Al Hammadi’s H1 profit drops 5% on higher financing costs

30/07/2018 Argaam Exclusive

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Al Hammadi Development & Investment Co.’s net profit for H1 2018 decreased by 5 percent year-on-year (YoY) to SAR 50.8 million due to higher financing charges to finance the operations of the company and its subsidiary.

Financials (M)

Item	6m 2017	6m 2018	Change‬
Revenues	356.94	415.16	16.3 %
Gross Income	120.18	120.12	0.0 %
Operating Income	66.49	66.55	0.1 %
Net Income	53.63	50.81	(5.3 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.34	0.32	(5.3 %)

The company’s second quarter net profit dropped 22 percent YoY to SAR 19.9 million, on the back of deducting additional provisions from revenue in line with the requirements of IFRS 9 and 15. The increase in direct operating expenses as well as the depreciation expenses associated with the commencement of operations at Nuzha Hospital branch also weighed on Q2 figures.

When compared to the previous quarter, Q2 2018 net profit fell by 35.5 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2017	Q2 2018	Change‬
Revenues	176.71	214.49	21.4 %
Gross Income	58.16	53.28	(8.4 %)
Operating Income	32.88	28.26	(14.0 %)
Net Income	25.66	19.93	(22.3 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.16	0.12	(22.3 %)

Item	Q1 2018	Q2 2018	Change‬
Revenues	200.67	214.49	6.9 %
Gross Income	66.84	53.28	(20.3 %)
Operating Income	38.29	28.26	(26.2 %)
Net Income	30.88	19.93	(35.5 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.19	0.12	(35.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	309.88	-	125.79	-	80.95	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	301.55	(2.7 %)	136.40	8.4 %	87.88	8.6 %
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	330.66	9.7 %	147.65	8.3 %	92.15	4.9 %
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	378.68	14.5 %	163.11	10.5 %	92.34	0.2 %
Q1 2013	104.84	-	47.34	-	30.09	-
Q2 2013	108.85	-	45.84	-	22.74	-
Q3 2013	96.26	-	36.81	-	19.02	-
Q4 2013	124.13	-	55.17	-	34.34	-
2013	434.08	14.6 %	185.16	13.5 %	112.10	21.4 %
Q1 2014	122.04	16.4 %	54.71	15.6 %	35.96	19.5 %
Q2 2014	121.66	11.8 %	53.68	17.1 %	35.77	57.3 %
Q3 2014	108.83	13.1 %	44.74	21.5 %	24.77	30.3 %
Q4 2014	129.43	4.3 %	55.99	1.5 %	34.52	0.5 %
2014	481.96	11.0 %	209.11	12.9 %	130.95	16.8 %
Q1 2015	129.48	6.1 %	50.64	(7.4 %)	33.35	(7.3 %)
Q2 2015	137.36	12.9 %	63.56	18.4 %	37.91	6.0 %
Q3 2015	136.80	25.7 %	57.97	29.6 %	31.92	28.8 %
Q4 2015	157.70	21.8 %	68.06	21.6 %	40.39	17.0 %
2015	561.33	16.5 %	240.24	14.9 %	143.57	9.6 %
Q1 2016	144.16	11.3 %	54.75	8.1 %	26.66	(20.0 %)
Q2 2016	138.08	0.5 %	57.56	(9.5 %)	27.63	(27.1 %)
Q3 2016	141.35	3.3 %	56.48	(2.6 %)	25.97	(18.6 %)
Q4 2016	182.65	15.8 %	73.35	7.8 %	18.58	(54.0 %)
2016	606.24	8.0 %	242.13	0.8 %	98.81	(31.2 %)
Q1 2017	180.23	25.0 %	62.02	13.3 %	33.61	26.0 %
Q2 2017	176.71	28.0 %	58.16	1.0 %	32.88	19.0 %
Q3 2017	163.01	15.3 %	53.91	(4.5 %)	26.46	1.9 %
Q4 2017	188.69	3.3 %	65.08	(11.3 %)	33.93	82.6 %
2017	708.62	16.9 %	239.16	(1.2 %)	126.88	28.4 %
Q1 2018	200.67	11.3 %	66.84	7.8 %	38.29	13.9 %
Q2 2018	214.49	21.4 %	53.28	(8.4 %)	28.26	(14.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2008	-	-	-	-	-	-
2009	309.88	-	125.79	-	80.95	-
2010	301.55	(2.7 %)	136.40	8.4 %	87.88	8.6 %
2011	330.66	9.7 %	147.65	8.3 %	92.15	4.9 %
2012	378.68	14.5 %	163.11	10.5 %	92.34	0.2 %
2013	434.08	14.6 %	185.16	13.5 %	112.10	21.4 %
2014	481.96	11.0 %	209.11	12.9 %	130.95	16.8 %
2015	561.33	16.5 %	240.24	14.9 %	143.57	9.6 %
2016	606.24	8.0 %	242.13	0.8 %	98.81	(31.2 %)
2017	708.62	16.9 %	239.16	(1.2 %)	126.88	28.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	76.40	-	0.48	-	76.40	0.48
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	79.87	4.5 %	0.50	-	79.87	0.50
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	89.94	12.6 %	0.56	-	89.94	0.56
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	94.27	4.8 %	0.59	-	94.27	0.59
Q1 2013	29.83	-	0.19	-	29.83	0.19
Q2 2013	30.06	-	0.19	-	24.06	0.15
Q3 2013	18.32	-	0.11	-	18.32	0.11
Q4 2013	33.29	-	0.21	-	33.29	0.21
2013	111.50	18.3 %	0.70	-	111.50	0.70
Q1 2014	34.23	14.7 %	0.21	-	34.23	0.21
Q2 2014	35.60	18.4 %	0.22	-	35.60	0.22
Q3 2014	25.42	38.7 %	0.16	-	25.42	0.16
Q4 2014	33.71	1.2 %	0.21	-	33.71	0.21
2014	128.95	15.6 %	0.81	-	128.95	0.81
Q1 2015	41.01	19.8 %	0.26	9.80	31.21	0.20
Q2 2015	36.89	3.6 %	0.23	-	36.89	0.23
Q3 2015	27.69	8.9 %	0.17	-	27.69	0.17
Q4 2015	35.75	6.0 %	0.22	-	35.75	0.22
2015	141.33	9.6 %	0.88	9.80	131.53	0.82
Q1 2016	21.14	(48.5 %)	0.13	-	21.14	0.13
Q2 2016	20.63	(44.1 %)	0.13	-	20.63	0.13
Q3 2016	20.73	(25.1 %)	0.13	-	20.73	0.13
Q4 2016	10.48	(70.7 %)	0.07	-	10.48	0.07
2016	72.96	(48.4 %)	0.46	-	72.96	0.46
Q1 2017	27.97	32.3 %	0.17	-	27.97	0.17
Q2 2017	25.66	24.4 %	0.16	-	25.66	0.16
Q3 2017	23.59	13.8 %	0.15	-	23.59	0.15
Q4 2017	30.76	193.4 %	0.19	-	30.76	0.19
2017	107.97	48.0 %	0.67	-	107.97	0.67
Q1 2018	30.88	10.4 %	0.19	-	30.88	0.19
Q2 2018	19.93	(22.3 %)	0.12	-	19.93	0.12

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2008	-	-	-	-	-	-
2009	76.40	-	0.48	-	76.40	0.48
2010	79.87	4.5 %	0.50	-	79.87	0.50
2011	89.94	12.6 %	0.56	-	89.94	0.56
2012	94.27	4.8 %	0.59	-	94.27	0.59
2013	111.50	18.3 %	0.70	-	111.50	0.70
2014	128.95	15.6 %	0.81	-	128.95	0.81
2015	141.33	9.6 %	0.88	9.80	131.53	0.82
2016	72.96	(48.4 %)	0.46	-	72.96	0.46
2017	107.97	48.0 %	0.67	-	107.97	0.67

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	40.59 %	31.76 %	24.65 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	45.23 %	33.73 %	26.49 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	44.65 %	31.79 %	27.20 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	43.07 %	27.97 %	24.89 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	42.66 %	27.60 %	24.31 %
2013	42.66 %	28.96 %	25.69 %
Q1 2014	42.66 %	27.85 %	24.35 %
Q2 2014	43.18 %	29.90 %	26.17 %
Q3 2014	43.70 %	30.34 %	26.97 %
Q4 2014	43.39 %	30.09 %	26.75 %
2014	43.39 %	30.07 %	26.75 %
Q1 2015	41.90 %	29.13 %	25.73 %
Q2 2015	42.55 %	28.68 %	25.19 %
Q3 2015	42.80 %	29.71 %	24.29 %
Q4 2015	42.80 %	31.06 %	23.43 %
2015	42.80 %	31.06 %	23.43 %
Q1 2016	42.42 %	30.79 %	21.09 %
Q2 2016	41.32 %	30.64 %	18.24 %
Q3 2016	40.74 %	29.96 %	16.90 %
Q4 2016	39.94 %	25.11 %	12.04 %
2016	39.94 %	25.10 %	12.03 %
Q1 2017	38.83 %	24.74 %	12.43 %
Q2 2017	36.71 %	24.09 %	12.46 %
Q3 2017	35.22 %	23.41 %	12.48 %
Q4 2017	33.75 %	25.39 %	15.24 %
2017	33.75 %	25.39 %	15.24 %
Q1 2018	33.46 %	26.03 %	15.21 %
Q2 2018	31.18 %	25.45 %	13.71 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	40.59 %	31.76 %	24.65 %
2010	45.23 %	33.73 %	26.49 %
2011	44.65 %	31.79 %	27.20 %
2012	43.07 %	27.97 %	24.89 %
2013	42.66 %	28.96 %	25.69 %
2014	43.39 %	30.07 %	26.75 %
2015	42.80 %	31.06 %	23.43 %
2016	39.94 %	25.10 %	12.03 %
2017	33.75 %	25.39 %	15.24 %

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	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	45.15 %	31.89 %	28.45 %
Q2 2013	42.11 %	24.00 %	22.10 %
Q3 2013	38.24 %	23.34 %	19.03 %
Q4 2013	44.45 %	30.42 %	26.82 %
Q1 2014	44.83 %	32.21 %	28.04 %
Q2 2014	44.12 %	32.25 %	29.26 %
Q3 2014	41.11 %	26.05 %	23.36 %
Q4 2014	43.26 %	29.45 %	26.04 %
Q1 2015	39.11 %	28.49 %	24.10 %
Q2 2015	46.28 %	30.21 %	26.86 %
Q3 2015	42.37 %	30.62 %	20.24 %
Q4 2015	43.16 %	34.31 %	22.67 %
Q1 2016	37.98 %	27.65 %	14.66 %
Q2 2016	41.68 %	29.60 %	14.94 %
Q3 2016	39.95 %	27.83 %	14.67 %
Q4 2016	40.16 %	17.59 %	5.74 %
Q1 2017	34.41 %	25.82 %	15.52 %
Q2 2017	32.91 %	26.06 %	14.52 %
Q3 2017	33.07 %	24.41 %	14.47 %
Q4 2017	34.49 %	25.21 %	16.30 %
Q1 2018	33.31 %	28.10 %	15.39 %
Q2 2018	24.84 %	23.98 %	9.29 %

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	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	160.00	-	-	3.74
Q2 2013	160.00	-	-	3.67
Q3 2013	160.00	-	-	3.78
Q4 2013	160.00	0.70	0.66	3.66
Q1 2014	160.00	0.72	0.69	3.87
Q2 2014	160.00	0.76	0.76	7.88
Q3 2014	160.00	0.80	0.80	8.04
Q4 2014	160.00	0.81	0.81	8.25
Q1 2015	160.00	0.85	0.79	8.51
Q2 2015	160.00	0.86	0.80	8.27
Q3 2015	160.00	0.87	0.81	8.44
Q4 2015	160.00	0.88	0.82	8.66
Q1 2016	160.00	0.76	0.76	8.80
Q2 2016	160.00	0.66	0.66	8.37
Q3 2016	160.00	0.61	0.61	8.50
Q4 2016	160.00	0.46	0.46	8.56
Q1 2017	160.00	0.50	0.50	8.75
Q2 2017	160.00	0.53	0.53	8.89
Q3 2017	160.00	0.55	0.55	9.04
Q4 2017	160.00	0.67	0.67	8.67
Q1 2018	160.00	0.69	0.69	8.85
Q2 2018	160.00	0.66	0.66	8.98

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	160.00	0.48	0.48	2.35
2010	160.00	0.50	0.50	2.78
2011	160.00	0.56	0.56	2.96
2012	160.00	0.59	0.59	3.55
2013	160.00	0.70	0.70	3.66
2014	160.00	0.81	0.81	8.25
2015	160.00	0.88	0.82	8.66
2016	160.00	0.46	0.46	8.56
2017	160.00	0.67	0.67	8.67

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	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	51.42	51.42	5.14
Q4 2014	48.92	48.92	4.78
Q1 2015	51.53	55.54	5.14
Q2 2015	54.13	58.30	5.61
Q3 2015	44.33	47.69	4.57
Q4 2015	41.63	44.73	4.24
Q1 2016	36.41	36.41	3.14
Q2 2016	45.86	45.86	3.60
Q3 2016	36.32	36.32	2.62
Q4 2016	68.31	68.31	3.64
Q1 2017	61.37	61.37	3.50
Q2 2017	58.51	58.51	3.49
Q3 2017	47.94	47.94	2.91
Q4 2017	41.25	41.25	3.21
Q1 2018	39.28	39.28	3.07
Q2 2018	37.68	37.68	2.76

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	48.92	48.92	4.78
2015	41.63	44.73	4.24
2016	68.34	68.34	3.64
2017	41.25	41.25	3.21

Business Segments (Million)

Compared With The

Period	healthy services and other	Pharmaceutical sales revenue - Pharmacies
Q1 2017	150.74	29.49
Q2 2017	147.45	29.26
Q3 2017	136.70	26.31
Q4 2017	155.95	32.73
Q1 2018	140.85	59.82
Q2 2018	143.64	71.39

Period	healthy services and other	Pharmaceutical sales revenue - Pharmacies
2010	224.05	77.50
2011	244.33	86.33
2012	274.90	103.78
2013	317.00	117.11
2014	360.30	121.61
2015	451.60	109.71
2016	552.40	89.11
2017	590.84	117.78

Analysts Estimates (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change‬
Average	28.45	19.93	(30.0 %)

Estimates vs Actual (Million)

Item	Q2 2018 (e)	Q2 2018 (a)	Change
Albilad Capital	26.00	19.93	(23.4) %
Sico	28.00	19.93	(28.8) %
Arbah Capital	28.80	19.93	(30.8) %
AlJazira Capital	28.90	19.93	(31.0) %
SNB Capital	29.00	19.93	(31.3) %
Al Rajhi Capital	30.00	19.93	(33.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,144.00
Enterprise Value (EV) (M)	5,905.92
Shares Outstanding ((M))	160.00
EPS ( Riyal) (TTM)	2.04
Book Value (BV) ( Riyal)	12.11
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.23
P/E (TTM)	18.83
Price/book	3.17
Return on Average Assets (%) (TTM)	12.5
Return on Average Equity (%) (TTM)	17.3

Al Hammadi Holding (ALHAMMADI)

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Al Hammadi’s H1 profit drops 5% on higher financing costs

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Hammadi Holding (ALHAMMADI)

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Al Hammadi’s H1 profit drops 5% on higher financing costs

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2018

Revenue by Business Segment (Latest) 2018 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Hammadi Holding (ALHAMMADI)

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Business Segments (Million)