Financial Results : Bawan’s net profit falls 24% in Q1

Bawan’s net profit falls 24% in Q1

04/05/2017 Argaam Exclusive

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Bawan Co. reported a net profit of SAR 21.6 million for Q1 2017, a 24.3 percent year-on-year (YoY) drop, on a decline in revenue leading to lower gross income.  

On a sequential basis, Q1 net profit jumped 95 percent, attributed to lower operating expenses, a decline in cost of finance, lower zakat and income tax, and higher revenue. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2016 Q1 2017 Change‬
Revenues 611.19 549.99 (10.0 %)
Gross Income 83.15 68.85 (17.2 %)
Operating Income 39.89 30.49 (23.6 %)
Net Income 28.52 21.59 (24.3 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyal) 0.48 0.36 (24.3 %)
EPS (Riyal) 0.48 0.36 (24.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 (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
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
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


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 %)

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 %
2016 15.17 % 9.26 % 4.93 %
Q1 2017 14.95 % 9.12 % 4.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (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

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

Business Segments (Million)

Compared With The
Period Steel and Wood Electrical products Construction 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 - - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 15.00 21.59 43.95 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Riyad Capital 15.00 21.59 30.5 %


Financial Ratios
Current
Market Cap (M Riyal) 3,333.00
Enterprise Value (EV) (M) 4,654.30
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 1.89
Book Value (BV) ( Riyal) 16.08
Par Value ( Riyal) 10.00
Recurring P/E 29.40
P/E (TTM) 29.40
Price/book 3.46
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 12.2
EV/adj EBITDA 18.29
EV/Revenues 1.47
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Share Price

Bawan Co.
55.55
0.80 1.46 %

Bawan Co. (BAWAN)

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