Bawan’s Q1 profit falls 35% on lower revenue

03/05/2018 Argaam Exclusive

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Share Price

Bawan Co. (BAWAN)

Bawan Co. reported a net profit of SAR 14.01 million for the first quarter of 2018, a 35.09 percent year-on-year (YoY) slump on lower revenue and profit margins, despite lower operating expenses.

Compared to the previous quarter, Q1 net earnings fell 18.66 percent, due to lower revenue and decreased gross profit.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2017	Q1 2018	Change‬
Revenues	549.99	522.35	(5.0 %)
Gross Income	68.85	56.60	(17.8 %)
Operating Income	30.49	18.84	(38.2 %)
Net Income	21.59	14.02	(35.1 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.36	0.23	(35.1 %)

Item	Q4 2017	Q1 2018	Change‬
Revenues	596.16	522.35	(12.4 %)
Gross Income	78.21	56.60	(27.6 %)
Operating Income	30.50	18.84	(38.2 %)
Net Income	17.23	14.02	(18.7 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.29	0.23	(18.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	1,573.77	-	275.51	-	140.13	-	2.34
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	1,856.64	18.0 %	281.65	2.2 %	135.23	(3.5 %)	2.25
Q1 2012	558.24	-	70.14	-	32.21	-	0.54
Q2 2012	531.64	-	64.40	-	34.49	-	0.57
Q3 2012	493.18	-	63.94	-	27.22	-	0.45
Q4 2012	502.56	-	79.96	-	37.26	-	0.62
2012	2,085.62	12.3 %	278.44	(1.1 %)	131.18	(3.0 %)	2.19
Q1 2013	571.83	2.4 %	82.56	17.7 %	40.35	25.3 %	0.67
Q2 2013	619.59	16.5 %	105.23	63.4 %	43.97	27.5 %	0.73
Q3 2013	616.28	25.0 %	112.60	76.1 %	44.97	65.2 %	0.75
Q4 2013	640.77	27.5 %	93.20	16.6 %	38.90	4.4 %	0.65
2013	2,448.46	17.4 %	393.59	41.4 %	168.19	28.2 %	2.80
Q1 2014	773.49	35.3 %	113.12	37.0 %	46.72	15.8 %	0.78
Q2 2014	758.47	22.4 %	107.51	2.2 %	47.10	7.1 %	0.79
Q3 2014	613.76	(0.4 %)	92.10	(18.2 %)	45.42	1.0 %	0.76
Q4 2014	654.49	2.1 %	81.30	(12.8 %)	37.22	(4.3 %)	0.62
2014	2,800.20	14.4 %	394.03	0.1 %	176.46	4.9 %	2.94
Q1 2015	661.53	(14.5 %)	76.76	(32.1 %)	27.33	(41.5 %)	0.46
Q2 2015	646.04	(14.8 %)	71.90	(33.1 %)	23.81	(49.5 %)	0.40
Q3 2015	546.48	(11.0 %)	70.02	(24.0 %)	20.13	(55.7 %)	0.34
Q4 2015	549.94	(16.0 %)	76.47	(5.9 %)	16.88	(54.6 %)	0.28
2015	2,403.98	(14.1 %)	295.15	(25.1 %)	88.15	(50.0 %)	1.47
Q1 2016	611.19	(7.6 %)	83.15	8.3 %	28.52	4.4 %	0.48
Q2 2016	642.66	(0.5 %)	120.65	67.8 %	53.22	123.6 %	0.89
Q3 2016	535.02	(2.1 %)	73.70	5.3 %	21.11	4.9 %	0.35
Q4 2016	529.76	(3.7 %)	74.24	(2.9 %)	11.52	(31.8 %)	0.19
2016	2,318.62	(3.6 %)	351.74	19.2 %	114.37	29.7 %	1.91
Q1 2017	549.99	(10.0 %)	68.85	(17.2 %)	21.59	(24.3 %)	0.36
Q2 2017	475.66	(26.0 %)	53.25	(55.9 %)	8.90	(83.3 %)	0.15
Q3 2017	506.94	(5.2 %)	62.89	(14.7 %)	23.29	10.4 %	0.39
Q4 2017	596.16	12.5 %	78.21	5.3 %	17.23	49.6 %	0.29
2017	2,128.75	(8.2 %)	263.20	(25.2 %)	71.01	(37.9 %)	1.18
Q1 2018	522.35	(5.0 %)	56.60	(17.8 %)	14.02	(35.1 %)	0.23

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	1,573.77	-	275.51	-	140.13	-	2.34
2011	1,856.64	18.0 %	281.65	2.2 %	135.23	(3.5 %)	2.25
2012	2,085.62	12.3 %	278.44	(1.1 %)	131.18	(3.0 %)	2.19
2013	2,448.46	17.4 %	393.59	41.4 %	168.19	28.2 %	2.80
2014	2,800.20	14.4 %	394.03	0.1 %	176.46	4.9 %	2.94
2015	2,403.98	(14.1 %)	295.15	(25.1 %)	88.15	(50.0 %)	1.47
2016	2,318.62	(3.6 %)	351.74	19.2 %	114.37	29.7 %	1.91
2017	2,128.75	(8.2 %)	263.20	(25.2 %)	71.01	(37.9 %)	1.18

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	17.51 %	12.88 %	9.34 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	15.17 %	10.80 %	7.28 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	13.35 %	9.27 %	6.29 %
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 %
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 %
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 %
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 %
Q2 2017	12.92 %	7.55 %	3.02 %
Q3 2017	12.57 %	7.50 %	3.17 %
Q4 2017	12.36 %	7.64 %	3.34 %
2017	12.36 %	7.64 %	3.34 %
Q1 2018	11.94 %	7.16 %	3.02 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
2010	17.51 %	12.88 %	9.34 %
2011	15.17 %	10.80 %	7.28 %
2012	13.35 %	9.27 %	6.29 %
2013	16.08 %	11.36 %	7.45 %
2014	14.07 %	9.60 %	5.89 %
2015	12.28 %	7.47 %	3.67 %
2016	15.17 %	9.26 %	4.93 %
2017	12.36 %	7.64 %	3.34 %

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	12.56 %	8.79 %	5.77 %
Q2 2012	12.11 %	8.48 %	6.49 %
Q3 2012	12.96 %	9.42 %	5.52 %
Q4 2012	15.91 %	10.48 %	7.41 %
Q1 2013	14.44 %	10.35 %	7.06 %
Q2 2013	16.98 %	12.73 %	9.04 %
Q3 2013	18.27 %	13.66 %	9.56 %
Q4 2013	14.54 %	8.72 %	4.24 %
Q1 2014	14.63 %	10.18 %	6.85 %
Q2 2014	14.17 %	9.44 %	5.71 %
Q3 2014	15.01 %	10.96 %	7.24 %
Q4 2014	12.42 %	7.82 %	3.69 %
Q1 2015	11.60 %	7.40 %	4.13 %
Q2 2015	11.13 %	6.71 %	3.68 %
Q3 2015	12.81 %	7.85 %	3.68 %
Q4 2015	13.91 %	8.09 %	3.07 %
Q1 2016	13.60 %	8.70 %	4.67 %
Q2 2016	18.77 %	12.32 %	8.28 %
Q3 2016	13.78 %	8.56 %	3.95 %
Q4 2016	14.01 %	6.88 %	2.17 %
Q1 2017	12.52 %	8.10 %	3.93 %
Q2 2017	11.20 %	6.53 %	1.87 %
Q3 2017	12.40 %	8.42 %	4.60 %
Q4 2017	13.12 %	7.45 %	2.89 %
Q1 2018	10.84 %	6.19 %	2.68 %

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	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
Q2 2017	60.00	1.05	1.05	13.39
Q3 2017	60.00	1.09	1.09	13.78
Q4 2017	60.00	1.18	1.18	14.03
Q1 2018	60.00	1.06	1.06	13.84

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	-	-	-	-
2010	60.00	2.34	2.45	9.60
2011	60.00	2.25	2.25	10.58
2012	60.00	2.19	2.19	10.68
2013	60.00	2.80	3.04	11.88
2014	60.00	2.94	2.75	12.66
2015	60.00	1.47	1.47	12.79
2016	60.00	1.91	1.91	13.52
2017	60.00	1.18	1.18	14.03

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	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
Q2 2017	16.67	16.67	1.31
Q3 2017	15.70	15.70	1.24
Q4 2017	14.80	14.80	1.25
Q1 2018	16.31	16.31	1.25

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	18.88	17.40	4.45
2014	13.46	14.41	3.13
2015	15.89	15.89	1.83
2016	11.87	11.87	1.67
2017	14.80	14.80	1.25

Business Segments (Million)

Compared With The

Period	Steel and Wood	Electrical products	concrete	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	-	-	-
Q2 2017	337.01	94.47	44.18	-	-	-
Q3 2017	400.03	63.71	43.20	-	-	-
Q4 2017	455.36	91.42	49.38	-	-	-
Q1 2018	408.92	75.86	37.58	-	-	-

Period	Steel and Wood	Electrical products	concrete	Iron Industry	Wood	Others..
2010	-	336.50	81.55	643.70	512.01	-
2011	-	354.03	108.76	849.13	544.72	-
2012	-	439.22	153.03	899.93	593.44	-
2013	-	663.65	183.19	1,023.13	578.49	-
2014	-	687.90	190.46	1,244.75	677.10	-
2015	-	470.28	207.20	1,047.26	679.24	-
2016	1,496.26	627.73	194.63	-	-	-
2017	1,583.08	360.35	185.32	-	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,694.00
Enterprise Value (EV) (M)	3,091.54
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	2.18
Book Value (BV) ( Riyal)	14.97
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	21.92
P/E (TTM)	20.62
Price/book	3.00
Return on Average Assets (%) (TTM)	5.7
Return on Average Equity (%) (TTM)	14.9

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Bawan’s Q1 profit falls 35% on lower revenue

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Share Price

Bawan Co. (BAWAN)

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) 2018 Q1

Financial Ratios

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Bawan’s Q1 profit falls 35% on lower revenue

View other reports

Share Price

Bawan Co. (BAWAN)

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) Q1 2018

Revenue by Business Segment (Latest) 2018 Q1

Financial Ratios

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Business Segments (Million)