Aldrees Petroleum and Transport Services Company (4200) Q2 2024 earnings summary

Executive summary

• Q2 2024 consolidated net sales reached SAR 4.60 billion, up 28.5% year-over-year, with net profit rising 17.3% to SAR 84.2 million.

• H1 2024 consolidated net sales totaled SAR 9.08 billion, a 28% increase, and net profit grew 13.5% to SAR 159.8 million.

• Gross profit for H1 2024 was SAR 389.6 million, up from SAR 332.2 million year-over-year.

• Share capital increased from SAR 750 million to SAR 1 billion via bonus shares.

• Dividends of SAR 75 million were distributed for the 2023 financial year.

Financial highlights

• Q2 2024 gross profit rose 29% year-over-year to SAR 200.1 million; operating income increased 18.4% to SAR 104.7 million.

• H1 2024 gross profit was SAR 389.6 million, up 17.3%; operating income reached SAR 207.3 million, up 17.2%.

• Basic and diluted EPS for H1 2024 was SAR 1.60, up from SAR 1.41 year-over-year.

• Total assets as of June 30, 2024, were SAR 8.13 billion, up from SAR 7.51 billion at year-end 2023.

• Financial charges in Q2 2024 increased 49% year-over-year to SAR 47.7 million.

Outlook and guidance

• Aims to remain the top petroleum retail brand and leading logistics provider in Saudi Arabia, focusing on sustainable growth and shareholder returns.

• Management confirmed the going concern assumption and sees sufficient resources to continue operations.

• No changes in fuel sales rates since Q1 2023; stable pricing environment expected.

• No material events occurred after the reporting date that would affect the financial statements.