Aldrees (AO) | Buy | Disciplined growth continues in Q2, boosted by Transport

研报英文原文证据摘录

Aldrees (AO) | Buy | Disciplined growth continues in Q2, boosted by Transport

News comment

Release date: 22 July 2026

Jean-Pierre Dmirdjian

Energy Equity Analyst

+971 4 555 6007

jpdmirdjian@keplercheuvreux.com

BuyAldrees

Saudi Arabia | Oil & gas MCap: SAR11.4bn

Target Price: SAR133.00 Bloomberg: ALDREES AB Reuters: 4200.SE

Current Price: SAR114.10 Free float 96%

Up/downside: 16.6% Avg. daily volume (SARm) 34.6

YTD abs performance -13.6% Market data: 21 July 2026

52-week high/low (SAR) 153.30/107.30

Disciplined growth continues in Q2, boosted by Transport

Key points:

Yesterday morning's Q2 release delivered a strong beat across the board, with revenue, EBIT and net profit ahead of our estimates

by c. 3%, 4% and 7%, respectively (c. 3%, 9% and 12% above consensus), driven by robust Transport performance.

Fuel volumes rose c. 16% YOY while the network expanded 15%, reflecting a stable throughput per station. Logistics was the

standout within Transport, likely supported by regional supply-chain disruption amid recent geopolitical tensions.

Buy confirmed ahead of the earnings call due on 23 July. Steady, profitable network expansion, resilient throughput and stronger-

than-expected Transport momentum leave Aldrees well positioned to meet or exceed our above-consensus FY 2026 forecasts.

Strong Q2 results, led by Transport strength

Q2 revenue rose 18% YOY to SAR7.33bn, beating both consensus and our estimate by c. 3%, driven by network expansion, higher

fuel volumes and the January diesel price increase.

Gross profit, a more telling metric, increased c. 20% YOY to SAR269.1m, beating consensus by 9% and our estimate by 5%, driven

by a particularly strong Transport performance (32% above our expectation), while Petroleum fell slightly short of our forecast.

Net profit rose c.