Fawaz Alhokair's profit drops 22% in H1 2020

11/11/2019 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. 's net profit after zakat and tax fell 22.4% year-on-year (YoY) to SAR 198.2 million in H1 for fiscal year (FY) 2020, on lower revenue, along with higher depreciation and amortization costs and finance charges.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	3,119.70	2,966.98	(4.9 %)
Gross Income	773.25	690.79	(10.7 %)
Operating Income	359.37	400.87	11.5 %
Net Income	259.22	196.83	(24.1 %)
Average Shares	114.77	114.77	-
EPS (Riyals)	2.26	1.72	(24.1 %)

In Q2 FY 2020, the company incurred a net loss of SAR 26.7 million against a net profit of SAR 8.9 million a year earlier, hurt by higher depreciation and amortization costs, application of IFRS 16, lower revenue and implementation of a portfolio optimization strategy.

The company sustained losses in the second quarter, compared to a net profit of SAR 224 million in Q1 FY2020, due to lower revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	1,273.97	1,234.59	(3.1 %)
Gross Income	249.91	183.28	(26.7 %)
Operating Income	54.49	43.84	(19.5 %)
Net Income	10.03	(27.22)	(371.4 %)
Average Shares	114.77	114.77	-
EPS (Riyals)	0.09	(0.24)	(371.4 %)

Item	Q1 2019	Q2 2019	Change‬
Revenues	1,732.40	1,234.59	(28.7 %)
Gross Income	507.52	183.28	(63.9 %)
Operating Income	357.03	43.84	(87.7 %)
Net Income	224.05	(27.22)	(112.1 %)
Average Shares	114.77	114.77	-
EPS (Riyals)	1.95	(0.24)	(112.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	501.49	30.4 %	245.48	32.8 %	52.14	54.2 %	0.45
Q2 2010	867.35	18.1 %	370.45	14.2 %	174.04	36.4 %	1.52
Q3 2010	593.10	28.1 %	266.86	23.1 %	33.93	(20.0 %)	0.30
Q4 2010	612.67	24.4 %	256.34	18.4 %	55.36	99.6 %	0.48
2010	2,574.61	24.1 %	1,139.13	20.9 %	315.48	36.3 %	2.75
Q1 2011	724.67	44.5 %	334.79	36.4 %	81.69	56.7 %	0.71
Q2 2011	1,008.54	16.3 %	134.98	(63.6 %)	201.89	16.0 %	1.76
Q3 2011	758.32	27.9 %	165.29	(38.1 %)	76.49	125.4 %	0.67
Q4 2011	711.13	16.1 %	154.93	(39.6 %)	87.32	57.7 %	0.76
2011	3,202.67	24.4 %	789.98	(30.7 %)	447.38	41.8 %	3.90
Q1 2012	865.28	19.4 %	224.13	(33.1 %)	120.90	48.0 %	1.05
Q2 2012	1,383.29	37.2 %	404.35	199.6 %	252.44	25.0 %	2.20
Q3 2012	1,172.92	54.7 %	261.56	58.2 %	110.50	44.5 %	0.96
Q4 2012	1,237.05	74.0 %	240.33	55.1 %	135.86	55.6 %	1.18
2012	4,658.53	45.5 %	1,130.36	43.1 %	619.69	38.5 %	5.40
Q1 2013	1,258.32	45.4 %	339.66	51.5 %	165.18	36.6 %	1.44
Q2 2013	1,569.70	13.5 %	452.91	12.0 %	282.09	11.7 %	2.46
Q3 2013	1,297.24	10.6 %	322.90	23.5 %	133.32	20.7 %	1.16
Q4 2013	1,357.14	9.7 %	282.50	17.5 %	190.78	40.4 %	1.66
2013	5,482.39	17.7 %	1,397.98	23.7 %	771.36	24.5 %	6.72
Q1 2014	1,664.57	32.3 %	441.75	30.1 %	191.27	15.8 %	1.67
Q2 2014	2,071.64	32.0 %	574.47	26.8 %	303.74	7.7 %	2.65
Q3 2014	1,548.51	19.4 %	362.94	12.4 %	106.20	(20.3 %)	0.93
Q4 2014	1,613.95	18.9 %	408.02	44.4 %	201.74	5.7 %	1.76
2014	6,898.67	25.8 %	1,787.18	27.8 %	802.95	4.1 %	7.00
Q1 2015	1,870.41	12.4 %	512.96	16.1 %	210.80	10.2 %	1.84
Q2 2015	2,102.21	1.5 %	618.82	7.7 %	310.67	2.3 %	2.71
Q3 2015	1,454.96	(6.0 %)	394.62	8.7 %	91.17	(14.1 %)	0.79
Q4 2015	1,515.98	(6.1 %)	239.39	(41.3 %)	3.17	(98.4 %)	0.03
2015	6,943.57	0.7 %	1,765.79	(1.2 %)	615.81	(23.3 %)	5.37
Q1 2016	2,189.93	17.1 %	568.80	10.9 %	223.19	5.9 %	1.94
Q2 2016	1,665.26	(20.8 %)	315.61	(49.0 %)	66.82	(78.5 %)	0.58
Q3 2016	1,430.49	(1.7 %)	311.56	(21.0 %)	49.26	(46.0 %)	0.43
Q4 2016	1,405.98	(7.3 %)	321.10	34.1 %	86.09	2620.1 %	0.75
2016	6,691.66	(3.6 %)	1,517.08	(14.1 %)	425.36	(30.9 %)	3.71
Q1 2017	2,069.94	(5.5 %)	550.46	(3.2 %)	232.41	4.1 %	2.03
Q2 2017	1,503.55	(9.7 %)	300.12	(4.9 %)	6.84	(89.8 %)	0.06
Q3 2017	1,349.77	(5.6 %)	318.71	2.3 %	48.69	(1.2 %)	0.42
Q4 2017	1,193.26	(15.1 %)	45.34	(85.9 %)	(184.45)	(314.3 %)	(1.61)
2017	6,116.52	(8.6 %)	1,214.62	(19.9 %)	103.49	(75.7 %)	0.90
Q1 2018	1,845.73	(10.8 %)	523.34	(4.9 %)	249.19	7.2 %	2.17
Q2 2018	1,273.97	(15.3 %)	249.91	(16.7 %)	10.03	46.6 %	0.09
Q3 2018	1,233.53	(8.6 %)	276.69	(13.2 %)	26.53	(45.5 %)	0.23
Q4 2018	1,072.57	(10.1 %)	34.57	(23.8 %)	(141.00)	23.6 %	(1.23)
2018	5,425.80	(11.3 %)	1,084.50	(10.7 %)	144.75	39.9 %	1.26
Q1 2019	1,732.40	(6.1 %)	507.52	(3.0 %)	224.05	(10.1 %)	1.95
Q2 2019	1,234.59	(3.1 %)	183.28	(26.7 %)	(27.22)	(371.4 %)	(0.24)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	2,074.39	9.2 %	942.55	24.0 %	231.50	14.4 %	2.02
2010	2,574.61	24.1 %	1,139.13	20.9 %	315.48	36.3 %	2.75
2011	3,202.67	24.4 %	789.98	(30.7 %)	447.38	41.8 %	3.90
2012	4,658.53	45.5 %	1,130.36	43.1 %	619.69	38.5 %	5.40
2013	5,482.39	17.7 %	1,397.98	23.7 %	771.36	24.5 %	6.72
2014	6,898.67	25.8 %	1,787.18	27.8 %	802.95	4.1 %	7.00
2015	6,943.57	0.7 %	1,765.79	(1.2 %)	615.81	(23.3 %)	5.37
2016	6,691.66	(3.6 %)	1,517.08	(14.1 %)	425.36	(30.9 %)	3.71
2017	6,116.52	(8.6 %)	1,214.62	(19.9 %)	103.49	(75.7 %)	0.90
2018	5,425.80	(11.3 %)	1,084.50	(10.7 %)	144.75	39.9 %	1.26

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	45.78 %	15.43 %	11.40 %
Q2 2010	45.14 %	14.85 %	12.75 %
Q3 2010	44.79 %	14.59 %	11.73 %
Q4 2010	44.24 %	14.14 %	12.25 %
2010	44.24 %	14.14 %	12.25 %
Q1 2011	43.91 %	14.95 %	12.33 %
Q2 2011	33.79 %	16.36 %	12.69 %
Q3 2011	28.72 %	16.83 %	13.38 %
Q4 2011	24.67 %	17.27 %	13.97 %
2011	24.67 %	17.27 %	13.97 %
Q1 2012	20.32 %	17.17 %	14.55 %
Q2 2012	25.52 %	17.58 %	14.45 %
Q3 2012	25.29 %	17.06 %	13.82 %
Q4 2012	24.26 %	16.26 %	13.30 %
2012	24.26 %	16.26 %	13.30 %
Q1 2013	24.66 %	16.64 %	13.14 %
Q2 2013	24.71 %	16.58 %	13.24 %
Q3 2013	25.28 %	16.90 %	13.36 %
Q4 2013	25.50 %	17.25 %	14.07 %
2013	25.50 %	17.25 %	14.07 %
Q1 2014	25.47 %	17.04 %	13.54 %
Q2 2014	25.38 %	16.13 %	12.82 %
Q3 2014	25.02 %	15.50 %	11.92 %
Q4 2014	25.91 %	16.45 %	11.64 %
2014	25.91 %	16.45 %	11.64 %
Q1 2015	26.16 %	16.89 %	11.85 %
Q2 2015	26.67 %	18.17 %	12.32 %
Q3 2015	27.47 %	18.99 %	12.75 %
Q4 2015	25.43 %	17.09 %	10.85 %
2015	25.43 %	17.09 %	10.85 %
Q1 2016	25.08 %	17.13 %	11.07 %
Q2 2016	22.24 %	14.15 %	7.76 %
Q3 2016	21.10 %	13.08 %	6.68 %
Q4 2016	22.67 %	13.51 %	7.22 %
2016	22.67 %	13.51 %	7.22 %
Q1 2017	22.81 %	13.40 %	6.61 %
Q2 2017	23.14 %	13.41 %	6.48 %
Q3 2017	23.55 %	13.55 %	6.56 %
Q4 2017	19.86 %	10.13 %	2.36 %
2017	19.86 %	10.13 %	2.36 %
Q1 2018	20.15 %	10.52 %	2.74 %
Q2 2018	20.08 %	10.35 %	2.18 %
Q3 2018	19.75 %	10.08 %	1.35 %
Q4 2018	19.99 %	11.53 %	2.21 %
2018	19.99 %	11.53 %	2.21 %
Q1 2019	20.12 %	15.28 %	1.89 %
Q2 2019	19.00 %	18.25 %	1.25 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	45.44 %	15.35 %	11.16 %
2010	44.24 %	14.14 %	12.25 %
2011	24.67 %	17.27 %	13.97 %
2012	24.26 %	16.26 %	13.30 %
2013	25.50 %	17.25 %	14.07 %
2014	25.91 %	16.45 %	11.64 %
2015	25.43 %	17.09 %	10.85 %
2016	22.67 %	13.51 %	7.22 %
2017	19.86 %	10.13 %	2.36 %
2018	19.99 %	11.53 %	2.21 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	48.95 %	13.45 %	10.40 %
Q2 2010	42.71 %	19.13 %	20.07 %
Q3 2010	44.99 %	11.93 %	5.72 %
Q4 2010	41.84 %	9.79 %	9.04 %
Q1 2011	46.20 %	16.77 %	11.27 %
Q2 2011	13.38 %	22.67 %	20.02 %
Q3 2011	21.80 %	14.82 %	10.09 %
Q4 2011	21.79 %	12.73 %	12.28 %
Q1 2012	25.90 %	16.48 %	13.97 %
Q2 2012	29.23 %	22.28 %	18.25 %
Q3 2012	22.30 %	13.95 %	9.42 %
Q4 2012	19.43 %	11.58 %	10.98 %
Q1 2013	26.99 %	17.93 %	13.13 %
Q2 2013	28.85 %	21.41 %	17.97 %
Q3 2013	24.89 %	15.54 %	10.28 %
Q4 2013	20.82 %	13.46 %	14.06 %
Q1 2014	26.54 %	17.02 %	11.49 %
Q2 2014	27.73 %	17.55 %	14.66 %
Q3 2014	23.44 %	12.93 %	6.86 %
Q4 2014	25.28 %	17.83 %	12.50 %
Q1 2015	27.43 %	18.62 %	12.29 %
Q2 2015	29.44 %	21.90 %	16.22 %
Q3 2015	27.12 %	16.58 %	8.58 %
Q4 2015	15.79 %	9.03 %	3.81 %
Q1 2016	25.97 %	18.53 %	12.82 %
Q2 2016	18.95 %	10.91 %	4.01 %
Q3 2016	21.78 %	11.53 %	3.44 %
Q4 2016	22.84 %	10.76 %	6.12 %
Q1 2017	26.59 %	18.48 %	11.23 %
Q2 2017	19.96 %	10.70 %	3.19 %
Q3 2017	23.61 %	12.06 %	3.61 %
Q4 2017	3.80 %	(7.24 %)	(15.46 %)
Q1 2018	28.35 %	20.75 %	13.50 %
Q2 2018	19.62 %	9.96 %	0.79 %
Q3 2018	22.43 %	10.99 %	0.02 %
Q4 2018	3.22 %	(1.85 %)	(13.03 %)
Q1 2019	29.30 %	32.85 %	13.28 %
Q2 2019	14.85 %	22.47 %	(1.97 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	114.77	2.18	2.18	8.77
Q2 2010	114.77	2.58	2.58	10.29
Q3 2010	114.77	2.51	2.51	10.58
Q4 2010	114.77	2.75	2.75	9.54
Q1 2011	114.77	3.01	3.01	10.25
Q2 2011	114.77	3.25	3.25	12.01
Q3 2011	114.77	3.62	3.62	12.68
Q4 2011	114.77	3.90	3.90	12.22
Q1 2012	114.77	4.24	4.24	13.27
Q2 2012	114.77	4.68	4.68	15.47
Q3 2012	114.77	4.98	4.98	16.43
Q4 2012	114.77	5.40	5.40	17.62
Q1 2013	114.77	5.79	5.79	17.23
Q2 2013	114.77	6.04	6.04	19.68
Q3 2013	114.77	6.24	6.24	19.47
Q4 2013	114.77	6.72	6.72	21.14
Q1 2014	114.77	6.95	6.95	20.06
Q2 2014	114.77	7.14	7.14	22.70
Q3 2014	114.77	6.90	6.90	21.34
Q4 2014	114.77	7.00	7.00	20.91
Q1 2015	114.77	7.17	7.33	20.84
Q2 2015	114.77	7.23	7.66	22.71
Q3 2015	114.77	7.10	7.82	22.66
Q4 2015	114.77	5.37	6.57	22.73
Q1 2016	114.77	5.47	7.01	23.45
Q2 2016	114.77	3.35	4.62	23.76
Q3 2016	114.77	2.98	3.96	22.86
Q4 2016	114.77	3.71	4.21	18.41
Q1 2017	114.77	3.79	3.79	25.99
Q2 2017	114.77	3.26	3.62	25.84
Q3 2017	114.77	3.26	3.62	26.00
Q4 2017	114.77	0.90	1.26	19.59
Q1 2018	114.77	1.05	1.41	21.71
Q2 2018	114.77	1.08	1.08	21.81
Q3 2018	114.77	0.88	0.65	22.01
Q4 2018	114.77	1.26	1.04	21.59
Q1 2019	114.77	1.04	0.88	23.52
Q2 2019	114.77	0.72	0.58	22.93

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	114.77	2.02	2.02	9.54
2010	114.77	2.75	2.75	9.54
2011	114.77	3.90	3.90	12.22
2012	114.77	5.40	5.40	17.62
2013	114.77	6.72	6.72	21.14
2014	114.77	7.00	7.00	20.91
2015	114.77	5.37	6.57	22.73
2016	114.77	3.71	4.21	18.41
2017	114.77	0.90	1.26	19.59
2018	114.77	1.26	1.04	21.59

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	11.52	11.52	2.86
Q2 2010	9.71	9.71	2.44
Q3 2010	11.43	11.43	2.71
Q4 2010	9.55	9.55	2.75
Q1 2011	8.79	8.79	2.58
Q2 2011	8.90	8.90	2.41
Q3 2011	9.23	9.23	2.63
Q4 2011	10.09	10.09	3.22
Q1 2012	10.86	10.86	3.47
Q2 2012	10.46	10.46	3.16
Q3 2012	11.12	11.12	3.37
Q4 2012	11.75	11.75	3.60
Q1 2013	13.05	13.05	4.38
Q2 2013	15.85	15.85	4.87
Q3 2013	19.79	19.79	6.34
Q4 2013	18.92	18.92	6.02
Q1 2014	23.70	23.70	8.21
Q2 2014	24.43	24.43	7.68
Q3 2014	33.28	33.28	10.76
Q4 2014	25.89	25.89	8.66
Q1 2015	24.68	24.12	8.49
Q2 2015	24.81	23.41	7.90
Q3 2015	16.90	15.33	5.29
Q4 2015	24.10	19.69	5.69
Q1 2016	13.92	10.87	3.25
Q2 2016	24.42	17.71	3.44
Q3 2016	20.62	15.53	2.69
Q4 2016	18.17	16.01	3.66
Q1 2017	15.54	15.54	2.26
Q2 2017	23.59	21.26	2.98
Q3 2017	24.22	21.83	3.04
Q4 2017	61.70	44.17	2.84
Q1 2018	46.73	34.83	2.26
Q2 2018	44.06	44.06	2.17
Q3 2018	48.47	65.43	1.94
Q4 2018	31.92	38.60	1.87
Q1 2019	43.09	51.27	1.91
Q2 2019	58.40	72.72	1.83

Period	P/E	Adjusted P/E	Price/book
2009	11.16	11.16	2.36
2010	9.55	9.55	2.75
2011	10.09	10.09	3.22
2012	11.75	11.75	3.60
2013	18.92	18.92	6.02
2014	25.89	25.89	8.66
2015	24.10	19.69	5.69
2016	18.17	16.01	3.66
2017	61.69	44.17	2.84
2018	31.92	38.60	1.87

Business Segments (Million)

Compared With The

Period	Fashion Retail	Indoor Entertainment	Food and Beverages
Q1 2016	2,174.25	15.68	-
Q2 2016	1,654.59	10.67	-
Q1 2017	2,051.25	18.69	-
Q2 2017	1,487.68	15.87	-
Q3 2017	1,349.77	-	-
Q4 2017	1,146.74	46.52	-
Q1 2018	1,826.98	18.75	-
Q2 2018	1,254.22	19.75	-
Q3 2018	1,213.86	19.67	-
Q4 2018	1,108.20	(35.63)	-
Q1 2019	1,714.68	17.71	-
Q2 2019	1,217.02	17.57	-

Period	Fashion Retail	Indoor Entertainment	Food and Beverages
2015	6,897.43	46.14	-
2016	6,614.39	77.28	-
2017	6,035.44	81.08	-
2018	5,403.27	22.53	-

Analysts Estimates (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change‬
Average	3.57	(27.22)	(863.1 %)

Estimates vs Actual (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change
Al Rajhi Capital	9.00	(27.22)	(402.4) %
SNB Capital	5.00	(27.22)	(644.3) %
AlJazira Capital	(3.30)	(27.22)	(724.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	932.18
Enterprise Value (EV) (M)	3,081.15
Shares Outstanding ((M))	114.80
EPS ( Riyal) (TTM)	(11.10)
Book Value (BV) ( Riyal)	(8.53)
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	(0.95)
Return on Average Assets (%) (TTM)	(20.76 )
Return on Average Equity (%) (TTM)	-

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)

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Fawaz Alhokair's profit drops 22% in H1 2020

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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

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)

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Fawaz Alhokair's profit drops 22% in H1 2020

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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

Business Segments (Million) Q2 2019

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)

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Business Segments (Million)