Bawan’s net profit up 16% in H1 2019

30/07/2019 Argaam Exclusive

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Share Price

43.40
(1.70) (3.77 %)

Bawan Co. (BAWAN)

Bawan Co. reported a net profit of SAR 18.07 million for H1 2019, a rise of 15.7 percent year-on-year (YoY) due to higher gross profit, and lower income tax, despite increased operating expenses.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 988.12 1,115.98 12.9 %
Gross Income 96.33 130.12 35.1 %
Operating Income 24.34 35.99 47.9 %
Net Income 15.61 18.07 15.7 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.26 0.30 15.7 %

Net profit in Q2 2019 surged by 89.3 percent YoY to SAR 3.03 million on higher gross income, increased revenue and strong profit margins. 

 

On a quarterly basis, net profit dropped 79.9 percent, driven by lower gross profit and higher financing costs. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 465.77 519.17 11.5 %
Gross Income 39.73 58.94 48.4 %
Operating Income 5.50 12.47 126.9 %
Net Income 1.60 3.03 89.3 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.03 0.05 89.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
Q1 2011 - - - - - - -
Q2 2011 - - - - - - -
Q3 2011 - - - - - - -
Q4 2011 - - - - - - -
Q1 2012 558.24 - 70.14 - 32.21 - 0.54
Q2 2012 531.64 - 64.40 - 34.49 - 0.57
Q3 2012 493.18 - 63.94 - 27.22 - 0.45
Q4 2012 502.56 - 79.96 - 37.26 - 0.62
Q1 2013 571.83 2.4 % 82.56 17.7 % 40.35 25.3 % 0.67
Q2 2013 619.59 16.5 % 105.23 63.4 % 43.97 27.5 % 0.73
Q3 2013 616.28 25.0 % 112.60 76.1 % 44.97 65.2 % 0.75
Q4 2013 640.77 27.5 % 93.20 16.6 % 38.90 4.4 % 0.65
Q1 2014 773.49 35.3 % 113.12 37.0 % 46.72 15.8 % 0.78
Q2 2014 758.47 22.4 % 107.51 2.2 % 47.10 7.1 % 0.79
Q3 2014 613.76 (0.4 %) 92.10 (18.2 %) 45.42 1.0 % 0.76
Q4 2014 654.49 2.1 % 81.30 (12.8 %) 37.22 (4.3 %) 0.62
Q1 2015 661.53 (14.5 %) 76.76 (32.1 %) 27.33 (41.5 %) 0.46
Q2 2015 646.04 (14.8 %) 71.90 (33.1 %) 23.81 (49.5 %) 0.40
Q3 2015 546.48 (11.0 %) 70.02 (24.0 %) 20.13 (55.7 %) 0.34
Q4 2015 549.94 (16.0 %) 76.47 (5.9 %) 16.88 (54.6 %) 0.28
Q1 2016 611.19 (7.6 %) 83.15 8.3 % 28.52 4.4 % 0.48
Q2 2016 642.66 (0.5 %) 120.65 67.8 % 53.22 123.6 % 0.89
Q3 2016 535.02 (2.1 %) 73.70 5.3 % 21.11 4.9 % 0.35
Q4 2016 529.76 (3.7 %) 74.24 (2.9 %) 11.52 (31.8 %) 0.19
Q1 2017 549.99 (10.0 %) 68.85 (17.2 %) 21.59 (24.3 %) 0.36
Q2 2017 475.66 (26.0 %) 53.25 (55.9 %) 8.90 (83.3 %) 0.15
Q3 2017 506.94 (5.2 %) 62.89 (14.7 %) 23.29 10.4 % 0.39
Q4 2017 596.16 12.5 % 78.21 5.3 % 17.23 49.6 % 0.29
Q1 2018 522.35 (5.0 %) 56.60 (17.8 %) 14.02 (35.1 %) 0.23
Q2 2018 465.77 (2.1 %) 39.73 (25.4 %) 1.60 (82.0 %) 0.03
Q3 2018 443.81 (12.5 %) 40.11 (36.2 %) (4.13) (117.7 %) (0.07)
Q4 2018 521.52 (12.5 %) 19.14 (75.5 %) (229.84) (1433.9 %) (3.83)
Q1 2019 596.81 14.3 % 71.18 25.8 % 15.04 7.3 % 0.25
Q2 2019 519.17 11.5 % 58.94 48.4 % 3.03 89.3 % 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 13.35 % 9.27 % 6.29 %
Q1 2013 13.86 % 9.69 % 6.64 %
Q2 2013 15.17 % 10.84 % 7.35 %
Q3 2013 16.46 % 11.90 % 8.33 %
Q4 2013 16.08 % 11.36 % 7.45 %
Q1 2014 16.01 % 11.23 % 7.36 %
Q2 2014 15.29 % 10.41 % 6.54 %
Q3 2014 14.57 % 9.81 % 6.02 %
Q4 2014 14.07 % 9.60 % 5.89 %
Q1 2015 13.30 % 8.89 % 5.18 %
Q2 2015 12.50 % 8.18 % 4.65 %
Q3 2015 11.96 % 7.43 % 3.80 %
Q4 2015 12.28 % 7.47 % 3.67 %
Q1 2016 12.81 % 7.81 % 3.80 %
Q2 2016 14.90 % 9.35 % 5.05 %
Q3 2016 15.13 % 9.52 % 5.12 %
Q4 2016 15.17 % 9.26 % 4.93 %
Q1 2017 14.95 % 9.12 % 4.76 %
Q2 2017 12.92 % 7.55 % 3.02 %
Q3 2017 12.57 % 7.50 % 3.17 %
Q4 2017 12.36 % 7.64 % 3.34 %
Q1 2018 11.94 % 7.16 % 3.02 %
Q2 2018 11.35 % 6.60 % 2.68 %
Q3 2018 10.58 % 5.59 % 1.42 %
Q4 2018 7.96 % 2.70 % (1.49 %)
Q1 2019 8.39 % 3.04 % (1.39 %)
Q2 2019 9.10 % 3.54 % (1.28 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 60.00 - - 11.07
Q2 2012 60.00 - - 10.36
Q3 2012 60.00 - - 10.12
Q4 2012 60.00 2.19 2.19 10.68
Q1 2013 60.00 2.32 2.32 10.30
Q2 2013 60.00 2.48 2.68 10.73
Q3 2013 60.00 2.78 3.21 11.24
Q4 2013 60.00 2.80 3.04 11.88
Q1 2014 60.00 2.91 3.25 12.68
Q2 2014 60.00 2.96 3.04 12.18
Q3 2014 60.00 2.97 2.80 12.51
Q4 2014 60.00 2.94 2.75 12.66
Q1 2015 60.00 2.62 2.32 12.69
Q2 2015 60.00 2.23 2.00 12.66
Q3 2015 60.00 1.81 1.59 12.79
Q4 2015 60.00 1.47 1.47 12.79
Q1 2016 60.00 1.49 1.49 13.02
Q2 2016 60.00 1.98 1.98 13.65
Q3 2016 60.00 2.00 2.00 13.62
Q4 2016 60.00 1.91 1.91 13.52
Q1 2017 60.00 1.79 1.79 13.64
Q2 2017 60.00 1.05 1.05 13.39
Q3 2017 60.00 1.09 1.09 13.78
Q4 2017 60.00 1.18 1.18 14.03
Q1 2018 60.00 1.06 1.06 13.84
Q2 2018 60.00 0.94 0.94 13.86
Q3 2018 60.00 0.48 0.48 13.80
Q4 2018 60.00 (3.64) (0.49) 10.11
Q1 2019 60.00 (3.62) (0.47) 10.36
Q2 2019 60.00 (3.60) (0.45) 10.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 18.88 17.40 4.45
Q1 2014 16.90 15.13 3.88
Q2 2014 21.00 20.46 5.10
Q3 2014 22.05 23.40 5.23
Q4 2014 13.46 14.41 3.13
Q1 2015 15.62 17.62 3.22
Q2 2015 18.03 20.15 3.18
Q3 2015 15.58 17.70 2.20
Q4 2015 15.89 15.89 1.83
Q1 2016 11.49 11.49 1.31
Q2 2016 11.78 11.78 1.71
Q3 2016 8.58 8.58 1.26
Q4 2016 11.87 11.87 1.67
Q1 2017 10.81 10.81 1.42
Q2 2017 16.67 16.67 1.31
Q3 2017 15.70 15.70 1.24
Q4 2017 14.80 14.80 1.25
Q1 2018 16.31 16.31 1.25
Q2 2018 18.30 18.30 1.23
Q3 2018 29.58 29.58 1.03
Q4 2018 NEG NEG 1.31
Q1 2019 NEG NEG 1.36
Q2 2019 NEG NEG 1.31

Business Segments (Million)

Compared With The
Period Steel and Wood Electrical products Plastic concrete Iron Industry Wood Others..
Q1 2013 - 144.29 - 49.35 246.91 131.28 -
Q2 2013 - 162.80 - 48.42 265.70 142.67 -
Q3 2013 - 198.54 - 42.88 228.37 146.49 -
Q4 2013 - 158.02 - 42.56 282.14 158.05 -
Q1 2014 - 214.90 - 49.87 354.48 154.23 -
Q2 2014 - 213.59 - 48.86 330.29 165.73 -
Q3 2014 - 140.24 - 38.50 243.33 191.69 -
Q4 2014 - 119.18 - 53.22 316.65 165.44 -
Q1 2015 - 90.02 - 57.09 330.33 184.08 -
Q2 2015 - 113.47 - 51.96 301.33 179.29 -
Q3 2015 - 119.82 - 46.97 215.28 164.41 -
Q4 2015 - 146.98 - 51.18 200.32 151.46 -
Q1 2016 398.15 161.52 - 51.52 - - -
Q2 2016 406.92 184.17 - 51.57 - - -
Q3 2016 325.99 165.20 - 43.83 - - -
Q4 2016 365.21 116.84 - 47.70 - - -
Q1 2017 390.68 110.76 - 48.56 - - -
Q2 2017 337.01 94.47 - 44.18 - - -
Q3 2017 400.03 63.71 - 43.20 - - -
Q4 2017 455.36 91.42 - 49.38 - - -
Q1 2018 408.92 75.86 - 37.58 - - -
Q2 2018 366.07 67.85 - 31.85 - - -
Q3 2018 344.77 59.99 - 39.06 - - -
Q4 2018 417.37 58.45 - 45.70 - - -
Q1 2019 404.71 66.12 75.71 50.27 - - -
Q2 2019 323.14 68.05 82.88 45.10 - - -

Current
Market Cap (M Riyal) 2,604.00
Enterprise Value (EV) (M) 3,001.54
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 2.18
Book Value (BV) ( Riyal) 14.97
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 21.18
P/E (TTM) 19.93
Price/book 2.90
Return on Average Assets (%) (TTM) 5.7
Return on Average Equity (%) (TTM) 14.9

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