Aldrees Petroleum and Transport Services Co.(ALDREES) announces its Annual Financial Results for the Period Ending on 2020-12-31
|Element List||Current Year||Previous Year||%Change|
|Gross Profit (Loss)||325.7||461.6||-29.441|
|Operational Profit (Loss)||188.3||313.8||-39.993|
|Net Profit (Loss) after Zakat and Tax||121.1||291.7||-58.484|
|Total Comprehensive Income||111||283.6||-60.86|
|Total Share Holders Equity (after Deducting Minority Equity)||892.5||874.8||2.023|
|Profit (Loss) per Share||2.02||4.86|
|All figures are in (Millions) Saudi Arabia, Riyals|
|The reason of the increase (decrease) in the net profit during the current year compared to the last year is||The reason of decrease in net profit during the current period compared with the same period of the previous year is due to the decrease in the sales of Petrol and Transport Divisions because of the precautionary measures against the emerging corona virus (COVID-19) during the year, as well as the decrease in other income. It should be noted that 2019G includes other income related to the year 2018G (as explained below). |
There is also unrealized losses from re-evaluation of investment at fair value through profit and loss, and increased financial expenses due to the application of International Accounting Standard No. 16, despite the decrease in Marketing, General, Administrative and Zakat expenses, and the increase in investment profits in the joint venture.
|Statement of the type of external auditor's report||Unmodified opinion|
|Reclassification of Comparison Items||Certain figures of the previous year have been re-classified to conform with the presentation in the current year.|
|Additional Information||The company has recorded the effect of the increase in the profit margin for the FY ending on December 31, 2019 by reducing the cost of sales in the comprehensive income statement for the year ending December 31, 2019. As for the effect of the increase in the profit margin from August 23, 2018 to December 31, 2018 the effect was recorded as other income in the fourth quarter of FY 2019. |
The decrease in the net comprehensive income statement compared to the same period of the previous year is due to the effect of re-measurement of employees' defined benefits.
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