Financial Results : Halwani Bros H1 net profit slips 8% to SAR 45 mln

Halwani Bros H1 net profit slips 8% to SAR 45 mln

24/07/2016 Argaam Exclusive

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Halwani Brothers Co. (Halwani Bros) reported a net profit of SAR 45.2 million for the first half of 2016, a 7.8 percent year-on-year (YoY) decline attributed to lower sales due to the month of Ramadan, compared to the same season last year.



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 554.77 514.58 (7.2 %)
Gross Income 167.08 170.56 2.1 %
Operating Income 73.46 71.21 (3.1 %)
Net Income 48.99 46.57 (5.0 %)
Average Shares 35.36 35.36 -
EPS (Riyals) 1.39 1.32 (5.0 %)

 

Net profit for the second quarter rose 35.5 percent to SAR 31.3 million compared to the same quarter last year as gross margin increased due to lower prices of key raw materials, along with cancellation of dividends for a subsidiary company.

 

The firm also realized non-recurring gains by selling depreciated fixed assets, along with receiving a final insurance claim of SAR 1 million for a fire at one of its branches in Al Madinah from 2014.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 267.75 236.74 (11.6 %)
Gross Income 81.70 79.36 (2.9 %)
Operating Income 34.32 31.02 (9.6 %)
Net Income 23.06 32.90 42.7 %
Average Shares 35.36 35.36 -
EPS (Riyals) 0.65 0.93 42.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %
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 %
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 %
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 %)
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 %
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 %)
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 %
Q4 2014 264.08 9.4 % 72.00 7.2 % 32.32 (2.0 %)
Q1 2015 287.02 7.9 % 85.38 7.4 % 39.14 18.7 %
Q2 2015 267.75 (2.2 %) 81.70 (0.5 %) 34.32 (5.9 %)
Q3 2015 257.76 (1.2 %) 83.94 12.3 % 38.04 17.0 %
Q4 2015 262.74 (0.5 %) 83.24 15.6 % 37.25 15.2 %
Q1 2016 277.84 (3.2 %) 91.20 6.8 % 40.19 2.7 %
Q2 2016 236.74 (11.6 %) 79.36 (2.9 %) 31.02 (9.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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
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
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
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
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
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
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
Q4 2014 23.64 4.9 % 0.67 - 23.64 0.67
Q1 2015 25.93 9.7 % 0.73 - 25.93 0.73
Q2 2015 23.06 (0.1 %) 0.65 - 23.06 0.65
Q3 2015 27.42 34.0 % 0.78 - 27.42 0.78
Q4 2015 38.70 63.7 % 1.09 2.20 36.50 1.03
Q1 2016 13.66 (47.3 %) 0.39 2.30 11.36 0.32
Q2 2016 32.90 42.7 % 0.93 - 32.90 0.93

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2014 28.72 % 15.22 % 8.75 %
Q2 2014 28.64 % 15.02 % 8.56 %
Q3 2014 29.12 % 15.36 % 8.61 %
Q4 2014 28.96 % 14.99 % 8.53 %
Q1 2015 28.94 % 15.25 % 8.58 %
Q2 2015 29.07 % 15.08 % 8.62 %
Q3 2015 30.00 % 15.59 % 9.29 %
Q4 2015 31.09 % 16.11 % 10.50 %
Q1 2016 31.90 % 16.38 % 9.22 %
Q2 2016 32.63 % 16.83 % 10.45 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2014 35.36 2.57 2.57 17.27
Q1 2015 35.36 2.63 2.63 17.78
Q2 2015 35.36 2.63 2.63 16.76
Q3 2015 35.36 2.83 2.83 17.48
Q4 2015 35.36 3.26 3.19 18.58
Q1 2016 35.36 2.91 2.78 16.74
Q2 2016 35.36 3.19 3.06 17.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2014 28.17 28.17 4.19
Q1 2015 26.84 26.84 3.98
Q2 2015 31.54 31.54 4.95
Q3 2015 26.03 26.03 4.21
Q4 2015 19.66 20.04 3.44
Q1 2016 19.31 20.20 3.36
Q2 2016 17.33 18.05 3.18

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 20.50 32.90 60.51 %

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
AlJazira Capital 20.50 32.90 60.5 %


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 )
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Share Price

Halwani Bros. Co.
56.80
1.30 2.34 %

Halwani Bros. Co. (HB)

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