Al Hammadi's net profit down 7% in 9M 2018

28/10/2018 Argaam Exclusive

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Al Hammadi Company for Development and Investment reported a net profit of SAR 72.1 million in the first nine months of 2018, a 6.59 percent year-on-year (YoY) drop attributed to higher financing cost, and increased direct as well as indirect operating expenses.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	519.94	665.56	28.0 %
Gross Income	174.08	185.04	6.3 %
Operating Income	92.95	97.74	5.2 %
Net Income	77.21	72.12	(6.6 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.48	0.45	(6.6 %)

Profit for third quarter was SAR 21.3 million; 9.6 percent down YoY, due to higher financing cost, and increased operating expenses associated with Nuzha hospital branch opening.

On a sequential basis, profit for the period was up 6.9 percent higher revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	163.01	250.40	53.6 %
Gross Income	53.91	64.92	20.4 %
Operating Income	26.46	31.19	17.9 %
Net Income	23.59	21.31	(9.7 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.15	0.13	(9.7 %)

Item	Q2 2018	Q3 2018	Change‬
Revenues	214.49	250.40	16.7 %
Gross Income	53.28	64.92	21.9 %
Operating Income	28.26	31.19	10.4 %
Net Income	19.93	21.31	6.9 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.12	0.13	6.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	309.88	-	125.79	-	80.95	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	301.55	(2.7 %)	136.40	8.4 %	87.88	8.6 %
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	330.66	9.7 %	147.65	8.3 %	92.15	4.9 %
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	378.68	14.5 %	163.11	10.5 %	92.34	0.2 %
Q1 2013	104.84	-	47.34	-	30.09	-
Q2 2013	108.85	-	45.84	-	22.74	-
Q3 2013	96.26	-	36.81	-	19.02	-
Q4 2013	124.13	-	55.17	-	34.34	-
2013	434.08	14.6 %	185.16	13.5 %	112.10	21.4 %
Q1 2014	122.04	16.4 %	54.71	15.6 %	35.96	19.5 %
Q2 2014	121.66	11.8 %	53.68	17.1 %	35.77	57.3 %
Q3 2014	108.83	13.1 %	44.74	21.5 %	24.77	30.3 %
Q4 2014	129.43	4.3 %	55.99	1.5 %	34.52	0.5 %
2014	481.96	11.0 %	209.11	12.9 %	130.95	16.8 %
Q1 2015	129.48	6.1 %	50.64	(7.4 %)	33.35	(7.3 %)
Q2 2015	137.36	12.9 %	63.56	18.4 %	37.91	6.0 %
Q3 2015	136.80	25.7 %	57.97	29.6 %	31.92	28.8 %
Q4 2015	157.70	21.8 %	68.06	21.6 %	40.39	17.0 %
2015	561.33	16.5 %	240.24	14.9 %	143.57	9.6 %
Q1 2016	144.16	11.3 %	54.75	8.1 %	26.66	(20.0 %)
Q2 2016	138.08	0.5 %	57.56	(9.5 %)	27.63	(27.1 %)
Q3 2016	141.35	3.3 %	56.48	(2.6 %)	25.97	(18.6 %)
Q4 2016	182.65	15.8 %	73.35	7.8 %	18.58	(54.0 %)
2016	606.24	8.0 %	242.13	0.8 %	98.81	(31.2 %)
Q1 2017	180.23	25.0 %	62.02	13.3 %	33.61	26.0 %
Q2 2017	176.71	28.0 %	58.16	1.0 %	32.88	19.0 %
Q3 2017	163.01	15.3 %	53.91	(4.5 %)	26.46	1.9 %
Q4 2017	188.69	3.3 %	65.08	(11.3 %)	33.93	82.6 %
2017	708.62	16.9 %	239.16	(1.2 %)	126.88	28.4 %
Q1 2018	200.67	11.3 %	66.84	7.8 %	38.29	13.9 %
Q2 2018	214.49	21.4 %	53.28	(8.4 %)	28.26	(14.0 %)
Q3 2018	250.40	53.6 %	64.92	20.4 %	31.19	17.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2008	-	-	-	-	-	-
2009	309.88	-	125.79	-	80.95	-
2010	301.55	(2.7 %)	136.40	8.4 %	87.88	8.6 %
2011	330.66	9.7 %	147.65	8.3 %	92.15	4.9 %
2012	378.68	14.5 %	163.11	10.5 %	92.34	0.2 %
2013	434.08	14.6 %	185.16	13.5 %	112.10	21.4 %
2014	481.96	11.0 %	209.11	12.9 %	130.95	16.8 %
2015	561.33	16.5 %	240.24	14.9 %	143.57	9.6 %
2016	606.24	8.0 %	242.13	0.8 %	98.81	(31.2 %)
2017	708.62	16.9 %	239.16	(1.2 %)	126.88	28.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	76.40	-	0.48	-	76.40	0.48
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	79.87	4.5 %	0.50	-	79.87	0.50
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	89.94	12.6 %	0.56	-	89.94	0.56
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	94.27	4.8 %	0.59	-	94.27	0.59
Q1 2013	29.83	-	0.19	-	29.83	0.19
Q2 2013	30.06	-	0.19	-	24.06	0.15
Q3 2013	18.32	-	0.11	-	18.32	0.11
Q4 2013	33.29	-	0.21	-	33.29	0.21
2013	111.50	18.3 %	0.70	-	111.50	0.70
Q1 2014	34.23	14.7 %	0.21	-	34.23	0.21
Q2 2014	35.60	18.4 %	0.22	-	35.60	0.22
Q3 2014	25.42	38.7 %	0.16	-	25.42	0.16
Q4 2014	33.71	1.2 %	0.21	-	33.71	0.21
2014	128.95	15.6 %	0.81	-	128.95	0.81
Q1 2015	41.01	19.8 %	0.26	9.80	31.21	0.20
Q2 2015	36.89	3.6 %	0.23	-	36.89	0.23
Q3 2015	27.69	8.9 %	0.17	-	27.69	0.17
Q4 2015	35.75	6.0 %	0.22	-	35.75	0.22
2015	141.33	9.6 %	0.88	9.80	131.53	0.82
Q1 2016	21.14	(48.5 %)	0.13	-	21.14	0.13
Q2 2016	20.63	(44.1 %)	0.13	-	20.63	0.13
Q3 2016	20.73	(25.1 %)	0.13	-	20.73	0.13
Q4 2016	10.48	(70.7 %)	0.07	-	10.48	0.07
2016	72.96	(48.4 %)	0.46	-	72.96	0.46
Q1 2017	27.97	32.3 %	0.17	-	27.97	0.17
Q2 2017	25.66	24.4 %	0.16	-	25.66	0.16
Q3 2017	23.59	13.8 %	0.15	-	23.59	0.15
Q4 2017	30.76	193.4 %	0.19	-	30.76	0.19
2017	107.97	48.0 %	0.67	-	107.97	0.67
Q1 2018	30.88	10.4 %	0.19	-	30.88	0.19
Q2 2018	19.93	(22.3 %)	0.12	-	19.93	0.12
Q3 2018	21.31	(9.7 %)	0.13	-	21.31	0.13

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2008	-	-	-	-	-	-
2009	76.40	-	0.48	-	76.40	0.48
2010	79.87	4.5 %	0.50	-	79.87	0.50
2011	89.94	12.6 %	0.56	-	89.94	0.56
2012	94.27	4.8 %	0.59	-	94.27	0.59
2013	111.50	18.3 %	0.70	-	111.50	0.70
2014	128.95	15.6 %	0.81	-	128.95	0.81
2015	141.33	9.6 %	0.88	9.80	131.53	0.82
2016	72.96	(48.4 %)	0.46	-	72.96	0.46
2017	107.97	48.0 %	0.67	-	107.97	0.67

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	40.59 %	31.76 %	24.65 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	45.23 %	33.73 %	26.49 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	44.65 %	31.79 %	27.20 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	43.07 %	27.97 %	24.89 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	42.66 %	27.60 %	24.31 %
2013	42.66 %	28.96 %	25.69 %
Q1 2014	42.66 %	27.85 %	24.35 %
Q2 2014	43.18 %	29.90 %	26.17 %
Q3 2014	43.70 %	30.34 %	26.97 %
Q4 2014	43.39 %	30.09 %	26.75 %
2014	43.39 %	30.07 %	26.75 %
Q1 2015	41.90 %	29.13 %	25.73 %
Q2 2015	42.55 %	28.68 %	25.19 %
Q3 2015	42.80 %	29.71 %	24.29 %
Q4 2015	42.80 %	31.06 %	23.43 %
2015	42.80 %	31.06 %	23.43 %
Q1 2016	42.42 %	30.79 %	21.09 %
Q2 2016	41.32 %	30.64 %	18.24 %
Q3 2016	40.74 %	29.96 %	16.90 %
Q4 2016	39.94 %	25.11 %	12.04 %
2016	39.94 %	25.10 %	12.03 %
Q1 2017	38.83 %	24.74 %	12.43 %
Q2 2017	36.71 %	24.09 %	12.46 %
Q3 2017	35.22 %	23.41 %	12.48 %
Q4 2017	33.75 %	25.39 %	15.24 %
2017	33.75 %	25.39 %	15.24 %
Q1 2018	33.46 %	26.03 %	15.21 %
Q2 2018	31.18 %	25.45 %	13.71 %
Q3 2018	29.28 %	24.60 %	12.04 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	40.59 %	31.76 %	24.65 %
2010	45.23 %	33.73 %	26.49 %
2011	44.65 %	31.79 %	27.20 %
2012	43.07 %	27.97 %	24.89 %
2013	42.66 %	28.96 %	25.69 %
2014	43.39 %	30.07 %	26.75 %
2015	42.80 %	31.06 %	23.43 %
2016	39.94 %	25.10 %	12.03 %
2017	33.75 %	25.39 %	15.24 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	45.15 %	31.89 %	28.45 %
Q2 2013	42.11 %	24.00 %	22.10 %
Q3 2013	38.24 %	23.34 %	19.03 %
Q4 2013	44.45 %	30.42 %	26.82 %
Q1 2014	44.83 %	32.21 %	28.04 %
Q2 2014	44.12 %	32.25 %	29.26 %
Q3 2014	41.11 %	26.05 %	23.36 %
Q4 2014	43.26 %	29.45 %	26.04 %
Q1 2015	39.11 %	28.49 %	24.10 %
Q2 2015	46.28 %	30.21 %	26.86 %
Q3 2015	42.37 %	30.62 %	20.24 %
Q4 2015	43.16 %	34.31 %	22.67 %
Q1 2016	37.98 %	27.65 %	14.66 %
Q2 2016	41.68 %	29.60 %	14.94 %
Q3 2016	39.95 %	27.83 %	14.67 %
Q4 2016	40.16 %	17.59 %	5.74 %
Q1 2017	34.41 %	25.82 %	15.52 %
Q2 2017	32.91 %	26.06 %	14.52 %
Q3 2017	33.07 %	24.41 %	14.47 %
Q4 2017	34.49 %	25.21 %	16.30 %
Q1 2018	33.31 %	28.10 %	15.39 %
Q2 2018	24.84 %	23.98 %	9.29 %
Q3 2018	25.93 %	21.86 %	8.51 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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	160.00	-	-	3.74
Q2 2013	160.00	-	-	3.67
Q3 2013	160.00	-	-	3.78
Q4 2013	160.00	0.70	0.66	3.66
Q1 2014	160.00	0.72	0.69	3.87
Q2 2014	160.00	0.76	0.76	7.88
Q3 2014	160.00	0.80	0.80	8.04
Q4 2014	160.00	0.81	0.81	8.25
Q1 2015	160.00	0.85	0.79	8.51
Q2 2015	160.00	0.86	0.80	8.27
Q3 2015	160.00	0.87	0.81	8.44
Q4 2015	160.00	0.88	0.82	8.66
Q1 2016	160.00	0.76	0.76	8.80
Q2 2016	160.00	0.66	0.66	8.37
Q3 2016	160.00	0.61	0.61	8.50
Q4 2016	160.00	0.46	0.46	8.56
Q1 2017	160.00	0.50	0.50	8.75
Q2 2017	160.00	0.53	0.53	8.89
Q3 2017	160.00	0.55	0.55	9.04
Q4 2017	160.00	0.67	0.67	8.67
Q1 2018	160.00	0.69	0.69	8.85
Q2 2018	160.00	0.66	0.66	8.98
Q3 2018	160.00	0.64	0.64	9.11

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	160.00	0.48	0.48	2.35
2010	160.00	0.50	0.50	2.78
2011	160.00	0.56	0.56	2.96
2012	160.00	0.59	0.59	3.55
2013	160.00	0.70	0.70	3.66
2014	160.00	0.81	0.81	8.25
2015	160.00	0.88	0.82	8.66
2016	160.00	0.46	0.46	8.56
2017	160.00	0.67	0.67	8.67

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	51.42	51.42	5.14
Q4 2014	48.92	48.92	4.78
Q1 2015	51.53	55.54	5.14
Q2 2015	54.13	58.30	5.61
Q3 2015	44.33	47.69	4.57
Q4 2015	41.63	44.73	4.24
Q1 2016	36.41	36.41	3.14
Q2 2016	45.86	45.86	3.60
Q3 2016	36.32	36.32	2.62
Q4 2016	68.31	68.31	3.64
Q1 2017	61.37	61.37	3.50
Q2 2017	58.51	58.51	3.49
Q3 2017	47.94	47.94	2.91
Q4 2017	41.25	41.25	3.21
Q1 2018	39.28	39.28	3.07
Q2 2018	37.68	37.68	2.76
Q3 2018	32.21	32.21	2.27

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	48.92	48.92	4.78
2015	41.63	44.73	4.24
2016	68.34	68.34	3.64
2017	41.25	41.25	3.21

Business Segments (Million)

Compared With The

Period	healthy services and other	Pharmaceutical sales revenue - Pharmacies
Q1 2017	150.74	29.49
Q2 2017	147.45	29.26
Q3 2017	136.70	26.31
Q4 2017	155.95	32.73
Q1 2018	140.85	59.82
Q2 2018	143.64	71.39
Q3 2018	140.83	109.03

Period	healthy services and other	Pharmaceutical sales revenue - Pharmacies
2010	224.05	77.50
2011	244.33	86.33
2012	274.90	103.78
2013	317.00	117.11
2014	360.30	121.61
2015	451.60	109.71
2016	552.40	89.11
2017	590.84	117.78

Analysts Estimates (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change‬
Average	21.09	21.31	1.01 %

Estimates vs Actual (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change
Sico	21.00	21.31	1.5 %
SNB Capital	24.50	21.31	(13.0) %
Al Rajhi Capital	26.00	21.31	(18.1) %
AlJazira Capital	17.36	21.31	22.7 %
OSOOL AND BAKHEET	16.60	21.31	28.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	6,408.00
Enterprise Value (EV) (M)	6,169.92
Shares Outstanding ((M))	160.00
EPS ( Riyal) (TTM)	2.04
Book Value (BV) ( Riyal)	12.11
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	24.23
P/E (TTM)	19.64
Price/book	3.31
Return on Average Assets (%) (TTM)	12.5
Return on Average Equity (%) (TTM)	17.3

Al Hammadi Holding (ALHAMMADI)

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Al Hammadi's net profit down 7% in 9M 2018

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Financials (M)

Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Hammadi Holding (ALHAMMADI)

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Al Hammadi's net profit down 7% in 9M 2018

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Financials (M)

Current Quarter Comparison (M)

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) Q3 2018

Revenue by Business Segment (Latest) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Hammadi Holding (ALHAMMADI)

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Business Segments (Million)