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The recent decision by the Egyptian government to float its currency will negatively impact several Saudi-listed companies, particularly packaged food producer Halwani Bros, Aljazira Capital said in a note.
Halwani Bros, which is a leading producer and distributor of jam and packaged meat products in Egypt, has estimated a negative impact of SAR 28 million for Q4 this year. The company’s sales exposure in Egypt stands at 48.1 percent for the first nine months of 2016.
The investment firm has revised its 2017 earnings per share (EPS) estimates for Halwani to SAR 2.47 per share, down 20.6 percent from SAR 3.11 per share.
Other firms— such as juice and dairy producer Almarai and retail firm Al-Othaim— will see non-material negative impact from their sales exposure.
Almarai has not yet announced its estimates for the impact from the currency devaluation in Egypt, but Aljazira said it expects a negative impact on sales in the range of 1 percent and 1.5 percent.
“Geographical segmentation of company sales shows that sales exposure to Egypt stood at around 6.8 percent for the first nine months of 2016. Sales in Egypt recorded 29.6 percent growth (in local currency, translating to 12.8 percent growth in SAR) for the first 9M 2016,” the note said.
While Almarai expects sales in Egypt to continue growing to offset negative impact, Aljazira predicts that sales (as a percentage of total company sales) to decline to a range between 5 percent and 5.5 percent by next year.
“Devaluation effects on Q4-2016 results are estimated to be non-material. We expect the company to adjust shareholder equity on Egyptian subsidiary,” Aljazira added.
Elsewhere, Al-Othaim’s presence in Egypt contributes to less than 5 percent of company sales. The 2017 EPS projections have been revised to SAR 6 per share.
The company’s estimated total investment in Egypt is around SAR 25 million, Aljazira said, adding that the estimated shareholder equity impact is non-material.
Al-Othaim might reconsider Egypt expansion plans in the short-term, given the changing dynamics of forward capital allocation variables.
Bookstore operator Jarir, meanwhile, has decided to book a negative component within shareholder equity.
Jarir expects to incur SAR 64 million as a non-recurring negative impact of currency devaluation on shareholder equity. The rate of impact is open to change depending on year end exchange rate, Aljazira said.
Related News
Jarir expects SAR 64 mln in FX losses from Egyptian pound float |
Halwani expects SAR 28 mln negative impact from Egypt operations |
11 Saudi firms that will be impacted by Egypt’s pound float |
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