Aldrees profit up 10% to SAR 77.4M in Q1 2024

25/04/2024 Argaam Exclusive

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

Aldrees Petroleum and Transport Services Co. (Aldrees) made a net profit of SAR 77.4 million in Q1 2024, up 10% from SAR 70.5 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	3,418.62	4,357.84	27.5 %
Gross Income	163.30	189.50	16.0 %
Operating Income	103.45	119.60	15.6 %
Net Income	70.54	77.44	9.8 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.71	0.77	9.8 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	3,951.65	4,357.84	10.3 %
Gross Income	172.82	189.50	9.7 %
Operating Income	106.78	119.60	12.0 %
Net Income	72.49	77.44	6.8 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.72	0.77	6.8 %

Profit growth was driven by higher sales as the number of stations and trucks increased.

Aldrees also reported higher sales in the petrol and transportation segments, as well as increased revenue from bank deposits and Sukuk investment. The joint project produced better investment results.

Meanwhile, the company's other income decreased while its marketing and sales as well as general and administrative expenses increased. Financing costs and Zakat expenses also rose during the three-month period.

Aldrees indicated a decrease in total comprehensive income in Q1 2024 for recalculating losses on remeasurement of defined employee benefit liabilities.

Total shareholders’ equity, no minority interest, reached SAR 1.29 billion as of March 31, 2024, compared to SAR 1.17 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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
2019	5,681.13	9.7 %	461.60	82.5 %	291.74	338.0 %	2.92
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
2020	4,974.08	(12.4 %)	325.74	(29.4 %)	121.08	(58.5 %)	1.21
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
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
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
Q1 2024	4,357.84	27.5 %	189.50	16.0 %	77.44	9.8 %	0.77

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2019	5,681.13	9.7 %	461.60	82.5 %	291.74	338.0 %	2.92
2020	4,974.08	(12.4 %)	325.74	(29.4 %)	121.08	(58.5 %)	1.21
2021	9,109.62	83.1 %	451.44	38.6 %	176.81	46.0 %	1.77
2022	12,356.08	35.6 %	594.56	31.7 %	241.83	36.8 %	2.42
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 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 %
Q3 2019	4.76 %	8.04 %	1.19 %
Q4 2019	8.13 %	10.90 %	4.02 %
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 %
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 %
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 %
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 %
Q1 2024	4.48 %	6.15 %	1.82 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2019	8.13 %	10.90 %	4.02 %
2020	6.55 %	9.83 %	2.08 %
2021	4.96 %	7.29 %	1.94 %
2022	4.81 %	6.23 %	1.96 %
2023	4.59 %	6.23 %	1.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2019	4.48 %	7.36 %	1.12 %
Q4 2019	16.69 %	18.78 %	11.21 %
Q1 2020	5.81 %	8.82 %	2.08 %
Q2 2020	6.40 %	7.71 %	(0.42 %)
Q3 2020	6.81 %	11.33 %	2.84 %
Q4 2020	7.12 %	10.54 %	2.64 %
Q1 2021	5.74 %	8.94 %	2.24 %
Q2 2021	4.78 %	7.32 %	1.65 %
Q3 2021	4.61 %	6.59 %	1.85 %
Q4 2021	4.91 %	6.85 %	2.06 %
Q1 2022	4.90 %	6.33 %	2.25 %
Q2 2022	4.57 %	6.14 %	1.54 %
Q3 2022	4.62 %	6.06 %	1.90 %
Q4 2022	5.15 %	6.37 %	2.15 %
Q1 2023	4.78 %	6.25 %	2.06 %
Q2 2023	4.72 %	6.36 %	1.96 %
Q3 2023	4.53 %	5.98 %	1.74 %
Q4 2023	4.37 %	6.36 %	1.83 %
Q1 2024	4.35 %	5.93 %	1.78 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2024	100.00	2.88	2.88	12.99

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2019	100.00	2.92	2.28	8.75
2020	100.00	1.21	1.04	8.92
2021	100.00	1.77	1.77	9.95
2022	100.00	2.42	2.42	11.09
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 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
Q1 2024	43.03	43.03	9.53

Period	P/E	Adjusted P/E	Price/book
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
2019	12.86	16.45	4.29
2020	32.17	37.57	4.36
2021	28.35	28.35	5.04
2022	23.08	23.08	5.03
2023	47.40	47.40	10.77

Business Segments (Million)

Compared With The

Period	Oil services sector	Transport Service	elimination	Super Sector 2
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)	-
Q1 2024	4,291.40	122.55	(56.11)	-

Period	Oil services sector	Transport Service	elimination	Super Sector 2
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)	-
2019	5,402.97	358.76	(80.60)	-
2020	4,767.54	294.55	(88.00)	-
2021	8,865.33	350.84	(106.56)	-
2022	12,080.19	416.91	(141.01)	-
2023	14,480.06	538.22	(184.22)	-

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	85.94	77.44	(9.9 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Al Rajhi Capital	80.00	77.44	(3.2) %
Hermes	80.00	77.44	(3.2) %
United Securities Company	81.00	77.44	(4.4) %
Morgan Stanley International	102.75	77.44	(24.6) %

Financial Ratios

	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

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Aldrees profit up 10% to SAR 77.4M in Q1 2024

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

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) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Aldrees profit up 10% to SAR 77.4M in Q1 2024

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Share Price

Aldrees Petroleum and Transport Services Co. (ALDREES)

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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)