Aldrees Petroleum and Transport Services Company (4200) Q3 2024 earnings summary

Executive summary

• Q3 2024 consolidated net sales were SAR 5.08 billion, up 30.8% year-over-year, with net profit rising 17.4% to SAR 67.6 million.

• Nine-month 2024 net sales reached SAR 14.22 billion, up 29% year-over-year, and net profit increased 17.4% to SAR 244.5 million.

• Gross profit for the nine months increased to SAR 593.7 million from SAR 508.0 million year-over-year.

• Petrol station network expanded to 993 locations, maintaining the largest market share in Saudi Arabia at 9.93%.

• Share capital increased to SAR 1.0 billion via bonus shares.

Financial highlights

• Q3 2024 gross profit rose 12.2% year-over-year to SAR 156.7 million; nine-month gross profit up 16.9% to SAR 593.7 million.

• Q3 2024 net income was SAR 84.6 million, compared to SAR 67.6 million in Q3 2023.

• Operating income for Q3 2024 was SAR 103.9 million, up 13.3% year-over-year; nine-month operating income reached SAR 311.2 million, up 15.8%.

• Total assets as of 30 September 2024 were SAR 8.22 billion, up from SAR 7.51 billion at year-end 2023.

• Net cash from operating activities for the nine months was SAR 923.9 million, up from SAR 623.4 million year-over-year.

Outlook and guidance

• Aims to sustain growth by expanding logistics and petroleum retail operations, leveraging technology and partnerships.

• Management confirmed the going concern basis and reported no material uncertainties affecting future operations.