Halwani's net profit hikes to SAR 56.3 mln in H1 2020

Halwani's net profit hikes to SAR 56.3 mln in H1 2020

05/08/2020 Argaam Exclusive

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Halwani Bros. Co. reported a net profit after Zakat and tax of SAR 56.3 million for the first half of 2020, compared to SAR 1.8 million in prior-year period, driven by higher revenue from Egyptian and Saudi operations, the restructure of the customer allowances policy, improved sales mix and lower financing charges.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 438.67 557.54 27.1 %
Gross Income 110.32 194.74 76.5 %
Operating Income 23.85 80.62 238.0 %
Net Income 1.82 56.35 2989.2 %
Average Shares 35.36 35.36 -
EPS (Riyals) 0.05 1.59 2989.2 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 200.24 272.39 36.0 %
Gross Income 51.05 97.96 91.9 %
Operating Income 6.62 37.93 473.4 %
Net Income (3.70) 25.93 800.7 %
Average Shares 35.36 35.36 -
EPS (Riyals) (0.10) 0.73 800.7 %

Halwani's net profit after Zakat and tax for the second quarter stood at SAR 25.9 million, versus net loss of SAR 3.7 million in year-earlier period, due to higher revenue from Saudi and Egypt units, improved sales mix, and lower financing charges.

 

On a quarter-on-quarter basis, the profit for the current quarter declined by 14.8%.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2017 192.28 (18.8 %) 58.05 (26.8 %) 18.10 (41.7 %)
Q3 2017 222.02 (13.9 %) 67.68 (20.9 %) 28.43 (21.2 %)
Q4 2017 216.81 0.7 % 74.71 0.1 % 29.06 12.9 %
Q1 2018 215.72 6.0 % 61.41 (13.6 %) 24.99 (14.5 %)
Q2 2018 198.27 3.1 % 53.45 (7.9 %) 16.09 (11.1 %)
Q3 2018 223.20 0.5 % 72.07 6.5 % 29.72 4.5 %
Q4 2018 209.64 (3.3 %) 49.72 (33.4 %) 3.81 (86.9 %)
Q1 2019 238.43 10.5 % 59.27 (3.5 %) 17.23 (31.0 %)
Q2 2019 200.24 1.0 % 51.05 (4.5 %) 6.62 (58.9 %)
Q3 2019 221.22 (0.9 %) 56.80 (21.2 %) 9.03 (69.6 %)
Q4 2019 239.98 14.5 % 63.89 28.5 % 18.42 383.6 %
Q1 2020 285.14 19.6 % 96.78 63.3 % 42.68 147.7 %
Q2 2020 272.39 36.0 % 97.96 91.9 % 37.93 473.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2017 12.14 (63.1 %) 0.34 - 12.14 0.34
Q3 2017 18.79 (16.0 %) 0.53 - 18.79 0.53
Q4 2017 20.00 217.6 % 0.57 2.72 17.28 0.49
Q1 2018 16.48 (19.3 %) 0.47 - 16.48 0.47
Q2 2018 8.51 (29.9 %) 0.24 - 8.51 0.24
Q3 2018 19.25 2.4 % 0.54 - 19.25 0.54
Q4 2018 (0.92) (104.6 %) (0.03) 7.16 (8.08) (0.23)
Q1 2019 5.53 (66.5 %) 0.16 - 5.53 0.16
Q2 2019 (3.70) (143.5 %) (0.10) - (3.70) (0.10)
Q3 2019 (3.41) (117.7 %) (0.10) - (3.41) (0.10)
Q4 2019 3.95 530.3 % 0.11 (1.18) 5.13 0.14
Q1 2020 30.42 450.4 % 0.86 - 30.42 0.86
Q2 2020 25.93 800.7 % 0.73 - 25.93 0.73

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2017 33.30 % 17.05 % 11.03 %
Q3 2017 32.58 % 16.56 % 11.07 %
Q4 2017 32.53 % 16.91 % 8.22 %
Q1 2018 30.92 % 16.20 % 7.64 %
Q2 2018 30.16 % 15.96 % 7.16 %
Q3 2018 30.64 % 16.17 % 7.20 %
Q4 2018 27.94 % 13.37 % 4.27 %
Q1 2019 26.97 % 12.31 % 2.90 %
Q2 2019 26.63 % 11.40 % 1.49 %
Q3 2019 24.94 % 9.38 % (1.11 %)
Q4 2019 25.67 % 10.83 % 0.39 %
Q1 2020 28.37 % 13.09 % 3.00 %
Q2 2020 30.96 % 15.45 % 5.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2017 35.36 2.02 1.94 14.99
Q1 2018 35.36 1.91 1.83 14.30
Q2 2018 35.36 1.80 1.73 12.50
Q3 2018 35.36 1.82 1.74 13.06
Q4 2018 35.36 1.23 1.02 12.82
Q1 2019 35.36 0.92 0.71 13.04
Q2 2019 35.36 0.57 0.37 13.03
Q3 2019 35.36 (0.07) (0.27) 12.97
Q4 2019 35.36 0.07 0.10 13.06
Q1 2020 35.36 0.77 0.80 14.01
Q2 2020 35.36 1.61 1.64 13.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2017 22.87 23.78 3.08
Q1 2018 27.46 28.61 3.66
Q2 2018 26.71 27.90 3.85
Q3 2018 23.77 24.82 3.31
Q4 2018 33.58 40.22 3.21
Q1 2019 43.30 55.60 3.04
Q2 2019 61.49 95.36 2.69
Q3 2019 NEG NEG 2.58
Q4 2019 More than 100 More than 100 2.69
Q1 2020 38.35 36.76 2.11
Q2 2020 33.38 32.71 3.90

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
Q4 2017 83.09 73.40 60.33
Q1 2018 82.59 71.05 62.08
Q2 2018 73.36 60.97 63.94
Q3 2018 99.07 57.89 66.24
Q4 2018 117.41 56.08 36.15
Q1 2019 104.16 73.29 60.99
Q2 2019 77.82 50.25 72.17
Q3 2019 138.36 59.19 23.66
Q4 2019 113.50 72.82 53.66
Q1 2020 130.83 96.41 57.91
Q2 2020 119.76 98.60 54.03

Analysts Estimates (Million)

Item Q2 2020 (e) Q2 2020 (a) Change‬
Average 17.50 25.93 48.18 %

Estimates vs Actual (Million)

Item Q2 2020 (e) Q2 2020 (a) Change
OSOOL AND BAKHEET 17.50 25.93 48.2 %


Financial Ratios
Current
Market Cap (M Riyal) 1,881.15
Enterprise Value (EV) (M) 2,107.48
Shares Outstanding ((M)) 35.36
EPS ( Riyal) (TTM) (0.03)
Book Value (BV) ( Riyal) 7.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 6.88
Return on Average Assets (%) (TTM) (0.14 )
Return on Average Equity (%) (TTM) (0.38 )
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Share Price

Halwani Bros. Co.
53.30
(0.20) (0.37 %)

Halwani Bros. Co. (HB)

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