Halwani’s net profit jumps 49% in Q1

Halwani’s net profit jumps 49% in Q1

02/05/2017 Argaam Exclusive

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Halwani Bros reported a net profit of SAR 20.4 million for Q1 2017, a 48.9 percent year-on-year (YoY) increase, due to lower general and administrative (G&A) expenses and a decline in foreign exchange losses from its Egyptian unit.

On a sequential basis, the company swung to profit in Q1 versus net losses of SAR 15 million in Q4 2016, due to reversing tax expenses in the Egyptian subsidiary.



Current Quarter Comparison (M)

Compared With The
Item Q1 2016 Q1 2017 Change‬
Revenues 277.84 203.48 (26.8 %)
Gross Income 91.20 71.08 (22.1 %)
Operating Income 40.19 29.24 (27.2 %)
Net Income 13.66 20.42 49.5 %
Average Shares 35.36 35.36 -
Earnings Per Share before unusual items 0.32 0.58 79.8 %
EPS (Riyals) 0.39 0.58 49.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2008 31.62 386.4 % 0.89 23.31 8.31 0.24
Q2 2008 9.04 (33.3 %) 0.26 0.66 8.38 0.24
Q3 2008 10.16 13.5 % 0.29 0.01 10.15 0.29
Q4 2008 7.60 75.7 % 0.21 (1.02) 8.61 0.24
Q1 2009 12.48 (60.5 %) 0.35 - 12.48 0.35
Q2 2009 11.94 32.1 % 0.34 - 11.94 0.34
Q3 2009 9.89 (2.6 %) 0.28 - 9.89 0.28
Q4 2009 8.33 9.7 % 0.24 - 8.33 0.24
Q1 2010 20.96 68.0 % 0.59 - 20.96 0.59
Q2 2010 21.71 81.7 % 0.61 - 21.71 0.61
Q3 2010 20.27 105.1 % 0.57 - 20.27 0.57
Q4 2010 17.46 109.5 % 0.49 - 17.46 0.49
Q1 2011 21.68 3.4 % 0.61 - 21.68 0.61
Q2 2011 23.37 7.7 % 0.66 - 23.37 0.66
Q3 2011 19.63 (3.2 %) 0.56 - 19.63 0.56
Q4 2011 15.84 (9.3 %) 0.45 - 15.84 0.45
Q1 2012 18.09 (16.5 %) 0.51 - 18.09 0.51
Q2 2012 22.79 (2.5 %) 0.64 - 22.79 0.64
Q3 2012 20.68 5.3 % 0.58 - 20.68 0.58
Q4 2012 25.44 60.6 % 0.72 - 25.44 0.72
Q1 2013 30.93 70.9 % 0.87 - 30.93 0.87
Q2 2013 21.91 (3.8 %) 0.62 - 21.91 0.62
Q3 2013 17.14 (17.1 %) 0.48 - 17.14 0.48
Q4 2013 22.54 (11.4 %) 0.64 - 22.54 0.64
Q1 2014 23.63 (23.6 %) 0.67 - 23.63 0.67
Q2 2014 23.09 5.3 % 0.65 - 23.09 0.65
Q3 2014 20.46 19.3 % 0.58 - 20.46 0.58
Q4 2014 23.64 4.9 % 0.67 - 23.64 0.67
Q1 2015 25.93 9.7 % 0.73 - 25.93 0.73
Q2 2015 23.06 (0.1 %) 0.65 - 23.06 0.65
Q3 2015 27.42 34.0 % 0.78 - 27.42 0.78
Q4 2015 38.70 63.7 % 1.09 2.20 36.50 1.03
Q1 2016 13.66 (47.3 %) 0.39 2.30 11.36 0.32
Q2 2016 32.90 42.7 % 0.93 - 32.90 0.93
Q3 2016 22.36 (18.5 %) 0.63 - 22.36 0.63
Q4 2016 (17.01) (144.0 %) (0.48) (57.90) 40.89 1.16
Q1 2017 20.42 49.5 % 0.58 - 20.42 0.58


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 151.96 14.4 % 38.29 4.2 % 11.09 21.7 %
Q2 2008 167.44 24.6 % 42.27 18.4 % 12.25 (19.3 %)
Q3 2008 180.79 25.5 % 41.75 11.9 % 13.29 25.3 %
Q4 2008 163.33 16.6 % 38.37 34.5 % 11.98 108.1 %
Q1 2009 168.33 10.8 % 43.82 14.4 % 15.27 37.7 %
Q2 2009 154.28 (7.9 %) 46.99 11.2 % 16.22 32.4 %
Q3 2009 142.59 (21.1 %) 45.40 8.8 % 15.39 15.8 %
Q4 2009 152.06 (6.9 %) 48.75 27.1 % 15.54 29.8 %
Q1 2010 173.15 2.9 % 57.58 31.4 % 24.04 57.5 %
Q2 2010 179.15 16.1 % 59.23 26.0 % 25.48 57.1 %
Q3 2010 186.07 30.5 % 58.71 29.3 % 25.69 67.0 %
Q4 2010 193.61 27.3 % 62.43 28.1 % 22.54 45.0 %
Q1 2011 193.89 12.0 % 61.67 7.1 % 26.62 10.7 %
Q2 2011 215.58 20.3 % 66.43 12.2 % 29.48 15.7 %
Q3 2011 206.20 10.8 % 60.03 2.2 % 27.82 8.3 %
Q4 2011 197.98 2.3 % 55.38 (11.3 %) 20.56 (8.8 %)
Q1 2012 216.74 11.8 % 66.53 7.9 % 26.01 (2.3 %)
Q2 2012 223.52 3.7 % 68.51 3.1 % 30.74 4.3 %
Q3 2012 226.27 9.7 % 67.70 12.8 % 30.22 8.6 %
Q4 2012 225.65 14.0 % 74.97 35.4 % 33.66 63.7 %
Q1 2013 250.03 15.4 % 86.45 29.9 % 41.39 59.2 %
Q2 2013 238.86 6.9 % 72.85 6.3 % 31.32 1.9 %
Q3 2013 227.85 0.7 % 60.26 (11.0 %) 25.90 (14.3 %)
Q4 2013 241.35 7.0 % 67.14 (10.4 %) 32.97 (2.0 %)
Q1 2014 266.05 6.4 % 79.52 (8.0 %) 32.97 (20.3 %)
Q2 2014 273.89 14.7 % 82.08 12.7 % 36.47 16.4 %
Q3 2014 260.94 14.5 % 74.77 24.1 % 32.52 25.6 %
Q4 2014 264.08 9.4 % 72.00 7.2 % 32.32 (2.0 %)
Q1 2015 287.02 7.9 % 85.38 7.4 % 39.14 18.7 %
Q2 2015 267.75 (2.2 %) 81.70 (0.5 %) 34.32 (5.9 %)
Q3 2015 257.76 (1.2 %) 83.94 12.3 % 38.04 17.0 %
Q4 2015 262.74 (0.5 %) 83.24 15.6 % 37.25 15.2 %
Q1 2016 277.84 (3.2 %) 91.20 6.8 % 40.19 2.7 %
Q2 2016 236.74 (11.6 %) 79.36 (2.9 %) 31.02 (9.6 %)
Q3 2016 257.85 0.0 % 85.54 1.9 % 36.07 (5.2 %)
Q4 2016 215.21 (18.1 %) 74.61 (10.4 %) 25.73 (30.9 %)
Q1 2017 203.48 (26.8 %) 71.08 (22.1 %) 29.24 (27.2 %)

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 %
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 %
Q4 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 %
Q1 2017 34.01 % 17.69 % 12.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (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

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

Business Segments (Million)

Compared With The
Period Meat products Sesame products Other products
Q1 2017 65.09 72.59 65.79

Analysts Estimates (Million)

Item Q1 2017 (e) Q1 2017 (a) Change‬
Average 16.00 20.42 27.65 %

Estimates vs Actual (Million)

Item Q1 2017 (e) Q1 2017 (a) Change
AlJazira Capital 16.00 20.42 27.7 %


Financial Ratios
Current
Market Cap (M Riyal) 1,785.68
Enterprise Value (EV) (M) 1,997.66
Shares Outstanding ((M)) 35.36
EPS ( Riyal) (TTM) 1.26
Book Value (BV) ( Riyal) 8.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 49.54
P/E (TTM) 39.98
Price/book 6.17
Return on Average Assets (%) (TTM) 5.2
Return on Average Equity (%) (TTM) 7.2
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Share Price

Halwani Bros. Co.
50.50
1.70 3.48 %

Halwani Bros. Co. (HB)

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