Bawan’s net profit falls 38% in FY17

01/03/2018 Argaam Exclusive

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Bawan Co.’s net profit dropped 37.9 percent year-on-year (YoY) to SAR 71 million for the fiscal year 2017, due to a decline in gross income, revenue and profit margins.



Financials (M)

Item 2016 2017 Change‬
Revenues 2,318.62 2,128.75 (8.2 %)
Gross Income 351.74 263.20 (25.2 %)
Operating Income 161.17 107.34 (33.4 %)
Net Income 114.37 71.01 (37.9 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 1.91 1.18 (37.9 %)

The fourth-quarter net profit halved YoY to SAR 17.2 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 529.76 596.16 12.5 %
Gross Income 74.24 78.21 5.3 %
Operating Income 23.17 30.50 31.6 %
Net Income 11.52 17.23 49.6 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.19 0.29 49.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2015 549.94 (16.0 %) 76.47 (5.9 %) 28.87 (19.5 %)
Q1 2016 611.19 (7.6 %) 83.15 8.3 % 39.89 11.5 %
Q2 2016 642.66 (0.5 %) 120.65 67.8 % 65.53 118.3 %
Q3 2016 535.02 (2.1 %) 73.70 5.3 % 32.59 11.6 %
Q4 2016 529.76 (3.7 %) 74.24 (2.9 %) 23.17 (19.7 %)
Q1 2017 549.99 (10.0 %) 68.85 (17.2 %) 30.49 (23.6 %)
Q2 2017 475.66 (26.0 %) 53.25 (55.9 %) 17.21 (73.7 %)
Q3 2017 506.94 (5.2 %) 62.89 (14.7 %) 29.14 (10.6 %)
Q4 2017 596.16 12.5 % 78.21 5.3 % 30.50 31.6 %
2017 2,128.75 (8.2 %) 263.20 (25.2 %) 107.34 (33.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2015 16.88 (54.6 %) 0.28 - 16.88 0.28
Q1 2016 28.52 4.4 % 0.48 - 28.52 0.48
Q2 2016 53.22 123.6 % 0.89 - 53.22 0.89
Q3 2016 21.11 4.9 % 0.35 - 21.11 0.35
Q4 2016 11.52 (31.8 %) 0.19 - 11.52 0.19
Q1 2017 21.59 (24.3 %) 0.36 - 21.59 0.36
Q2 2017 8.90 (83.3 %) 0.15 - 8.90 0.15
Q3 2017 23.29 10.4 % 0.39 - 23.29 0.39
Q4 2017 17.23 49.6 % 0.29 - 17.23 0.29
2017 71.01 (37.9 %) 1.18 - 71.01 1.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
2017 12.36 % 7.64 % 3.34 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Business Segments (Million)

Compared With The
Period Steel and Wood 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 -
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 - - -

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 24.00 17.23 (28.2 %)

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
Riyad Capital 24.00 17.23 (28.2) %


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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