Bawan’s FY15 profit tumbles 50% on lower revenue, higher expenses

Bawan Co. said its net profit for the 2015 fiscal year plunged 50 percent year-on-year (YOY) to SAR 88.15 million. The company cited lower revenue, higher operating expenses, financial charges and Zakat as the main factors which weighed on results during the period.

Financials (M)

Item	2014	2015	Change‬
Revenues	2,800.20	2,403.98	(14.1 %)
Gross Income	394.03	295.15	(25.1 %)
Operating Income	220.05	123.83	(43.7 %)
Net Income	176.46	88.15	(50.0 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	2.94	1.47	(50.0 %)

The company’s fourth-quarter net profit also dropped 55 percent YOY to SAR 16.88 million. Profit for Q4-2015 was 16 percent lower when compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	654.49	549.94	(16.0 %)
Gross Income	81.30	76.47	(5.9 %)
Operating Income	35.84	28.87	(19.5 %)
Net Income	37.22	16.88	(54.6 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.62	0.28	(54.6 %)

Item	Q3 2015	Q4 2015	Change‬
Revenues	546.48	549.94	0.6 %
Gross Income	70.02	76.47	9.2 %
Operating Income	29.19	28.87	(1.1 %)
Net Income	20.13	16.88	(16.1 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.34	0.28	(16.1 %)

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Share Price

Bawan Co. (BAWAN)

	Current
Market Cap (M Riyal)	2,949.00
Enterprise Value (EV) (M)	3,336.79
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	1.87
Book Value (BV) ( Riyal)	14.96
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	26.31
P/E (TTM)	26.31
Price/book	3.28
Return on Average Assets (%) (TTM)	5.4
Return on Average Equity (%) (TTM)	12.6

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	1,573.77	-	275.51	-	170.73	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	1,856.64	18.0 %	281.65	2.2 %	167.53	(1.9 %)
Q1 2012	558.24	-	70.14	-	40.82	-
Q2 2012	531.64	-	64.40	-	35.75	-
Q3 2012	493.18	-	63.94	-	34.36	-
Q4 2012	502.56	-	79.96	-	46.15	-
2012	2,085.62	12.3 %	278.44	(1.1 %)	157.07	(6.2 %)
Q1 2013	571.83	2.4 %	82.56	17.7 %	49.37	21.0 %
Q2 2013	619.59	16.5 %	105.23	63.4 %	68.97	92.9 %
Q3 2013	616.28	25.0 %	112.60	76.1 %	74.52	116.9 %
Q4 2013	640.77	27.5 %	93.20	16.6 %	46.03	(0.3 %)
2013	2,448.46	17.4 %	393.59	41.4 %	238.89	52.1 %
Q1 2014	773.49	35.3 %	113.12	37.0 %	68.46	38.7 %
Q2 2014	758.47	22.4 %	107.51	2.2 %	60.40	(12.4 %)
Q3 2014	613.76	(0.4 %)	92.10	(18.2 %)	55.35	(25.7 %)
Q4 2014	654.49	2.1 %	81.30	(12.8 %)	35.84	(22.1 %)
2014	2,800.20	14.4 %	394.03	0.1 %	220.05	(7.9 %)
Q1 2015	661.53	(14.5 %)	76.76	(32.1 %)	35.76	(47.8 %)
Q2 2015	646.04	(14.8 %)	71.90	(33.1 %)	30.01	(50.3 %)
Q3 2015	546.48	(11.0 %)	70.02	(24.0 %)	29.19	(47.3 %)
Q4 2015	549.94	(16.0 %)	76.47	(5.9 %)	28.87	(19.5 %)
2015	2,403.98	(14.1 %)	295.15	(25.1 %)	123.83	(43.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	1,573.77	-	275.51	-	170.73	-
2011	1,856.64	18.0 %	281.65	2.2 %	167.53	(1.9 %)
2012	2,085.62	12.3 %	278.44	(1.1 %)	157.07	(6.2 %)
2013	2,448.46	17.4 %	393.59	41.4 %	238.89	52.1 %
2014	2,800.20	14.4 %	394.03	0.1 %	220.05	(7.9 %)
2015	2,403.98	(14.1 %)	295.15	(25.1 %)	123.83	(43.7 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	140.13	-	2.34	(6.85)	146.98	2.45
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	135.23	(3.5 %)	2.25	-	135.23	2.25
Q1 2012	32.21	-	0.54	-	32.21	0.54
Q2 2012	34.49	-	0.57	-	34.49	0.57
Q3 2012	27.22	-	0.45	-	27.22	0.45
Q4 2012	37.26	-	0.62	-	37.26	0.62
2012	131.18	(3.0 %)	2.19	-	131.18	2.19
Q1 2013	40.35	25.3 %	0.67	-	40.35	0.67
Q2 2013	43.97	27.5 %	0.73	(12.02)	55.99	0.93
Q3 2013	44.97	65.2 %	0.75	(13.96)	58.93	0.98
Q4 2013	38.90	4.4 %	0.65	11.72	27.18	0.45
2013	168.19	28.2 %	2.80	(14.27)	182.45	3.04
Q1 2014	46.72	15.8 %	0.78	(6.23)	52.95	0.88
Q2 2014	47.10	7.1 %	0.79	3.80	43.30	0.72
Q3 2014	45.42	1.0 %	0.76	1.00	44.42	0.74
Q4 2014	37.22	(4.3 %)	0.62	13.04	24.17	0.40
2014	176.46	4.9 %	2.94	11.61	164.84	2.75
Q1 2015	27.33	(41.5 %)	0.46	-	27.33	0.46
Q2 2015	23.81	(49.5 %)	0.40	-	23.81	0.40
Q3 2015	20.13	(55.7 %)	0.34	-	20.13	0.34
Q4 2015	16.88	(54.6 %)	0.28	-	16.88	0.28
2015	88.15	(50.0 %)	1.47	-	88.15	1.47

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	140.13	-	2.34	(6.85)	146.98	2.45
2011	135.23	(3.5 %)	2.25	-	135.23	2.25
2012	131.18	(3.0 %)	2.19	-	131.18	2.19
2013	168.19	28.2 %	2.80	(14.27)	182.45	3.04
2014	176.46	4.9 %	2.94	11.61	164.84	2.75
2015	88.15	(50.0 %)	1.47	-	88.15	1.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	17.51 %	12.88 %	9.34 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	15.17 %	10.80 %	7.28 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	13.35 %	9.27 %	6.29 %
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 %
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 %
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 %
2015	12.28 %	7.47 %	3.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	17.51 %	12.88 %	9.34 %
2011	15.17 %	10.80 %	7.28 %
2012	13.35 %	9.27 %	6.29 %
2013	16.08 %	11.36 %	7.45 %
2014	14.07 %	9.60 %	5.89 %
2015	12.28 %	7.47 %	3.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	12.56 %	8.79 %	5.77 %
Q2 2012	12.11 %	8.48 %	6.49 %
Q3 2012	12.96 %	9.42 %	5.52 %
Q4 2012	15.91 %	10.48 %	7.41 %
Q1 2013	14.44 %	10.35 %	7.06 %
Q2 2013	16.98 %	12.73 %	9.04 %
Q3 2013	18.27 %	13.66 %	9.56 %
Q4 2013	14.54 %	8.72 %	4.24 %
Q1 2014	14.63 %	10.18 %	6.85 %
Q2 2014	14.17 %	9.44 %	5.71 %
Q3 2014	15.01 %	10.96 %	7.24 %
Q4 2014	12.42 %	7.82 %	3.69 %
Q1 2015	11.60 %	7.40 %	4.13 %
Q2 2015	11.13 %	6.71 %	3.68 %
Q3 2015	12.81 %	7.85 %	3.68 %
Q4 2015	13.91 %	8.09 %	3.07 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	-	-	-	-
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	60.00	2.34	2.45	9.60
2011	60.00	2.25	2.25	10.58
2012	60.00	2.19	2.19	10.68
2013	60.00	2.80	3.04	11.88
2014	60.00	2.94	2.75	12.66
2015	60.00	1.47	1.47	12.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	18.88	17.40	4.45
2014	13.46	14.41	3.13
2015	15.89	15.89	1.83

Business Segments (Million)

Compared With The

Period	Electrical products	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	-

Period	Electrical products	concrete	Iron Industry	Wood	Others
2010	336.50	81.55	643.70	512.01	-
2011	354.03	108.76	849.13	544.72	-
2012	439.22	153.03	899.93	593.44	-
2013	663.65	183.19	1,023.13	578.49	-
2014	687.90	190.46	1,244.75	677.10	-
2015	470.28	207.20	1,047.26	679.24	-

Analysts Estimates (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change‬
Average	20.60	16.88	(18.1 %)

Estimates vs Actual (Million)

Item	Q4 2015 (e)	Q4 2015 (a)	Change
Riyad Capital	18.90	16.88	(10.7) %
Value Capital	22.30	16.88	(24.3) %

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Bawan’s FY15 profit tumbles 50% on lower revenue, higher expenses

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Bawan Co. (BAWAN)

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Bawan’s FY15 profit tumbles 50% on lower revenue, higher expenses

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Bawan Co. (BAWAN)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2015

Revenue by Business Segment (Latest) 2015 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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