Aldrees Petroleum and Transport Services Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

 

1444/12/30     18/07/2023 09:16:51
 
Element List Current Quarter Similar Quarter For Previous Year %Change Previous Quarter % Change
Sales/Revenue 3,580.6 2,987.6 19.85 3,418.6 4.74
Gross Profit (Loss) 168.9 136.5 23.74 163.3 3.43
Operational Profit (Loss) 104.4 83.2 25.48 103.4 0.97
Net Profit (Loss) after Zakat and Tax 70.2 45.9 52.94 70.5 -0.42
Total Comprehensive Income 70.2 45.9 52.94 70.5 -0.42
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar Period For Previous Year %Change
Sales/Revenue 6,999.2 5,767.7 21.35
Gross Profit (Loss) 332.2 272.6 21.86
Operational Profit (Loss) 207.8 167.2 24.28
Net Profit (Loss) after Zakat and Tax 140.8 108.3 30.01
Total Comprehensive Income 140.8 108.3 30.01
Total Share Holders Equity (after Deducting Minority Equity) 1,100.1 991 11.01
Profit (Loss) per Share 1.88 1.44
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the increase of net profit for the current quarter compared with the same quarter last year is due to the increase of Petrol and Transport Divisions sales, and increase in the interest income from Sukuk investment. There was a write-down in the investment portfolio (due to loss) in Q2-2022. And decrease of Marketing and Selling expense, although there is an increase of General, Administrative Expenses, financial and Zakat expenses, and a decrease in the profit of the joint venture.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The reason for the decrease of net profit for the current quarter compared with the previous quarter is due to the increase in General and Administrative Expenses and Financial expense although there is an increase of Petrol and Transport Divisions sales and increase of Other Incomes and Sukuk interest income, and increase in the profit of the joint venture and a decrease of Marketing and Selling expenses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason for the increase during the current period compared to the same period of the previous year due to the increase in sales for the Petrol and Transport Divisions, the increase in other revenues, interest income from Sukuk, and cash deposits, and the decrease in selling and marketing expenses despite the increase in general and administrative expenses, financial and Zakat expenses, and a decrease in the profit of the joint venture.
Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion Other matter

 

The financial statements for the year ended 31 December 2022 were audited by our previous Auditing firm that expressed an unqualified opinion on those financial statements on 29 Jumada AlThani 1444H (corresponding to 22 January 2023). Also, the interim condensed financial statements of the Company for the period ended 30 June 2022 were reviewed by another auditor who expressed an unqualified conclusion on those interim condensed financial statements on 22 Dhu‘ Hijjah 1443H (corresponding to 21 July 2023).

Reclassification of Comparison Items Certain accounts were reclassified to conform with the presentation in the current period .
Additional Information The adjustment to the operating income for the previous year results is due to the reclassification of other incomes to be included in the operating income before Zakat.