3 2022 100.00 2.24 2.24 10.53
Q4 2022 100.00 2.42 2.42 11.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2022 29.17 29.17 6.17
Q2 2022 23.85 23.85 5.05
Q3 2022 22.70 22.70 4.83
Q4 2022 23.08 23.08 5.03

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
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) -
Q1 2022 2,711.54 100.22 (31.63) -
Q2 2022 2,929.58 92.72 (34.70) -
Q3 2022 3,183.22 110.34 (37.37) -
Q4 2022 3,255.85 113.62 (37.31) -

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 65.00 71.78 10.43 %

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
Hermes 67.00 71.78 7.1 %
Al Rajhi Capital 63.00 71.78 13.9 %

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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