Aldrees Petroleum and Transport Services Company (4200) Q4 2023 earnings summary

Executive summary

• FY2023 consolidated net sales reached SAR 14.83bn, up 20.1% YoY; net income was SAR 280.8m, up 16.1%.

• Operations ended 2023 with 850 stations, 4,369 trucks and trailers, and 9,204 employees.

Financial highlights

• FY2023 consolidated gross profit was SAR 680.9m, up 14.5% YoY; operating income was SAR 421.2m, up 16.0%.

• FY2023 net income was SAR 280.8m versus SAR 241.8m; net margin was 1.89% versus 1.96%.

• Q4 consolidated net sales were SAR 3.95bn versus SAR 3.37bn; net income was SAR 72.5m versus SAR 71.8m.

• FY2023 financial charges rose to SAR 146.4m from SAR 116.8m; other income was SAR 9.1m versus SAR 7.0m.

Segment performance

• Transport Division FY2023 sales revenue was SAR 538.3m, up 29.1% YoY; transportation operations rose 27.9% and supply chain operations 30.6%.

• Transport fleet at year-end comprised 1,594 tractor heads, up 6.48%, and 2,775 trailers, up 4.64%.

• Petroleum stations increased to 850 from 740, up 14.86% YoY.

• Aldrees Bertschi Logistics FY2023 revenue was SAR 16.15m versus SAR 17.48m; net income was SAR 2.11m versus SAR 2.90m, down 27%.

• FY2023 net share of Aldrees Bertschi Logistics income was SAR 975.2k versus SAR 1.48m, down 34%.