Halwani’s 2014 net profit down 2% to SAR 90.8 mln

15/01/2015 Argaam Exclusive

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Share Price

Halwani Bros. Co. (HB)

Halwani Bros Company, a producer of food products, reported 2014’s net profit of SAR 90.8 million, a two percent decrease compared to the last year.

A net profit of SAR 23.6 million was reported for Q4-2014 compared to SAR 20.5 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	958.10	1,064.95	11.2 %
Gross Income	286.70	308.36	7.6 %
Operating Income	131.58	134.27	2.0 %
Net Income	92.52	90.82	(1.8 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	2.62	2.57	(1.8 %)

The Company attributed the decrease of 2014’s net profit compared to the previous year to the increase of selling and distribution expenses, general administrative expenses along with the increase in corporate income taxes in Egypt from 25percent to 30percent.

2014’s financial statements as per SOCPA accounting standards incurs the value of damaged inventory, property and equipment resulted from the 3 incidents during the year without realizing the insurance indemnification due from the insurance company.

The Company attributed the increase of Q4-2014’s net profit compared to the same period last year to the increase of turnover growth of SAR 264 million in Q4 2014 vs. SAR 241 million in same quarter last year equivalent to 9.4 percent which increased gross profit along with the increase of return on Islamic time deposits and other income.

The increase of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to the decrease of estimated Zakat value in Saudi Arabia in Q4 2014 vs. Q3 2014.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	241.35	264.08	9.4 %
Gross Income	67.14	72.00	7.2 %
Operating Income	32.97	32.32	(2.0 %)
Net Income	22.54	23.64	4.9 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.64	0.67	4.9 %

Item	Q3 2014	Q4 2014	Change‬
Revenues	260.94	264.08	1.2 %
Gross Income	74.77	72.00	(3.7 %)
Operating Income	32.52	32.32	(0.6 %)
Net Income	20.46	23.64	15.5 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.58	0.67	15.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	-	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-	-
2005	471.59	10.1 %	124.87	14.2 %	37.27	41.1 %	1.05
Q1 2006	121.90	-	32.98	-	6.88	-	0.19
Q2 2006	131.29	-	36.34	-	10.44	-	0.30
Q3 2006	138.53	-	40.87	-	13.60	-	0.38
Q4 2006	125.17	-	33.97	-	7.93	-	0.22
2006	516.89	9.6 %	144.16	15.4 %	38.84	4.2 %	1.10
Q1 2007	132.86	9.0 %	36.75	11.5 %	6.50	(5.5 %)	0.18
Q2 2007	134.36	2.3 %	35.70	(1.8 %)	13.57	30.0 %	0.38
Q3 2007	144.10	4.0 %	37.29	(8.8 %)	8.95	(34.2 %)	0.25
Q4 2007	140.03	11.9 %	28.54	(16.0 %)	4.33	(45.4 %)	0.12
2007	551.34	6.7 %	138.28	(4.1 %)	33.34	(14.2 %)	0.94
Q1 2008	151.96	14.4 %	38.29	4.2 %	31.62	386.4 %	0.89
Q2 2008	167.44	24.6 %	42.27	18.4 %	9.04	(33.3 %)	0.26
Q3 2008	180.79	25.5 %	41.75	11.9 %	10.16	13.5 %	0.29
Q4 2008	163.33	16.6 %	38.37	34.5 %	7.60	75.7 %	0.21
2008	663.51	20.3 %	160.68	16.2 %	58.41	75.2 %	1.65
Q1 2009	168.33	10.8 %	43.82	14.4 %	12.48	(60.5 %)	0.35
Q2 2009	154.28	(7.9 %)	46.99	11.2 %	11.94	32.1 %	0.34
Q3 2009	142.59	(21.1 %)	45.40	8.8 %	9.89	(2.6 %)	0.28
Q4 2009	152.06	(6.9 %)	48.75	27.1 %	8.33	9.7 %	0.24
2009	617.26	(7.0 %)	184.97	15.1 %	42.64	(27.0 %)	1.21
Q1 2010	173.15	2.9 %	57.58	31.4 %	20.96	68.0 %	0.59
Q2 2010	179.15	16.1 %	59.23	26.0 %	21.71	81.7 %	0.61
Q3 2010	186.07	30.5 %	58.71	29.3 %	20.27	105.1 %	0.57
Q4 2010	193.61	27.3 %	62.43	28.1 %	17.46	109.5 %	0.49
2010	731.97	18.6 %	237.95	28.6 %	80.40	88.6 %	2.27
Q1 2011	193.89	12.0 %	61.67	7.1 %	21.68	3.4 %	0.61
Q2 2011	215.58	20.3 %	66.43	12.2 %	23.37	7.7 %	0.66
Q3 2011	206.20	10.8 %	60.03	2.2 %	19.63	(3.2 %)	0.56
Q4 2011	197.98	2.3 %	55.38	(11.3 %)	15.84	(9.3 %)	0.45
2011	813.64	11.2 %	243.51	2.3 %	80.52	0.2 %	2.28
Q1 2012	216.74	11.8 %	66.53	7.9 %	18.09	(16.5 %)	0.51
Q2 2012	223.52	3.7 %	68.51	3.1 %	22.79	(2.5 %)	0.64
Q3 2012	226.27	9.7 %	67.70	12.8 %	20.68	5.3 %	0.58
Q4 2012	225.65	14.0 %	74.97	35.4 %	25.44	60.6 %	0.72
2012	892.18	9.7 %	277.71	14.0 %	87.00	8.0 %	2.46
Q1 2013	250.03	15.4 %	86.45	29.9 %	30.93	70.9 %	0.87
Q2 2013	238.86	6.9 %	72.85	6.3 %	21.91	(3.8 %)	0.62
Q3 2013	227.85	0.7 %	60.26	(11.0 %)	17.14	(17.1 %)	0.48
Q4 2013	241.35	7.0 %	67.14	(10.4 %)	22.54	(11.4 %)	0.64
2013	958.10	7.4 %	286.70	3.2 %	92.52	6.3 %	2.62
Q1 2014	266.05	6.4 %	79.52	(8.0 %)	23.63	(23.6 %)	0.67
Q2 2014	273.89	14.7 %	82.08	12.7 %	23.09	5.3 %	0.65
Q3 2014	260.94	14.5 %	74.77	24.1 %	20.46	19.3 %	0.58
Q4 2014	264.08	9.4 %	72.00	7.2 %	23.64	4.9 %	0.67
2014	1,064.95	11.2 %	308.36	7.6 %	90.82	(1.8 %)	2.57

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	471.59	10.1 %	124.87	14.2 %	37.27	41.1 %	1.05
2006	516.89	9.6 %	144.16	15.4 %	38.84	4.2 %	1.10
2007	551.34	6.7 %	138.28	(4.1 %)	33.34	(14.2 %)	0.94
2008	663.51	20.3 %	160.68	16.2 %	58.41	75.2 %	1.65
2009	617.26	(7.0 %)	184.97	15.1 %	42.64	(27.0 %)	1.21
2010	731.97	18.6 %	237.95	28.6 %	80.40	88.6 %	2.27
2011	813.64	11.2 %	243.51	2.3 %	80.52	0.2 %	2.28
2012	892.18	9.7 %	277.71	14.0 %	87.00	8.0 %	2.46
2013	958.10	7.4 %	286.70	3.2 %	92.52	6.3 %	2.62
2014	1,064.95	11.2 %	308.36	7.6 %	90.82	(1.8 %)	2.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	26.48 %	12.45 %	7.90 %
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	27.89 %	12.00 %	7.51 %
2006	27.89 %	12.00 %	7.51 %
Q1 2007	28.03 %	11.74 %	7.29 %
Q2 2007	27.74 %	12.35 %	7.83 %
Q3 2007	26.79 %	11.56 %	6.89 %
Q4 2007	25.08 %	10.68 %	6.05 %
2007	25.08 %	10.68 %	6.05 %
Q1 2008	24.51 %	10.76 %	6.16 %
Q2 2008	24.26 %	9.77 %	4.97 %
Q3 2008	23.56 %	9.67 %	4.87 %
Q4 2008	24.22 %	10.27 %	5.34 %
2008	24.22 %	10.27 %	5.34 %
Q1 2009	24.45 %	10.64 %	5.83 %
Q2 2009	25.64 %	11.42 %	6.48 %
Q3 2009	27.78 %	12.44 %	6.83 %
Q4 2009	29.97 %	13.21 %	6.91 %
2009	29.97 %	13.21 %	6.91 %
Q1 2010	31.95 %	14.47 %	8.22 %
Q2 2010	32.61 %	15.30 %	9.41 %
Q3 2010	32.48 %	15.74 %	10.32 %
Q4 2010	32.51 %	15.78 %	10.98 %
2010	32.51 %	15.78 %	10.98 %
Q1 2011	32.16 %	15.69 %	10.78 %
Q2 2011	31.58 %	15.52 %	10.49 %
Q3 2011	30.96 %	15.48 %	10.15 %
Q4 2011	29.93 %	15.20 %	9.90 %
2011	29.93 %	15.20 %	9.90 %
Q1 2012	29.69 %	14.77 %	9.20 %
Q2 2012	29.66 %	14.96 %	9.04 %
Q3 2012	29.86 %	15.13 %	8.95 %
Q4 2012	31.13 %	16.21 %	9.75 %
2012	31.13 %	16.21 %	9.75 %
Q1 2013	32.16 %	17.46 %	10.79 %
Q2 2013	32.10 %	17.48 %	10.52 %
Q3 2013	31.25 %	16.73 %	10.13 %
Q4 2013	29.92 %	16.38 %	9.66 %
2013	29.92 %	16.38 %	9.66 %
Q1 2014	28.72 %	15.22 %	8.75 %
Q2 2014	28.64 %	15.02 %	8.56 %
Q3 2014	29.12 %	15.36 %	8.61 %
Q4 2014	28.96 %	14.99 %	8.53 %
2014	28.96 %	14.99 %	8.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	26.48 %	12.45 %	7.90 %
2006	27.89 %	12.00 %	7.51 %
2007	25.08 %	10.68 %	6.05 %
2008	24.22 %	10.27 %	5.34 %
2009	29.97 %	13.21 %	6.91 %
2010	32.51 %	15.78 %	10.98 %
2011	29.93 %	15.20 %	9.90 %
2012	31.13 %	16.21 %	9.75 %
2013	29.92 %	16.38 %	9.66 %
2014	28.96 %	14.99 %	8.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	27.05 %	11.11 %	5.64 %
Q2 2006	27.68 %	12.15 %	7.95 %
Q3 2006	29.50 %	13.55 %	9.81 %
Q4 2006	27.14 %	11.01 %	6.33 %
Q1 2007	27.66 %	10.13 %	4.89 %
Q2 2007	26.57 %	14.57 %	10.10 %
Q3 2007	25.88 %	10.54 %	6.21 %
Q4 2007	20.38 %	7.61 %	3.09 %
Q1 2008	25.20 %	10.51 %	5.47 %
Q2 2008	25.24 %	10.23 %	5.01 %
Q3 2008	23.09 %	10.04 %	5.61 %
Q4 2008	23.49 %	10.35 %	5.27 %
Q1 2009	26.03 %	11.97 %	7.41 %
Q2 2009	30.46 %	13.57 %	7.74 %
Q3 2009	31.84 %	14.15 %	6.93 %
Q4 2009	32.06 %	13.32 %	5.48 %
Q1 2010	33.25 %	16.54 %	12.11 %
Q2 2010	33.06 %	16.69 %	12.12 %
Q3 2010	31.56 %	16.08 %	10.90 %
Q4 2010	32.25 %	13.99 %	9.02 %
Q1 2011	31.81 %	16.09 %	11.18 %
Q2 2011	30.81 %	15.89 %	10.84 %
Q3 2011	29.11 %	15.86 %	9.52 %
Q4 2011	27.98 %	12.87 %	8.00 %
Q1 2012	30.69 %	14.36 %	8.35 %
Q2 2012	30.65 %	16.56 %	10.20 %
Q3 2012	29.92 %	16.44 %	9.14 %
Q4 2012	33.22 %	17.41 %	11.28 %
Q1 2013	34.57 %	19.22 %	12.37 %
Q2 2013	30.50 %	16.71 %	9.17 %
Q3 2013	26.45 %	13.33 %	7.52 %
Q4 2013	27.82 %	15.98 %	9.34 %
Q1 2014	29.89 %	14.81 %	8.88 %
Q2 2014	29.97 %	15.77 %	8.43 %
Q3 2014	28.65 %	14.93 %	7.84 %
Q4 2014	27.26 %	14.43 %	8.95 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	35.36	-	-	6.28
Q2 2006	35.36	-	-	6.57
Q3 2006	35.36	-	-	6.95
Q4 2006	35.36	1.10	1.10	7.19
Q1 2007	35.36	1.09	1.09	7.37
Q2 2007	35.36	1.18	1.18	7.13
Q3 2007	35.36	1.04	1.04	7.40
Q4 2007	35.36	0.94	0.94	7.56
Q1 2008	35.36	1.65	0.99	8.43
Q2 2008	35.36	1.53	0.85	8.76
Q3 2008	35.36	1.56	0.88	13.54
Q4 2008	35.36	1.65	1.00	13.71
Q1 2009	35.36	1.11	1.12	12.82
Q2 2009	35.36	1.19	1.22	13.13
Q3 2009	35.36	1.19	1.21	12.85
Q4 2009	35.36	1.21	1.21	13.10
Q1 2010	35.36	1.45	1.45	13.68
Q2 2010	35.36	1.72	1.72	13.34
Q3 2010	35.36	2.02	2.02	13.92
Q4 2010	35.36	2.27	2.27	14.35
Q1 2011	35.36	2.29	2.29	13.61
Q2 2011	35.36	2.34	2.34	14.26
Q3 2011	35.36	2.32	2.32	14.80
Q4 2011	35.36	2.28	2.28	15.21
Q1 2012	35.36	2.18	2.18	15.67
Q2 2012	35.36	2.16	2.16	14.63
Q3 2012	35.36	2.19	2.19	15.22
Q4 2012	35.36	2.46	2.46	15.87
Q1 2013	35.36	2.82	2.82	14.75
Q2 2013	35.36	2.80	2.80	15.28
Q3 2013	35.36	2.70	2.70	15.80
Q4 2013	35.36	2.62	2.62	16.43
Q1 2014	35.36	2.41	2.41	17.08
Q2 2014	35.36	2.44	2.44	16.02
Q3 2014	35.36	2.54	2.54	16.56
Q4 2014	35.36	2.57	2.57	17.27

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	35.36	1.05	1.05	6.08
2006	35.36	1.10	1.10	7.19
2007	35.36	0.94	0.94	7.56
2008	35.36	1.65	1.00	13.71
2009	35.36	1.21	1.21	13.10
2010	35.36	2.27	2.27	14.35
2011	35.36	2.28	2.28	15.21
2012	35.36	2.46	2.46	15.87
2013	35.36	2.62	2.62	16.43
2014	35.36	2.57	2.57	17.27

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	13.47	23.83	1.55
Q4 2008	11.34	18.68	1.37
Q1 2009	18.29	18.14	1.59
Q2 2009	25.61	25.02	2.33
Q3 2009	25.24	24.64	2.33
Q4 2009	23.90	23.90	2.20
Q1 2010	21.44	21.44	2.27
Q2 2010	20.22	20.22	2.61
Q3 2010	20.07	20.07	2.91
Q4 2010	16.03	16.03	2.54
Q1 2011	13.20	13.20	2.22
Q2 2011	14.37	14.37	2.36
Q3 2011	14.17	14.17	2.22
Q4 2011	21.86	21.86	3.27
Q1 2012	20.72	20.72	2.88
Q2 2012	14.90	14.90	2.20
Q3 2012	16.86	16.86	2.42
Q4 2012	15.30	15.30	2.37
Q1 2013	15.29	15.29	2.93
Q2 2013	18.68	18.68	3.42
Q3 2013	21.56	21.56	3.68
Q4 2013	20.07	20.07	3.20
Q1 2014	29.04	29.04	4.10
Q2 2014	28.78	28.78	4.39
Q3 2014	29.88	29.88	4.58
Q4 2014	28.17	28.17	4.19

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	11.34	18.68	1.37
2009	23.90	23.90	2.20
2010	16.03	16.03	2.54
2011	21.86	21.86	3.27
2012	15.30	15.30	2.37
2013	20.07	20.07	3.20
2014	28.18	28.18	4.19

Analysts Estimates (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change‬
Average	24.20	23.64	(2.3 %)

Estimates vs Actual (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change
OSOOL AND BAKHEET	24.20	23.64	(2.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,707.89
Enterprise Value (EV) (M)	-
Shares Outstanding ((M))	35.36
EPS ( Riyal) (TTM)	(2.95)
Book Value (BV) ( Riyal)	6.89
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	7.01
Return on Average Assets (%) (TTM)	(11.79 )
Return on Average Equity (%) (TTM)	(31.96 )

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Halwani’s 2014 net profit down 2% to SAR 90.8 mln

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Share Price

Halwani Bros. Co. (HB)

Halwani Bros Company, a producer of food products, reported 2014’s net profit of SAR 90.8 million, a two percent decrease compared to the last year.

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Halwani’s 2014 net profit down 2% to SAR 90.8 mln

View other reports

Share Price

Halwani Bros. Co. (HB)

Halwani Bros Company, a producer of food products, reported 2014’s net profit of SAR 90.8 million, a two percent decrease compared to the last year.

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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