Halwani Bros incurs SAR 28.1 mln loss in H1 2023, Q2 at SAR 29.8 mln

Halwani Bros incurs SAR 28.1 mln loss in H1 2023, Q2 at SAR 29.8 mln

06/08/2023 Argaam Exclusive

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Halwani Bros Co. turned to a net loss of SAR 28.1 million in H1 2022 on lower sales in Saudi Arabia.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 540.04 444.91 (17.6 %)
Gross Income 160.67 109.36 (31.9 %)
Operating Income 36.92 (5.52) (114.9 %)
Net Income 17.85 (28.12) (257.5 %)
Average Shares 35.36 35.36 -
EPS (Riyals) 0.50 (0.80) (257.5 %)

The company’s consolidated sales decreased in Saudi riyal due to the Egyptian pound devaluation. Gross profit also dropped on lower sales and higher average prices of raw materials. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 238.50 189.69 (20.5 %)
Gross Income 64.93 38.10 (41.3 %)
Operating Income 6.20 (18.07) (391.5 %)
Net Income (1.80) (29.76) (1,556.9 %)
Average Shares 35.36 35.36 -
EPS (Riyals) (0.05) (0.84) (1,556.9 %)

Halwani was also hurt by increased financing costs (FC), due to higher interest rates in the Kingdom.

 

In Q2 2023, the company slid into a deeper loss of SAR 29.8 million from SAR 1.80 million in the year-earlier period as local sales dropped. Further, the company’s consolidated sales decreased in Saudi riyal due to the Egyptian pound devaluation. Gross profit also dropped on lower sales and higher average prices of raw materials. 

 

Halwani swung to losses from a net profit of SAR 1.64 million in Q1 2023, on a decline in gross profit amid lower sales due to seasonal demand. The company also recorded other revenue in the previous quarter from the sale of unused assets. Halwani reported higher FC.

Shareholders’ equity, no minority interest, dropped to SAR 378.5 million by the end of the six-month period, from SAR 484.5 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
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
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)
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
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)
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
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
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
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
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)

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 %
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 %
Q3 2020 32.75 % 17.73 % 8.46 %
Q4 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 %
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 %)
Q1 2023 25.19 % 6.64 % (2.41 %)
Q2 2023 23.62 % 4.21 % (5.55 %)


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

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

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

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 3.00 (29.76) (1091.9 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Hermes 3.00 (29.76) (1091.9) %


Financial Ratios
Current
Market Cap (M Riyal) 1,706.12
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 )
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Share Price

Halwani Bros. Co.
48.00
(0.30) (0.62 %)

Halwani Bros. Co. (HB)

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