Aldrees profit rises 16% to SAR 280.8M in 2023; Q4 at SAR 72.5M

28/01/2024 Argaam Exclusive

View other reports

Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

Aldrees Petroleum and Transport Services Co. (Aldrees) reported a net profit of SAR 280.8 million in 2023, up 16% from SAR 241.8 million a year earlier. 



Financials (M)

Item 2022 2023 Change‬
Revenues 12,356.08 14,834.06 20.1 %
Gross Income 594.56 680.85 14.5 %
Operating Income 363.02 421.16 16.0 %
Net Income 241.83 280.81 16.1 %
Average Shares 100.00 100.00 -
EPS (Riyals) 2.42 2.81 16.1 %

The profit growth was driven by higher sales in the petrol and transport segments. The company also reported an increase in finance income and commission income from an investment at amortized cost. Meanwhile, selling, marketing, and Zakat expenses decreased.

 

On the other hand, Aldrees recorded higher general and administrative expenses (G&A), as well as finance charges. Other income and the company's share in the profit of the joint venture also declined.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 3,332.16 3,951.65 18.6 %
Gross Income 171.50 172.82 0.8 %
Operating Income 106.94 106.78 (0.1 %)
Net Income 71.78 72.49 1.0 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.72 0.72 1.0 %

The fourth-quarter net profit grew 1% to SAR 72.5 million from SAR 71.78 million in Q4 2022, thanks to growth and expansion in stations.

 

Aldrees reported higher sales from the petrol and transport segments during the three-month period. Meanwhile, other income and other finance income increased.

 

The Q4 2023 earnings increased by 7.3% from SAR 67.55 million in the previous quarter as G&A and Zakat expenses declined. The quarterly profit growth was also buoyed by growth and expansion in stations, along with higher sales from the petrol and transport segments.

 

Total shareholders’ equity, no minority interest, reached SAR 1.23 billion as of Dec. 31, 2023, compared to SAR 1.10 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2023 3,418.62 23.0 % 163.30 19.9 % 70.54 13.0 % 0.71
Q2 2023 3,580.60 19.8 % 168.90 23.8 % 70.24 53.0 % 0.70
Q3 2023 3,883.19 19.3 % 175.83 16.9 % 67.55 9.5 % 0.68
Q4 2023 3,951.65 18.6 % 172.82 0.8 % 72.49 1.0 % 0.72
2023 14,834.06 20.1 % 680.85 14.5 % 280.81 16.1 % 2.81

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 4.78 % 6.21 % 1.92 %
Q2 2023 4.81 % 6.26 % 2.02 %
Q3 2023 4.78 % 6.23 % 1.97 %
Q4 2023 4.59 % 6.23 % 1.89 %
2023 4.59 % 6.23 % 1.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 100.00 2.50 2.50 11.80
Q2 2023 100.00 2.74 2.74 11.00
Q3 2023 100.00 2.80 2.80 11.68
Q4 2023 100.00 2.81 2.81 12.36

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 28.49 28.49 6.03
Q2 2023 33.98 33.98 8.47
Q3 2023 37.61 37.61 9.02
Q4 2023 47.40 47.40 10.77

Business Segments (Million)

Compared With The
Period Oil services sector Transport Service elimination Super Sector 2
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) -
Q1 2023 3,347.70 112.84 (41.93) -
Q2 2023 3,491.71 133.68 (44.79) -
Q3 2023 3,777.46 154.81 (49.08) -
Q4 2023 3,863.19 136.89 (48.43) -

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 66.00 72.49 9.83 %

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
Al Rajhi Capital 71.00 72.49 2.1 %
United Securities Company 61.00 72.49 18.8 %

Current
Market Cap (M Riyal) 10,540.00
Enterprise Value (EV) (M) 10,834.81
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) 36.63
P/E (TTM) 36.63
Price/book 8.11
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 23.2

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.