Halwani Bros’s net profit drops 26% in 9M 2017

22/10/2017 Argaam Exclusive

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Share Price

Halwani Bros. Co. (HB)

Halwani Bros reported a net profit of SAR 51.3 million for the first nine months of 2017, a 26 percent year-on-year (YoY) drop, due to a decrease in sales of Egypt subsidiary caused by translating the Egyptian pound to Saudi riyal, a decrease in local sales, lower exports due to regional tension and higher cost of sales.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	772.43	617.78	(20.0 %)
Gross Income	256.10	196.81	(23.1 %)
Operating Income	107.28	76.18	(29.0 %)
Net Income	68.92	51.35	(25.5 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	1.95	1.45	(25.5 %)

Net profit for the third quarter fell 16 percent to SAR 18.8 million on the back of lower sales in Egypt and higher cost of sales.

Q3 net profit jumped around 55 percent compared to the previous quarter on seasonal sales increase during Ramadan and Eid Holidays and lower cost of finance.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	257.85	222.02	(13.9 %)
Gross Income	85.54	67.68	(20.9 %)
Operating Income	36.07	28.43	(21.2 %)
Net Income	22.36	18.79	(16.0 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.63	0.53	(16.0 %)

Item	Q2 2017	Q3 2017	Change‬
Revenues	192.28	222.02	15.5 %
Gross Income	58.05	67.68	16.6 %
Operating Income	18.10	28.43	57.1 %
Net Income	12.14	18.79	54.8 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.34	0.53	54.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2008	663.51	20.3 %	160.68	16.2 %	58.41	75.2 %	1.65
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
2009	617.26	(7.0 %)	184.97	15.1 %	42.64	(27.0 %)	1.21
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
2010	731.97	18.6 %	237.95	28.6 %	80.40	88.6 %	2.27
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
2011	813.64	11.2 %	243.51	2.3 %	80.52	0.2 %	2.28
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
2012	892.18	9.7 %	277.71	14.0 %	87.00	8.0 %	2.46
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
2013	958.10	7.4 %	286.70	3.2 %	92.52	6.3 %	2.62
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
2014	1,064.95	11.2 %	308.36	7.6 %	90.82	(1.8 %)	2.57
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
Q4 2015	262.74	(0.5 %)	83.24	15.6 %	38.70	63.7 %	1.09
2015	1,075.27	1.0 %	334.26	8.4 %	115.11	26.7 %	3.26
Q1 2016	277.84	(3.2 %)	91.20	6.8 %	13.66	(47.3 %)	0.39
Q2 2016	236.74	(11.6 %)	79.36	(2.9 %)	32.90	42.7 %	0.93
Q3 2016	257.85	0.0 %	85.54	1.9 %	22.36	(18.5 %)	0.63
Q4 2016	215.21	(18.1 %)	74.61	(10.4 %)	(17.01)	(144.0 %)	(0.48)
2016	987.64	(8.1 %)	330.71	(1.1 %)	51.91	(54.9 %)	1.47
Q1 2017	203.48	(26.8 %)	71.08	(22.1 %)	20.42	49.5 %	0.58
Q2 2017	192.28	(18.8 %)	58.05	(26.8 %)	12.14	(63.1 %)	0.34
Q3 2017	222.02	(13.9 %)	67.68	(20.9 %)	18.79	(16.0 %)	0.53

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	551.34	6.7 %	138.28	(4.1 %)	33.34	(14.2 %)	0.94
2008	663.51	20.3 %	160.68	16.2 %	58.41	75.2 %	1.65
2009	617.26	(7.0 %)	184.97	15.1 %	42.64	(27.0 %)	1.21
2010	731.97	18.6 %	237.95	28.6 %	80.40	88.6 %	2.27
2011	813.64	11.2 %	243.51	2.3 %	80.52	0.2 %	2.28
2012	892.18	9.7 %	277.71	14.0 %	87.00	8.0 %	2.46
2013	958.10	7.4 %	286.70	3.2 %	92.52	6.3 %	2.62
2014	1,064.95	11.2 %	308.36	7.6 %	90.82	(1.8 %)	2.57
2015	1,075.27	1.0 %	334.26	8.4 %	115.11	26.7 %	3.26
2016	987.64	(8.1 %)	330.71	(1.1 %)	51.91	(54.9 %)	1.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	28.96 %	14.99 %	8.53 %
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 %
2015	31.09 %	16.11 %	10.50 %
Q1 2016	31.90 %	16.38 %	9.22 %
Q2 2016	32.63 %	16.83 %	10.45 %
Q3 2016	32.78 %	17.17 %	9.96 %
Q4 2016	33.48 %	17.18 %	10.89 %
2016	33.48 %	17.18 %	10.89 %
Q1 2017	34.01 %	17.69 %	12.76 %
Q2 2017	33.30 %	17.05 %	11.03 %
Q3 2017	32.58 %	16.56 %	11.07 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2014	28.96 %	14.99 %	8.53 %
2015	31.09 %	16.11 %	10.50 %
2016	33.48 %	17.18 %	10.89 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2014	27.26 %	14.43 %	8.95 %
Q1 2015	29.75 %	15.80 %	9.04 %
Q2 2015	30.51 %	15.11 %	8.61 %
Q3 2015	32.56 %	17.05 %	10.64 %
Q4 2015	31.68 %	16.55 %	13.89 %
Q1 2016	32.83 %	16.80 %	4.09 %
Q2 2016	33.52 %	16.91 %	13.90 %
Q3 2016	33.17 %	18.43 %	8.67 %
Q4 2016	34.67 %	16.46 %	19.00 %
Q1 2017	34.93 %	18.95 %	10.04 %
Q2 2017	30.19 %	13.85 %	6.31 %
Q3 2017	30.48 %	16.80 %	8.46 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2016	35.36	3.04	2.92	18.02
Q4 2016	35.36	1.47	3.04	14.97
Q1 2017	35.36	1.66	3.30	15.58
Q2 2017	35.36	1.07	2.71	13.91
Q3 2017	35.36	0.97	2.61	14.47

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2014	35.36	2.57	2.57	17.27
2015	35.36	3.26	3.19	18.58
2016	35.36	1.47	3.04	14.97

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2016	14.13	14.75	2.39
Q4 2016	38.46	18.57	3.77
Q1 2017	28.34	14.26	3.02
Q2 2017	42.10	16.66	3.25
Q3 2017	46.40	17.27	3.11

Period	P/E	Adjusted P/E	Price/book
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
2014	28.18	28.18	4.19
2015	19.66	20.04	3.44
2016	38.46	18.57	3.77

Business Segments (Million)

Compared With The

Period	Meat products	Sesame products	Other products
Q1 2017	65.09	72.59	65.79
Q2 2017	65.34	57.68	69.27
Q3 2017	106.85	62.91	52.25

Analysts Estimates (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change‬
Average	14.50	18.79	29.56 %

Estimates vs Actual (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change
AlJazira Capital	14.50	18.79	29.6 %

Financial Ratios

	Current
Market Cap (M Riyal)	1,707.89
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	7.01
Return on Average Assets (%) (TTM)	(11.79 )
Return on Average Equity (%) (TTM)	(31.96 )

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Halwani Bros’s net profit drops 26% in 9M 2017

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Share Price

Halwani Bros. Co. (HB)

Financials (M)

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) 2017 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Halwani Bros’s net profit drops 26% in 9M 2017

View other reports

Share Price

Halwani Bros. Co. (HB)

Financials (M)

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) Q3 2017

Revenue by Business Segment (Latest) 2017 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)