Halwani sustains net loss of SAR 98M in 2023, Q4 at SAR 27.4M

11/03/2024 Argaam Exclusive

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Halwani Bros. Co. reported a net loss of SAR 98 million for 2023, versus a net profit of SAR 2.9 million a year earlier

Financials (M)

Item	2022	2023	Change‬
Revenues	1,024.32	889.05	(13.2 %)
Gross Income	270.76	182.38	(32.6 %)
Operating Income	38.48	(58.24)	(251.4 %)
Net Income	2.92	(98.01)	(3458.8 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.08	(2.77)	(3458.8 %)

The company reported lower local sales. Despite higher sales from Egypt’s unit, the company's consolidated SAR-denominated sales decreased due to lower exchange rates. Further, local operations incurred non-recurring expenses due to changes in sales policies with customers.

Additionally, the company reported lower gross profit on decreased sales and higher average prices of raw materials. General and administrative expenses (G&As) increased in 2023 compared to the previous year, amid higher financing costs due to the high interest rates.

Halwani incurred a net loss of SAR 27.4 million in Q4 2023, against a net profit of SAR 8.04 million in the year earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	254.53	233.04	(8.4 %)
Gross Income	66.62	43.09	(35.3 %)
Operating Income	12.24	(22.10)	(280.6 %)
Net Income	8.04	(27.40)	(440.9 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.23	(0.77)	(440.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	211.10	233.04	10.4 %
Gross Income	29.92	43.09	44.0 %
Operating Income	(30.63)	(22.10)	27.8 %
Net Income	(42.49)	(27.40)	35.5 %
Average Shares	35.36	35.36	-
EPS (Riyals)	(1.20)	(0.77)	35.5 %

On a sequential basis, losses widened from SAR 42.49 million in Q3 2023.

Total shareholders’ equity, no minority interest, stood at SAR 306.8 million by Dec. 31, 2023, compared to SAR 433.7 million a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
Q3 2022	229.76	(3.0 %)	43.53	(37.9 %)	(22.97)	(263.6 %)	(0.65)
Q4 2022	254.53	(14.9 %)	66.62	(23.3 %)	8.04	(56.7 %)	0.23
2022	1,024.32	(6.1 %)	270.76	(21.3 %)	2.92	(96.5 %)	0.08
Q1 2023	255.22	(15.4 %)	71.26	(25.6 %)	1.64	(91.7 %)	0.05
Q2 2023	189.69	(20.5 %)	38.10	(41.3 %)	(29.76)	(1,556.9 %)	(0.84)
Q3 2023	211.10	(8.1 %)	29.92	(31.2 %)	(42.49)	(85.0 %)	(1.20)
Q4 2023	233.04	(8.4 %)	43.09	(35.3 %)	(27.40)	(440.9 %)	(0.77)
2023	889.05	(13.2 %)	182.38	(32.6 %)	(98.01)	(3458.8 %)	(2.77)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2022	1,024.32	(6.1 %)	270.76	(21.3 %)	2.92	(96.5 %)	0.08
2023	889.05	(13.2 %)	182.38	(32.6 %)	(98.01)	(3458.8 %)	(2.77)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	27.23 %	9.22 %	1.01 %
Q4 2022	26.44 %	8.22 %	(0.55 %)
2022	26.43 %	8.21 %	(0.55 %)
Q1 2023	25.19 %	6.64 %	(2.41 %)
Q2 2023	23.62 %	4.21 %	(5.55 %)
Q3 2023	22.61 %	1.98 %	(8.14 %)
Q4 2023	20.51 %	(1.90 %)	(11.37 %)
2023	20.51 %	(1.90 %)	(11.37 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	26.43 %	8.21 %	(0.55 %)
2023	20.51 %	(1.90 %)	(11.37 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q3 2022	18.94 %	0.35 %	(10.00 %)
Q4 2022	26.17 %	9.06 %	(0.19 %)
Q1 2023	27.92 %	9.00 %	0.64 %
Q2 2023	20.08 %	(4.06 %)	(15.69 %)
Q3 2023	14.18 %	(9.63 %)	(21.57 %)
Q4 2023	18.49 %	(5.10 %)	(11.76 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2022	35.36	0.38	0.30	12.89
Q4 2022	35.36	0.08	(0.16)	12.27
Q1 2023	35.36	(0.43)	(0.67)	11.56
Q2 2023	35.36	(1.22)	(1.46)	10.70
Q3 2023	35.36	(1.77)	(2.10)	9.50
Q4 2023	35.36	(2.77)	(2.86)	8.68

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	35.36	0.08	(0.16)	12.27
2023	35.36	(2.77)	(2.86)	8.68

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2022	More than 100	More than 100	4.93
Q4 2022	More than 100	NEG	3.61
Q1 2023	NEG	NEG	4.75
Q2 2023	NEG	NEG	5.81
Q3 2023	NEG	NEG	5.55
Q4 2023	NEG	NEG	5.88

Period	P/E	Adjusted P/E	Price/book
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
2022	More than 100	NEG	3.61
2023	NEG	NEG	5.88

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
Q3 2022	128.70	51.81	49.25
Q4 2022	135.04	54.73	64.76
Q1 2023	97.87	92.98	64.36
Q2 2023	86.18	62.56	40.95
Q3 2023	113.60	64.40	33.10
Q4 2023	114.25	73.11	45.68

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
2022	526.15	262.75	235.42
2023	411.90	293.05	184.09

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 )

Halwani Bros. Co. (HB)

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Halwani sustains net loss of SAR 98M in 2023, Q4 at SAR 27.4M

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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) 2023 Q4

Financial Ratios

Share Price

Halwani Bros. Co. (HB)

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Halwani sustains net loss of SAR 98M in 2023, Q4 at SAR 27.4M

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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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Halwani Bros. Co. (HB)

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Business Segments (Million)