Halwani’s net profit down 4% to SAR 67.2m for the first nine months of 2014

30/09/2014 Argaam Exclusive

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Halwani Bros Company, a producer of food products, reported a net profit of SAR 67.2mm for the nine months ended September 30,2014, a 4% decrease compared to the same period last year.

A net profit of SAR 20.5m was reported for Q3-2014.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	716.74	800.87	11.7 %
Gross Income	219.56	236.37	7.7 %
Operating Income	98.60	101.95	3.4 %
Net Income	69.98	67.18	(4.0 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	1.98	1.90	(4.0 %)

The Company attributed the decrease of 2014’s net profit compared to the same period last year to the increase of selling & distribution expenses, general administrative expenses, other income along with the increase of corporate income taxes in Egypt from 25% to 30%.

The Company attributed the increase of Q3-2014’s net profit compared to the same period last year to the increase of turnover growth of SAR 261m in Q3 2014 vs. SAR 228M in same quarter year ago equivalent to 14.5% with increase in gross margin.

The decline of Q3-2014’s net profit compared to the previous period (Q2-2014) was attributed to the decrease of turnover of SAR 261m in Q3 2014 vs. SAR 274m in Q2 2014 equivalent to 4.7% decline with a decrease in gross margin.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	227.85	260.94	14.5 %
Gross Income	60.26	74.77	24.1 %
Operating Income	25.90	32.52	25.6 %
Net Income	17.14	20.46	19.3 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.48	0.58	19.3 %

Item	Q2 2014	Q3 2014	Change‬
Revenues	273.89	260.94	(4.7 %)
Gross Income	82.08	74.77	(8.9 %)
Operating Income	36.47	32.52	(10.8 %)
Net Income	23.09	20.46	(11.4 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.65	0.58	(11.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	471.59	10.1 %	124.87	14.2 %	41.82	30.7 %
Q1 2006	121.90	-	32.98	-	8.65	-
Q2 2006	131.29	-	36.34	-	12.06	-
Q3 2006	138.53	-	40.87	-	15.26	-
Q4 2006	125.17	-	33.97	-	8.90	-
2006	516.89	9.6 %	144.16	15.4 %	44.87	7.3 %
Q1 2007	132.86	9.0 %	36.75	11.5 %	9.11	5.3 %
Q2 2007	134.36	2.3 %	35.70	(1.8 %)	15.17	25.8 %
Q3 2007	144.10	4.0 %	37.29	(8.8 %)	10.60	(30.5 %)
Q4 2007	140.03	11.9 %	28.54	(16.0 %)	5.76	(35.3 %)
2007	551.34	6.7 %	138.28	(4.1 %)	40.65	(9.4 %)
Q1 2008	151.96	14.4 %	38.29	4.2 %	11.09	21.7 %
Q2 2008	167.44	24.6 %	42.27	18.4 %	12.25	(19.3 %)
Q3 2008	180.79	25.5 %	41.75	11.9 %	13.29	25.3 %
Q4 2008	163.33	16.6 %	38.37	34.5 %	11.98	108.1 %
2008	663.51	20.3 %	160.68	16.2 %	48.61	19.6 %
Q1 2009	168.33	10.8 %	43.82	14.4 %	15.27	37.7 %
Q2 2009	154.28	(7.9 %)	46.99	11.2 %	16.22	32.4 %
Q3 2009	142.59	(21.1 %)	45.40	8.8 %	15.39	15.8 %
Q4 2009	152.06	(6.9 %)	48.75	27.1 %	15.54	29.8 %
2009	617.26	(7.0 %)	184.97	15.1 %	62.42	28.4 %
Q1 2010	173.15	2.9 %	57.58	31.4 %	24.04	57.5 %
Q2 2010	179.15	16.1 %	59.23	26.0 %	25.48	57.1 %
Q3 2010	186.07	30.5 %	58.71	29.3 %	25.69	67.0 %
Q4 2010	193.61	27.3 %	62.43	28.1 %	22.54	45.0 %
2010	731.97	18.6 %	237.95	28.6 %	97.75	56.6 %
Q1 2011	193.89	12.0 %	61.67	7.1 %	26.62	10.7 %
Q2 2011	215.58	20.3 %	66.43	12.2 %	29.48	15.7 %
Q3 2011	206.20	10.8 %	60.03	2.2 %	27.82	8.3 %
Q4 2011	197.98	2.3 %	55.38	(11.3 %)	20.56	(8.8 %)
2011	813.64	11.2 %	243.51	2.3 %	104.49	6.9 %
Q1 2012	216.74	11.8 %	66.53	7.9 %	26.01	(2.3 %)
Q2 2012	223.52	3.7 %	68.51	3.1 %	30.74	4.3 %
Q3 2012	226.27	9.7 %	67.70	12.8 %	30.22	8.6 %
Q4 2012	225.65	14.0 %	74.97	35.4 %	33.66	63.7 %
2012	892.18	9.7 %	277.71	14.0 %	120.62	15.4 %
Q1 2013	250.03	15.4 %	86.45	29.9 %	41.39	59.2 %
Q2 2013	238.86	6.9 %	72.85	6.3 %	31.32	1.9 %
Q3 2013	227.85	0.7 %	60.26	(11.0 %)	25.90	(14.3 %)
Q4 2013	241.35	7.0 %	67.14	(10.4 %)	32.97	(2.0 %)
2013	958.10	7.4 %	286.70	3.2 %	131.58	9.1 %
Q1 2014	266.05	6.4 %	79.52	(8.0 %)	32.97	(20.3 %)
Q2 2014	273.89	14.7 %	82.08	12.7 %	36.47	16.4 %
Q3 2014	260.94	14.5 %	74.77	24.1 %	32.52	25.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2004	428.19	-	109.35	-	32.00	-
2005	471.59	10.1 %	124.87	14.2 %	41.82	30.7 %
2006	516.89	9.6 %	144.16	15.4 %	44.87	7.3 %
2007	551.34	6.7 %	138.28	(4.1 %)	40.65	(9.4 %)
2008	663.51	20.3 %	160.68	16.2 %	48.61	19.6 %
2009	617.26	(7.0 %)	184.97	15.1 %	62.42	28.4 %
2010	731.97	18.6 %	237.95	28.6 %	97.75	56.6 %
2011	813.64	11.2 %	243.51	2.3 %	104.49	6.9 %
2012	892.18	9.7 %	277.71	14.0 %	120.62	15.4 %
2013	958.10	7.4 %	286.70	3.2 %	131.58	9.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	37.27	41.1 %	1.05	-	37.27	1.05
Q1 2006	6.88	-	0.19	-	6.88	0.19
Q2 2006	10.44	-	0.30	-	10.44	0.30
Q3 2006	13.60	-	0.38	-	13.60	0.38
Q4 2006	7.93	-	0.22	-	7.93	0.22
2006	38.84	4.2 %	1.10	-	38.84	1.10
Q1 2007	6.50	(5.5 %)	0.18	-	6.50	0.18
Q2 2007	13.57	30.0 %	0.38	-	13.57	0.38
Q3 2007	8.95	(34.2 %)	0.25	-	8.95	0.25
Q4 2007	4.33	(45.4 %)	0.12	-	4.33	0.12
2007	33.34	(14.2 %)	0.94	-	33.34	0.94
Q1 2008	31.62	386.4 %	0.89	23.31	8.31	0.24
Q2 2008	9.04	(33.3 %)	0.26	0.66	8.38	0.24
Q3 2008	10.16	13.5 %	0.29	0.01	10.15	0.29
Q4 2008	7.60	75.7 %	0.21	(1.02)	8.61	0.24
2008	58.41	75.2 %	1.65	22.96	35.45	1.00
Q1 2009	12.48	(60.5 %)	0.35	-	12.48	0.35
Q2 2009	11.94	32.1 %	0.34	-	11.94	0.34
Q3 2009	9.89	(2.6 %)	0.28	-	9.89	0.28
Q4 2009	8.33	9.7 %	0.24	-	8.33	0.24
2009	42.64	(27.0 %)	1.21	-	42.64	1.21
Q1 2010	20.96	68.0 %	0.59	-	20.96	0.59
Q2 2010	21.71	81.7 %	0.61	-	21.71	0.61
Q3 2010	20.27	105.1 %	0.57	-	20.27	0.57
Q4 2010	17.46	109.5 %	0.49	-	17.46	0.49
2010	80.40	88.6 %	2.27	-	80.40	2.27
Q1 2011	21.68	3.4 %	0.61	-	21.68	0.61
Q2 2011	23.37	7.7 %	0.66	-	23.37	0.66
Q3 2011	19.63	(3.2 %)	0.56	-	19.63	0.56
Q4 2011	15.84	(9.3 %)	0.45	-	15.84	0.45
2011	80.52	0.2 %	2.28	-	80.52	2.28
Q1 2012	18.09	(16.5 %)	0.51	-	18.09	0.51
Q2 2012	22.79	(2.5 %)	0.64	-	22.79	0.64
Q3 2012	20.68	5.3 %	0.58	-	20.68	0.58
Q4 2012	25.44	60.6 %	0.72	-	25.44	0.72
2012	87.00	8.0 %	2.46	-	87.00	2.46
Q1 2013	30.93	70.9 %	0.87	-	30.93	0.87
Q2 2013	21.91	(3.8 %)	0.62	-	21.91	0.62
Q3 2013	17.14	(17.1 %)	0.48	-	17.14	0.48
Q4 2013	22.54	(11.4 %)	0.64	-	22.54	0.64
2013	92.52	6.3 %	2.62	-	92.52	2.62
Q1 2014	23.63	(23.6 %)	0.67	-	23.63	0.67
Q2 2014	23.09	5.3 %	0.65	-	23.09	0.65
Q3 2014	20.46	19.3 %	0.58	-	20.46	0.58

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2004	26.42	-	0.75	-	26.42	0.75
2005	37.27	41.1 %	1.05	-	37.27	1.05
2006	38.84	4.2 %	1.10	-	38.84	1.10
2007	33.34	(14.2 %)	0.94	-	33.34	0.94
2008	58.41	75.2 %	1.65	22.96	35.45	1.00
2009	42.64	(27.0 %)	1.21	-	42.64	1.21
2010	80.40	88.6 %	2.27	-	80.40	2.27
2011	80.52	0.2 %	2.28	-	80.52	2.28
2012	87.00	8.0 %	2.46	-	87.00	2.46
2013	92.52	6.3 %	2.62	-	92.52	2.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	26.48 %	12.45 %	7.90 %
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	27.89 %	12.00 %	7.51 %
2006	27.89 %	12.00 %	7.51 %
Q1 2007	28.03 %	11.74 %	7.29 %
Q2 2007	27.74 %	12.35 %	7.83 %
Q3 2007	26.79 %	11.56 %	6.89 %
Q4 2007	25.08 %	10.68 %	6.05 %
2007	25.08 %	10.68 %	6.05 %
Q1 2008	24.51 %	10.76 %	6.16 %
Q2 2008	24.26 %	9.77 %	4.97 %
Q3 2008	23.56 %	9.67 %	4.87 %
Q4 2008	24.22 %	10.27 %	5.34 %
2008	24.22 %	10.27 %	5.34 %
Q1 2009	24.45 %	10.64 %	5.83 %
Q2 2009	25.64 %	11.42 %	6.48 %
Q3 2009	27.78 %	12.44 %	6.83 %
Q4 2009	29.97 %	13.21 %	6.91 %
2009	29.97 %	13.21 %	6.91 %
Q1 2010	31.95 %	14.47 %	8.22 %
Q2 2010	32.61 %	15.30 %	9.41 %
Q3 2010	32.48 %	15.74 %	10.32 %
Q4 2010	32.51 %	15.78 %	10.98 %
2010	32.51 %	15.78 %	10.98 %
Q1 2011	32.16 %	15.69 %	10.78 %
Q2 2011	31.58 %	15.52 %	10.49 %
Q3 2011	30.96 %	15.48 %	10.15 %
Q4 2011	29.93 %	15.20 %	9.90 %
2011	29.93 %	15.20 %	9.90 %
Q1 2012	29.69 %	14.77 %	9.20 %
Q2 2012	29.66 %	14.96 %	9.04 %
Q3 2012	29.86 %	15.13 %	8.95 %
Q4 2012	31.13 %	16.21 %	9.75 %
2012	31.13 %	16.21 %	9.75 %
Q1 2013	32.16 %	17.46 %	10.79 %
Q2 2013	32.10 %	17.48 %	10.52 %
Q3 2013	31.25 %	16.73 %	10.13 %
Q4 2013	29.92 %	16.38 %	9.66 %
2013	29.92 %	16.38 %	9.66 %
Q1 2014	28.72 %	15.22 %	8.75 %
Q2 2014	28.64 %	15.02 %	8.56 %
Q3 2014	29.12 %	15.36 %	8.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	25.54 %	11.49 %	6.17 %
2005	26.48 %	12.45 %	7.90 %
2006	27.89 %	12.00 %	7.51 %
2007	25.08 %	10.68 %	6.05 %
2008	24.22 %	10.27 %	5.34 %
2009	29.97 %	13.21 %	6.91 %
2010	32.51 %	15.78 %	10.98 %
2011	29.93 %	15.20 %	9.90 %
2012	31.13 %	16.21 %	9.75 %
2013	29.92 %	16.38 %	9.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	27.05 %	11.11 %	5.64 %
Q2 2006	27.68 %	12.15 %	7.95 %
Q3 2006	29.50 %	13.55 %	9.81 %
Q4 2006	27.14 %	11.01 %	6.33 %
Q1 2007	27.66 %	10.13 %	4.89 %
Q2 2007	26.57 %	14.57 %	10.10 %
Q3 2007	25.88 %	10.54 %	6.21 %
Q4 2007	20.38 %	7.61 %	3.09 %
Q1 2008	25.20 %	10.51 %	5.47 %
Q2 2008	25.24 %	10.23 %	5.01 %
Q3 2008	23.09 %	10.04 %	5.61 %
Q4 2008	23.49 %	10.35 %	5.27 %
Q1 2009	26.03 %	11.97 %	7.41 %
Q2 2009	30.46 %	13.57 %	7.74 %
Q3 2009	31.84 %	14.15 %	6.93 %
Q4 2009	32.06 %	13.32 %	5.48 %
Q1 2010	33.25 %	16.54 %	12.11 %
Q2 2010	33.06 %	16.69 %	12.12 %
Q3 2010	31.56 %	16.08 %	10.90 %
Q4 2010	32.25 %	13.99 %	9.02 %
Q1 2011	31.81 %	16.09 %	11.18 %
Q2 2011	30.81 %	15.89 %	10.84 %
Q3 2011	29.11 %	15.86 %	9.52 %
Q4 2011	27.98 %	12.87 %	8.00 %
Q1 2012	30.69 %	14.36 %	8.35 %
Q2 2012	30.65 %	16.56 %	10.20 %
Q3 2012	29.92 %	16.44 %	9.14 %
Q4 2012	33.22 %	17.41 %	11.28 %
Q1 2013	34.57 %	19.22 %	12.37 %
Q2 2013	30.50 %	16.71 %	9.17 %
Q3 2013	26.45 %	13.33 %	7.52 %
Q4 2013	27.82 %	15.98 %	9.34 %
Q1 2014	29.89 %	14.81 %	8.88 %
Q2 2014	29.97 %	15.77 %	8.43 %
Q3 2014	28.65 %	14.93 %	7.84 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	35.36	-	-	6.28
Q2 2006	35.36	-	-	6.57
Q3 2006	35.36	-	-	6.95
Q4 2006	35.36	1.10	1.10	7.19
Q1 2007	35.36	1.09	1.09	7.37
Q2 2007	35.36	1.18	1.18	7.13
Q3 2007	35.36	1.04	1.04	7.40
Q4 2007	35.36	0.94	0.94	7.56
Q1 2008	35.36	1.65	0.99	8.43
Q2 2008	35.36	1.53	0.85	8.76
Q3 2008	35.36	1.56	0.88	13.54
Q4 2008	35.36	1.65	1.00	13.71
Q1 2009	35.36	1.11	1.12	12.82
Q2 2009	35.36	1.19	1.22	13.13
Q3 2009	35.36	1.19	1.21	12.85
Q4 2009	35.36	1.21	1.21	13.10
Q1 2010	35.36	1.45	1.45	13.68
Q2 2010	35.36	1.72	1.72	13.34
Q3 2010	35.36	2.02	2.02	13.92
Q4 2010	35.36	2.27	2.27	14.35
Q1 2011	35.36	2.29	2.29	13.61
Q2 2011	35.36	2.34	2.34	14.26
Q3 2011	35.36	2.32	2.32	14.80
Q4 2011	35.36	2.28	2.28	15.21
Q1 2012	35.36	2.18	2.18	15.67
Q2 2012	35.36	2.16	2.16	14.63
Q3 2012	35.36	2.19	2.19	15.22
Q4 2012	35.36	2.46	2.46	15.87
Q1 2013	35.36	2.82	2.82	14.75
Q2 2013	35.36	2.80	2.80	15.28
Q3 2013	35.36	2.70	2.70	15.80
Q4 2013	35.36	2.62	2.62	16.43
Q1 2014	35.36	2.41	2.41	17.08
Q2 2014	35.36	2.44	2.44	16.02
Q3 2014	35.36	2.54	2.54	16.56

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	35.36	0.75	0.75	5.04
2005	35.36	1.05	1.05	6.08
2006	35.36	1.10	1.10	7.19
2007	35.36	0.94	0.94	7.56
2008	35.36	1.65	1.00	13.71
2009	35.36	1.21	1.21	13.10
2010	35.36	2.27	2.27	14.35
2011	35.36	2.28	2.28	15.21
2012	35.36	2.46	2.46	15.87
2013	35.36	2.62	2.62	16.43

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	13.47	23.83	1.55
Q4 2008	11.34	18.68	1.37
Q1 2009	18.29	18.14	1.59
Q2 2009	25.61	25.02	2.33
Q3 2009	25.24	24.64	2.33
Q4 2009	23.90	23.90	2.20
Q1 2010	21.44	21.44	2.27
Q2 2010	20.22	20.22	2.61
Q3 2010	20.07	20.07	2.91
Q4 2010	16.03	16.03	2.54
Q1 2011	13.20	13.20	2.22
Q2 2011	14.37	14.37	2.36
Q3 2011	14.17	14.17	2.22
Q4 2011	21.86	21.86	3.27
Q1 2012	20.72	20.72	2.88
Q2 2012	14.90	14.90	2.20
Q3 2012	16.86	16.86	2.42
Q4 2012	15.30	15.30	2.37
Q1 2013	15.29	15.29	2.93
Q2 2013	18.68	18.68	3.42
Q3 2013	21.56	21.56	3.68
Q4 2013	20.07	20.07	3.20
Q1 2014	29.04	29.04	4.10
Q2 2014	28.78	28.78	4.39
Q3 2014	29.88	29.88	4.58

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	11.34	18.68	1.37
2009	23.90	23.90	2.20
2010	16.03	16.03	2.54
2011	21.86	21.86	3.27
2012	15.30	15.30	2.37
2013	20.07	20.07	3.20

Financial Ratios

	Current
Market Cap (M Riyal)	2,008.45
Enterprise Value (EV) (M)	2,234.77
Shares Outstanding ((M))	35.36
EPS ( Riyal) (TTM)	(0.03)
Book Value (BV) ( Riyal)	7.74
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	7.34
Return on Average Assets (%) (TTM)	(0.14 )
Return on Average Equity (%) (TTM)	(0.38 )

Halwani Bros. Co. (HB)

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Halwani’s net profit down 4% to SAR 67.2m for the first nine months of 2014

View other reports

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

Financial Ratios

Share Price

Halwani Bros. Co. (HB)

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Halwani’s net profit down 4% to SAR 67.2m for the first nine months of 2014

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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

Financial Ratios

Share Price

Halwani Bros. Co. (HB)

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