Halwani Bros H1 2022 profit slumps 65% to SAR 17.9 mln; Q2 loss at SAR 1.8 mln

14/08/2022 Argaam Exclusive

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Halwani Bros Co. posted a 65% slump in H1 2022 net profit after Zakat and tax to SAR 17.9 million from SAR 51.6 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	555.20	540.04	(2.7 %)
Gross Income	187.26	160.67	(14.2 %)
Operating Income	69.19	36.92	(46.6 %)
Net Income	51.64	17.85	(65.4 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	1.46	0.50	(65.4 %)

The company's gross profit dropped 14% year-on-year (YoY) due to increased costs of raw materials globally, which had an impact on most companies.

Consolidated profits were hit by the depreciation of the currency exchange rate in the Egypt-based subsidiary.

Moreover, the marketing campaigns for customers and consumers increased spending during the current period compared H1 2021. Halwani Bros also cited higher financing costs.

In Q2 2022, the company sustained a net loss of SAR 1.8 million, against a net profit of SAR 26.24 million in the prior-year period, as gross profit fell by 26% YoY. The second-quarter net profit was also impacted by the Egyptian currency depreciation.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	268.62	238.50	(11.2 %)
Gross Income	88.25	64.93	(26.4 %)
Operating Income	34.50	6.20	(82.0 %)
Net Income	26.24	(1.80)	(106.8 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.74	(0.05)	(106.8 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	301.54	238.50	(20.9 %)
Gross Income	95.73	64.93	(32.2 %)
Operating Income	30.72	6.20	(79.8 %)
Net Income	19.65	(1.80)	(109.1 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.56	(0.05)	(109.1 %)

The company swung to losses from a net profit of SAR 19.65 million in Q1 2022.

Shareholders’ equity, after minority interest, dropped to SAR 484.5 million as of June 30, 2022, from SAR 538.2 million a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2017	216.81	0.7 %	74.71	0.1 %	20.00	217.6 %	0.57
2017	834.59	(15.5 %)	271.52	(17.9 %)	71.35	37.4 %	2.02
Q1 2018	215.72	6.0 %	61.41	(13.6 %)	16.48	(19.3 %)	0.47
Q2 2018	198.27	3.1 %	53.45	(7.9 %)	8.51	(29.9 %)	0.24
Q3 2018	223.20	0.5 %	72.07	6.5 %	19.25	2.4 %	0.54
Q4 2018	209.64	(3.3 %)	49.72	(33.4 %)	(0.92)	(104.6 %)	(0.03)
2018	846.83	1.5 %	236.65	(12.8 %)	43.32	(39.3 %)	1.23
Q1 2019	238.43	10.5 %	59.27	(3.5 %)	5.53	(66.5 %)	0.16
Q2 2019	200.24	1.0 %	51.05	(4.5 %)	(3.70)	(143.5 %)	(0.10)
Q3 2019	221.22	(0.9 %)	56.80	(21.2 %)	(3.41)	(117.7 %)	(0.10)
Q4 2019	239.98	14.5 %	63.89	28.5 %	3.95	530.3 %	0.11
2019	899.87	6.3 %	231.00	(2.4 %)	2.36	(94.6 %)	0.07
Q1 2020	285.14	19.6 %	96.78	63.3 %	30.42	450.4 %	0.86
Q2 2020	272.39	36.0 %	97.96	91.9 %	25.93	800.7 %	0.73
Q3 2020	256.21	15.8 %	86.46	52.2 %	25.04	833.5 %	0.71
Q4 2020	241.30	0.6 %	75.93	18.8 %	19.46	393.0 %	0.55
2020	1,055.05	17.2 %	357.13	54.6 %	100.84	4178.4 %	2.85
Q1 2021	286.58	0.5 %	99.01	2.3 %	25.40	(16.5 %)	0.72
Q2 2021	268.62	(1.4 %)	88.25	(9.9 %)	26.24	1.2 %	0.74
Q3 2021	236.90	(7.5 %)	70.11	(18.9 %)	14.04	(43.9 %)	0.40
Q4 2021	299.20	24.0 %	86.85	14.4 %	18.58	(4.5 %)	0.53
2021	1,091.30	3.4 %	344.22	(3.6 %)	84.25	(16.5 %)	2.38
Q1 2022	301.54	5.2 %	95.73	(3.3 %)	19.65	(22.6 %)	0.56
Q2 2022	238.50	(11.2 %)	64.93	(26.4 %)	(1.80)	(106.8 %)	(0.05)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2017	834.59	(15.5 %)	271.52	(17.9 %)	71.35	37.4 %	2.02
2018	846.83	1.5 %	236.65	(12.8 %)	43.32	(39.3 %)	1.23
2019	899.87	6.3 %	231.00	(2.4 %)	2.36	(94.6 %)	0.07
2020	1,055.05	17.2 %	357.13	54.6 %	100.84	4178.4 %	2.85
2021	1,091.30	3.4 %	344.22	(3.6 %)	84.25	(16.5 %)	2.38

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	32.53 %	16.91 %	8.22 %
2017	32.53 %	16.96 %	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 %
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 %
2019	25.67 %	10.71 %	0.39 %
Q1 2020	28.37 %	13.09 %	3.00 %
Q2 2020	30.96 %	15.45 %	5.70 %
Q3 2020	32.75 %	17.73 %	8.46 %
Q4 2020	33.85 %	18.67 %	9.73 %
2020	33.85 %	18.67 %	9.73 %
Q1 2021	34.01 %	17.88 %	9.24 %
Q2 2021	33.21 %	17.45 %	9.30 %
Q3 2021	32.25 %	16.16 %	8.16 %
Q4 2021	31.54 %	15.08 %	7.47 %
2021	31.54 %	15.08 %	7.47 %
Q1 2022	30.82 %	14.47 %	6.85 %
Q2 2022	29.52 %	12.25 %	4.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	32.53 %	16.96 %	8.22 %
2018	27.94 %	13.37 %	4.27 %
2019	25.67 %	10.71 %	0.39 %
2020	33.85 %	18.67 %	9.73 %
2021	31.54 %	15.08 %	7.47 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	34.46 %	17.83 %	7.97 %
Q1 2018	28.47 %	16.02 %	7.64 %
Q2 2018	26.96 %	12.92 %	4.29 %
Q3 2018	32.29 %	17.59 %	8.62 %
Q4 2018	23.72 %	6.57 %	(3.85 %)
Q1 2019	24.86 %	11.91 %	2.32 %
Q2 2019	25.49 %	8.97 %	(1.85 %)
Q3 2019	25.67 %	9.70 %	(1.54 %)
Q4 2019	26.62 %	12.37 %	2.14 %
Q1 2020	33.94 %	19.21 %	10.67 %
Q2 2020	35.96 %	18.91 %	9.52 %
Q3 2020	33.74 %	19.84 %	10.79 %
Q4 2020	31.47 %	16.51 %	7.73 %
Q1 2021	34.55 %	16.30 %	8.86 %
Q2 2021	32.85 %	17.24 %	9.77 %
Q3 2021	29.59 %	14.40 %	5.93 %
Q4 2021	29.03 %	12.51 %	5.30 %
Q1 2022	31.75 %	13.98 %	6.52 %
Q2 2022	27.23 %	7.60 %	(0.75 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2020	35.36	2.41	2.52	14.56
Q4 2020	35.36	2.85	2.90	15.09
Q1 2021	35.36	2.71	2.76	14.48
Q2 2021	35.36	2.72	2.77	15.22
Q3 2021	35.36	2.41	2.39	15.61
Q4 2021	35.36	2.38	2.31	16.12
Q1 2022	35.36	2.22	2.14	15.89
Q2 2022	35.36	1.43	1.35	13.70

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	35.36	2.02	1.94	14.99
2018	35.36	1.23	1.02	12.82
2019	35.36	0.07	0.10	13.06
2020	35.36	2.85	2.90	15.09
2021	35.36	2.38	2.31	16.12

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2020	28.34	27.14	4.70
Q4 2020	31.35	30.80	5.92
Q1 2021	41.77	41.00	7.82
Q2 2021	37.44	36.75	6.69
Q3 2021	40.95	41.34	6.32
Q4 2021	38.15	39.42	5.64
Q1 2022	39.18	40.58	5.48
Q2 2022	46.24	48.86	4.82

Period	P/E	Adjusted P/E	Price/book
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
2017	22.87	23.78	3.08
2018	33.58	40.22	3.21
2019	More than 100	More than 100	2.69
2020	31.35	30.80	5.92
2021	38.15	39.42	5.64

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
Q3 2020	135.73	71.04	49.44
Q4 2020	130.10	62.84	48.37
Q1 2021	138.96	85.94	61.68
Q2 2021	151.59	66.42	50.61
Q3 2021	126.52	59.46	50.92
Q4 2021	160.03	77.83	61.35
Q1 2022	143.34	84.68	73.52
Q2 2022	119.08	71.53	47.89

Period	Meat products	Sesame products	Other products
2017	320.37	266.58	247.64
2018	372.43	246.00	228.40
2019	433.84	255.56	210.47
2020	516.41	328.89	209.75
2021	577.09	289.65	224.55

Financial Ratios

	Current
Market Cap (M Riyal)	1,688.44
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	6.93
Return on Average Assets (%) (TTM)	(11.79 )
Return on Average Equity (%) (TTM)	(31.96 )

Halwani Bros. Co. (HB)

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Halwani Bros H1 2022 profit slumps 65% to SAR 17.9 mln; Q2 loss at SAR 1.8 mln

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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) 2022 Q2

Financial Ratios

Share Price

Halwani Bros. Co. (HB)

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Halwani Bros H1 2022 profit slumps 65% to SAR 17.9 mln; Q2 loss at SAR 1.8 mln

View other reports

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) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Halwani Bros. Co. (HB)

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Business Segments (Million)