Halwani Bros swings to SAR 4.6M loss in Q1 2024

Halwani Bros swings to SAR 4.6M loss in Q1 2024

08/05/2024 Argaam Exclusive

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Halwani Bros. Co. turned to a net loss of SAR 4.6 million in the first quarter of 2024, against a net profit of SAR 1.6 in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 252.64 267.57 5.9 %
Gross Income 68.11 79.50 16.7 %
Operating Income 12.04 25.53 112.0 %
Net Income 1.64 (4.58) (379.7 %)
Average Shares 35.36 35.36 -
EPS (Riyals) 0.05 (0.13) (379.7 %)

The losses were attributed to the Egyptian currency devaluation, which affected the subsidiary's profits based on the decision of the Central Bank of Egypt to liberalize the exchange rate.

 

This is in addition to bearing taxes resulting from transferring a portion of the profits retained in the subsidiary to the company’s account in Saudi Arabia.

 

On the other hand, there was an increase in the company’s sales in the Kingdom and its subsidiary in Egypt, as a result of a change in sales policies.

 

Sequentially, Halwani narrowed its losses from SAR 27.4 million in Q4 2023 on higher sales and improved sales mix as well as lower general and administrative expenses. 

 

Shareholders’ equity, no minority interest, slipped to SAR 243.54 million as of March 31, 2024, from SAR 408.64 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2020 256.21 15.8 % 86.46 52.2 % 39.53 338.0 %
Q4 2020 241.30 0.6 % 75.93 18.8 % 26.62 44.5 %
Q1 2021 286.58 0.5 % 99.01 2.3 % 34.69 (18.7 %)
Q2 2021 268.62 (1.4 %) 88.25 (9.9 %) 34.50 (9.1 %)
Q3 2021 236.90 (7.5 %) 70.11 (18.9 %) 22.51 (43.1 %)
Q4 2021 299.20 24.0 % 86.85 14.4 % 26.02 (2.3 %)
Q1 2022 301.54 5.2 % 95.73 (3.3 %) 30.72 (11.5 %)
Q2 2022 238.50 (11.2 %) 64.93 (26.4 %) 6.20 (82.0 %)
Q3 2022 229.76 (3.0 %) 43.53 (37.9 %) (10.62) (147.2 %)
Q4 2022 254.53 (14.9 %) 66.62 (23.3 %) 12.24 (53.0 %)
Q1 2023 252.64 (16.2 %) 68.11 (28.9 %) 12.04 (60.8 %)
Q2 2023 189.63 (20.5 %) 37.01 (43.0 %) (18.56) (399.4 %)
Q3 2023 206.82 (10.0 %) 24.13 (44.6 %) (31.73) (198.8 %)
Q4 2023 233.04 (8.4 %) 43.09 (35.3 %) (22.10) (280.6 %)
Q1 2024 267.57 5.9 % 79.50 16.7 % 25.53 112.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2020 25.04 833.5 % 0.71 (2.60) 27.64 0.78
Q4 2020 19.46 393.0 % 0.55 0.79 18.66 0.53
Q1 2021 25.40 (16.5 %) 0.72 - 25.40 0.72
Q2 2021 26.24 1.2 % 0.74 - 26.24 0.74
Q3 2021 14.04 (43.9 %) 0.40 - 14.04 0.40
Q4 2021 18.58 (4.5 %) 0.53 2.71 15.87 0.45
Q1 2022 19.65 (22.6 %) 0.56 - 19.65 0.56
Q2 2022 (1.80) (106.8 %) (0.05) - (1.80) (0.05)
Q3 2022 (22.97) (263.6 %) (0.65) - (22.97) (0.65)
Q4 2022 8.04 (56.7 %) 0.23 8.51 (0.48) (0.01)
Q1 2023 1.64 (91.7 %) 0.05 - 1.64 0.05
Q2 2023 (29.76) (1,556.9 %) (0.84) - (29.76) (0.84)
Q3 2023 (42.49) (85.0 %) (1.20) 3.05 (45.54) (1.29)
Q4 2023 (27.40) (440.9 %) (0.77) - (27.40) (0.77)
Q1 2024 (4.58) (379.7 %) (0.13) 5.62 (10.20) (0.29)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 24.93 % 6.61 % (2.42 %)
Q2 2023 23.23 % 4.12 % (5.57 %)
Q3 2023 21.68 % 1.76 % (8.20 %)
Q4 2023 19.54 % (2.16 %) (11.46 %)
Q1 2024 20.48 % (0.68 %) (12.59 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 35.36 (2.95) (3.19) 6.89

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 NEG NEG 7.38

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
Q3 2023 113.60 61.08 32.14
Q4 2023 114.25 73.11 45.68


Financial Ratios
Current
Market Cap (M Riyal) 1,891.76
Enterprise Value (EV) (M) 2,118.09
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 6.92
Return on Average Assets (%) (TTM) (0.14 )
Return on Average Equity (%) (TTM) (0.38 )
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Share Price

Halwani Bros. Co.
53.50
(1.00) (1.83 %)

Halwani Bros. Co. (HB)

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