Halwani Bros sees 14% rise in net profit for nine-months 2015

15/10/2015 Argaam Exclusive

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Share Price

Halwani Bros. Co.
49.65
(0.85) (1.68 %)

Halwani Bros. Co. (HB)

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Halwani Brothers Co. (Halwani Bros) reported a net profit of SAR 76.4 million for the first nine months of 2015; a 14 percent year-on-year (YOY) increase the company mainly attributed to higher sales, lower materials costs and changes in the corporate tax rate for its Egypt-based subsidiary.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 800.87 812.53 1.5 %
Gross Income 236.37 251.02 6.2 %
Operating Income 101.95 111.50 9.4 %
Net Income 67.18 76.41 13.7 %
Average Shares 35.36 35.36 -
EPS (Riyals) 1.90 2.16 13.7 %

 

The company’s net profit jumped 34 percent YOY to SAR 27.4 million in Q3-2015 on lower sales costs, as well as gains made from the sale of assets.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 260.94 257.76 (1.2 %)
Gross Income 74.77 83.94 12.3 %
Operating Income 32.52 38.04 17.0 %
Net Income 20.46 27.42 34.0 %
Average Shares 35.36 35.36 -
EPS (Riyals) 0.58 0.78 34.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2014 264.08 9.4 % 72.00 7.2 % 23.64 4.9 % 0.67
Q1 2015 287.02 7.9 % 85.38 7.4 % 25.93 9.7 % 0.73
Q2 2015 267.75 (2.2 %) 81.70 (0.5 %) 23.06 (0.1 %) 0.65
Q3 2015 257.76 (1.2 %) 83.94 12.3 % 27.42 34.0 % 0.78

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 21.71 27.42 26.33 %

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
OSOOL AND BAKHEET 22.40 27.42 22.4 %
AlJazira Capital 21.01 27.42 30.5 %


Financial Ratios
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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