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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Share Price

49.65
(0.85) (1.68 %)

Halwani Bros. Co. (HB)

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 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 121.90 - 32.98 - 6.88 - 0.19
Q2 2006 131.29 - 36.34 - 10.44 - 0.30
Q3 2006 138.53 - 40.87 - 13.60 - 0.38
Q4 2006 125.17 - 33.97 - 7.93 - 0.22
Q1 2007 132.86 9.0 % 36.75 11.5 % 6.50 (5.5 %) 0.18
Q2 2007 134.36 2.3 % 35.70 (1.8 %) 13.57 30.0 % 0.38
Q3 2007 144.10 4.0 % 37.29 (8.8 %) 8.95 (34.2 %) 0.25
Q4 2007 140.03 11.9 % 28.54 (16.0 %) 4.33 (45.4 %) 0.12
Q1 2008 151.96 14.4 % 38.29 4.2 % 31.62 386.4 % 0.89
Q2 2008 167.44 24.6 % 42.27 18.4 % 9.04 (33.3 %) 0.26
Q3 2008 180.79 25.5 % 41.75 11.9 % 10.16 13.5 % 0.29
Q4 2008 163.33 16.6 % 38.37 34.5 % 7.60 75.7 % 0.21
Q1 2009 168.33 10.8 % 43.82 14.4 % 12.48 (60.5 %) 0.35
Q2 2009 154.28 (7.9 %) 46.99 11.2 % 11.94 32.1 % 0.34
Q3 2009 142.59 (21.1 %) 45.40 8.8 % 9.89 (2.6 %) 0.28
Q4 2009 152.06 (6.9 %) 48.75 27.1 % 8.33 9.7 % 0.24
Q1 2010 173.15 2.9 % 57.58 31.4 % 20.96 68.0 % 0.59
Q2 2010 179.15 16.1 % 59.23 26.0 % 21.71 81.7 % 0.61
Q3 2010 186.07 30.5 % 58.71 29.3 % 20.27 105.1 % 0.57
Q4 2010 193.61 27.3 % 62.43 28.1 % 17.46 109.5 % 0.49
Q1 2011 193.89 12.0 % 61.67 7.1 % 21.68 3.4 % 0.61
Q2 2011 215.58 20.3 % 66.43 12.2 % 23.37 7.7 % 0.66
Q3 2011 206.20 10.8 % 60.03 2.2 % 19.63 (3.2 %) 0.56
Q4 2011 197.98 2.3 % 55.38 (11.3 %) 15.84 (9.3 %) 0.45
Q1 2012 216.74 11.8 % 66.53 7.9 % 18.09 (16.5 %) 0.51
Q2 2012 223.52 3.7 % 68.51 3.1 % 22.79 (2.5 %) 0.64
Q3 2012 226.27 9.7 % 67.70 12.8 % 20.68 5.3 % 0.58
Q4 2012 225.65 14.0 % 74.97 35.4 % 25.44 60.6 % 0.72
Q1 2013 250.03 15.4 % 86.45 29.9 % 30.93 70.9 % 0.87
Q2 2013 238.86 6.9 % 72.85 6.3 % 21.91 (3.8 %) 0.62
Q3 2013 227.85 0.7 % 60.26 (11.0 %) 17.14 (17.1 %) 0.48
Q4 2013 241.35 7.0 % 67.14 (10.4 %) 22.54 (11.4 %) 0.64
Q1 2014 266.05 6.4 % 79.52 (8.0 %) 23.63 (23.6 %) 0.67
Q2 2014 273.89 14.7 % 82.08 12.7 % 23.09 5.3 % 0.65
Q3 2014 260.94 14.5 % 74.77 24.1 % 20.46 19.3 % 0.58

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 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 %
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 %


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

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

Current
Market Cap (M Riyal) 1,755.62
Enterprise Value (EV) (M) -
Shares Outstanding ((M)) 35.36
EPS ( Riyal) (TTM) (2.95)
Book Value (BV) ( Riyal) 6.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 7.21
Return on Average Assets (%) (TTM) (11.79 )
Return on Average Equity (%) (TTM) (31.96 )

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