Bawan’s net profit plunges 49% in nine-months 2015

19/10/2015 Argaam Exclusive

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Bawan Co. reported a profit of SAR 71.3 million for the first nine months of 2015, a 49 percent decline compared to the same period last year mainly attributed a drop in revenue and a rise in expenses.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 2,145.71 1,854.05 (13.6 %)
Gross Income 312.73 218.68 (30.1 %)
Operating Income 184.21 94.97 (48.4 %)
Net Income 139.24 71.27 (48.8 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 2.32 1.19 (48.8 %)

 

The company reported a net income of SAR 20.13 million in Q3 this year, a 56 percent decline compared to the same quarter last year on lower revenue and higher operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 613.76 546.48 (11.0 %)
Gross Income 92.10 70.02 (24.0 %)
Operating Income 55.35 29.19 (47.3 %)
Net Income 45.42 20.13 (55.7 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.76 0.34 (55.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %)
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 %)


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 - - - - - -
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 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
Q1 2013 40.35 25.3 % 0.67 - 40.35 0.67
Q2 2013 43.97 27.5 % 0.73 - 55.99 0.93
Q3 2013 44.97 65.2 % 0.75 - 58.93 0.98
Q4 2013 38.90 4.4 % 0.65 - 27.18 0.45
Q1 2014 46.72 15.8 % 0.78 - 52.95 0.88
Q2 2014 47.10 7.1 % 0.79 - 43.30 0.72
Q3 2014 45.42 1.0 % 0.76 - 44.42 0.74
Q4 2014 37.22 (4.3 %) 0.62 - 24.17 0.40
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

Profitability

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 - - -
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 %


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

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

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 -

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 21.00 20.13 (4.2 %)

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
Riyad Capital 21.00 20.13 (4.2) %


Financial Ratios
Current
Market Cap (M Riyal) 2,904.00
Enterprise Value (EV) (M) 3,301.54
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) 23.62
P/E (TTM) 22.23
Price/book 3.23
Return on Average Assets (%) (TTM) 5.7
Return on Average Equity (%) (TTM) 14.9
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Share Price

Bawan Co.
48.40
1.10 2.33 %

Bawan Co. (BAWAN)

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