Fawaz Alhokair posts SAR 239 mln profit for H1 2017

07/11/2017 Argaam Exclusive

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Share Price

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)

Fawaz Abdulaziz Alhokair Co. reported a net profit of SAR 239.2 million in the first six months of fiscal year 2017-18, a 17.5 percent year-on-year (YoY) decline attributed to a 7 percent drop in sales and lower profit margins due to discounts. The retailer also cited inventory provisions and the cost of the new stores.

“The company is in the process of developing more efficient new channels to clear slow-moving inventory and following more strict buying policy to protect its margin,” Fawaz Alhokair said.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	3,855.19	3,573.49	(7.3 %)
Gross Income	884.41	850.58	(3.8 %)
Operating Income	428.58	392.25	(8.5 %)
Net Income	290.01	239.25	(17.5 %)
Average Shares	114.77	114.77	-
EPS (Riyals)	2.53	2.08	(17.5 %)

Profit for the second quarter stood at SAR 6.8 million, plunging 89.8 YoY due to setting aside SAR 29 million in provisions, lower revenue on FX losses, seasonal factors, as well as promotions and discounts.

Q2 profit tumbled 97.06 percent on a sequential bases, due to the positive impact of Ramadan on the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	1,665.26	1,503.55	(9.7 %)
Gross Income	315.61	300.12	(4.9 %)
Operating Income	109.86	86.21	(21.5 %)
Net Income	66.82	6.84	(89.8 %)
Average Shares	114.77	114.77	-
EPS (Riyals)	0.58	0.06	(89.8 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	2,069.94	1,503.55	(27.4 %)
Gross Income	550.46	300.12	(45.5 %)
Operating Income	306.04	86.21	(71.8 %)
Net Income	232.41	6.84	(97.1 %)
Average Shares	114.77	114.77	-
EPS (Riyals)	2.03	0.06	(97.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	383.96	25.1 %	176.14	20.6 %	37.21	19.8 %	0.32
Q2 2008	679.19	43.7 %	275.36	43.4 %	108.12	53.9 %	0.94
Q3 2008	425.69	(4.0 %)	195.83	(0.5 %)	41.21	(46.3 %)	0.36
Q4 2008	410.27	13.7 %	112.74	(19.6 %)	15.82	(32.4 %)	0.14
2008	1,899.11	19.9 %	760.08	12.6 %	202.36	0.5 %	1.76
Q1 2009	384.43	0.1 %	184.84	4.9 %	33.81	(9.1 %)	0.29
Q2 2009	734.31	8.1 %	324.43	17.8 %	127.55	18.0 %	1.11
Q3 2009	463.16	8.8 %	216.80	10.7 %	42.40	2.9 %	0.37
Q4 2009	492.48	20.0 %	216.48	92.0 %	27.74	75.4 %	0.24
2009	2,074.39	9.2 %	942.55	24.0 %	231.50	14.4 %	2.02
Q1 2010	501.49	30.4 %	245.48	32.8 %	52.14	54.2 %	0.45
Q2 2010	867.35	18.1 %	370.45	14.2 %	174.04	36.4 %	1.52
Q3 2010	593.10	28.1 %	266.86	23.1 %	33.93	(20.0 %)	0.30
Q4 2010	612.67	24.4 %	256.34	18.4 %	55.36	99.6 %	0.48
2010	2,574.61	24.1 %	1,139.13	20.9 %	315.48	36.3 %	2.75
Q1 2011	724.67	44.5 %	334.79	36.4 %	81.69	56.7 %	0.71
Q2 2011	1,008.54	16.3 %	134.98	(63.6 %)	201.89	16.0 %	1.76
Q3 2011	758.32	27.9 %	165.29	(38.1 %)	76.49	125.4 %	0.67
Q4 2011	711.13	16.1 %	154.93	(39.6 %)	87.32	57.7 %	0.76
2011	3,202.67	24.4 %	789.98	(30.7 %)	447.38	41.8 %	3.90
Q1 2012	865.28	19.4 %	224.13	(33.1 %)	120.90	48.0 %	1.05
Q2 2012	1,383.29	37.2 %	404.35	199.6 %	252.44	25.0 %	2.20
Q3 2012	1,172.92	54.7 %	261.56	58.2 %	110.50	44.5 %	0.96
Q4 2012	1,237.05	74.0 %	240.33	55.1 %	135.86	55.6 %	1.18
2012	4,658.53	45.5 %	1,130.36	43.1 %	619.69	38.5 %	5.40
Q1 2013	1,258.32	45.4 %	339.66	51.5 %	165.18	36.6 %	1.44
Q2 2013	1,569.70	13.5 %	452.91	12.0 %	282.09	11.7 %	2.46
Q3 2013	1,297.24	10.6 %	322.90	23.5 %	133.32	20.7 %	1.16
Q4 2013	1,357.14	9.7 %	282.50	17.5 %	190.78	40.4 %	1.66
2013	5,482.39	17.7 %	1,397.98	23.7 %	771.36	24.5 %	6.72
Q1 2014	1,664.57	32.3 %	441.75	30.1 %	191.27	15.8 %	1.67
Q2 2014	2,071.64	32.0 %	574.47	26.8 %	303.74	7.7 %	2.65
Q3 2014	1,548.51	19.4 %	362.94	12.4 %	106.20	(20.3 %)	0.93
Q4 2014	1,613.95	18.9 %	408.02	44.4 %	201.74	5.7 %	1.76
2014	6,898.67	25.8 %	1,787.18	27.8 %	802.95	4.1 %	7.00
Q1 2015	1,870.41	12.4 %	512.96	16.1 %	210.80	10.2 %	1.84
Q2 2015	2,102.21	1.5 %	618.82	7.7 %	310.67	2.3 %	2.71
Q3 2015	1,454.96	(6.0 %)	394.62	8.7 %	91.17	(14.1 %)	0.79
Q4 2015	1,515.98	(6.1 %)	239.39	(41.3 %)	3.17	(98.4 %)	0.03
2015	6,943.57	0.7 %	1,765.79	(1.2 %)	615.81	(23.3 %)	5.37
Q1 2016	2,189.93	17.1 %	568.80	10.9 %	223.19	5.9 %	1.94
Q2 2016	1,665.26	(20.8 %)	315.61	(49.0 %)	66.82	(78.5 %)	0.58
Q3 2016	1,430.49	(1.7 %)	311.56	(21.0 %)	49.26	(46.0 %)	0.43
Q4 2016	1,405.98	(7.3 %)	321.10	34.1 %	86.09	2620.1 %	0.75
2016	6,691.66	(3.6 %)	1,517.08	(14.1 %)	425.36	(30.9 %)	3.71
Q1 2017	2,069.94	(5.5 %)	550.46	(3.2 %)	232.41	4.1 %	2.03
Q2 2017	1,503.55	(9.7 %)	300.12	(4.9 %)	6.84	(89.8 %)	0.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	1,583.96	6.9 %	674.99	3.3 %	201.40	(18.6 %)	1.75
2008	1,899.11	19.9 %	760.08	12.6 %	202.36	0.5 %	1.76
2009	2,074.39	9.2 %	942.55	24.0 %	231.50	14.4 %	2.02
2010	2,574.61	24.1 %	1,139.13	20.9 %	315.48	36.3 %	2.75
2011	3,202.67	24.4 %	789.98	(30.7 %)	447.38	41.8 %	3.90
2012	4,658.53	45.5 %	1,130.36	43.1 %	619.69	38.5 %	5.40
2013	5,482.39	17.7 %	1,397.98	23.7 %	771.36	24.5 %	6.72
2014	6,898.67	25.8 %	1,787.18	27.8 %	802.95	4.1 %	7.00
2015	6,943.57	0.7 %	1,765.79	(1.2 %)	615.81	(23.3 %)	5.37
2016	6,691.66	(3.6 %)	1,517.08	(14.1 %)	425.36	(30.9 %)	3.71

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	42.45 %	15.64 %	12.50 %
Q2 2008	42.22 %	15.35 %	13.14 %
Q3 2008	42.57 %	13.23 %	11.35 %
Q4 2008	40.02 %	12.24 %	10.66 %
2008	40.02 %	12.24 %	10.66 %
Q1 2009	40.47 %	12.14 %	10.47 %
Q2 2009	41.84 %	14.12 %	11.17 %
Q3 2009	42.11 %	14.41 %	11.02 %
Q4 2009	45.44 %	15.35 %	11.16 %
2009	45.44 %	15.35 %	11.16 %
Q1 2010	45.78 %	15.43 %	11.40 %
Q2 2010	45.14 %	14.85 %	12.75 %
Q3 2010	44.79 %	14.59 %	11.73 %
Q4 2010	44.24 %	14.14 %	12.25 %
2010	44.24 %	14.14 %	12.25 %
Q1 2011	43.91 %	14.95 %	12.33 %
Q2 2011	33.79 %	16.36 %	12.69 %
Q3 2011	28.72 %	16.83 %	13.38 %
Q4 2011	24.67 %	17.27 %	13.97 %
2011	24.67 %	17.27 %	13.97 %
Q1 2012	20.32 %	17.17 %	14.55 %
Q2 2012	25.52 %	17.58 %	14.45 %
Q3 2012	25.29 %	17.06 %	13.82 %
Q4 2012	24.26 %	16.26 %	13.30 %
2012	24.26 %	16.26 %	13.30 %
Q1 2013	24.66 %	16.64 %	13.14 %
Q2 2013	24.71 %	16.58 %	13.24 %
Q3 2013	25.28 %	16.90 %	13.36 %
Q4 2013	25.50 %	17.25 %	14.07 %
2013	25.50 %	17.25 %	14.07 %
Q1 2014	25.47 %	17.04 %	13.54 %
Q2 2014	25.38 %	16.13 %	12.82 %
Q3 2014	25.02 %	15.50 %	11.92 %
Q4 2014	25.91 %	16.45 %	11.64 %
2014	25.91 %	16.45 %	11.64 %
Q1 2015	26.16 %	16.89 %	11.85 %
Q2 2015	26.67 %	18.17 %	12.32 %
Q3 2015	27.47 %	18.99 %	12.75 %
Q4 2015	25.43 %	17.09 %	10.85 %
2015	25.43 %	17.09 %	10.85 %
Q1 2016	25.08 %	17.13 %	11.07 %
Q2 2016	22.24 %	14.15 %	7.76 %
Q3 2016	21.10 %	13.08 %	6.68 %
Q4 2016	22.67 %	13.51 %	7.22 %
2016	22.67 %	13.51 %	7.22 %
Q1 2017	22.81 %	13.40 %	6.61 %
Q2 2017	23.14 %	13.41 %	6.48 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	42.61 %	16.05 %	12.72 %
2008	40.02 %	12.24 %	10.66 %
2009	45.44 %	15.35 %	11.16 %
2010	44.24 %	14.14 %	12.25 %
2011	24.67 %	17.27 %	13.97 %
2012	24.26 %	16.26 %	13.30 %
2013	25.50 %	17.25 %	14.07 %
2014	25.91 %	16.45 %	11.64 %
2015	25.43 %	17.09 %	10.85 %
2016	22.67 %	13.51 %	7.22 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	45.88 %	12.94 %	9.69 %
Q2 2008	40.54 %	16.71 %	15.92 %
Q3 2008	46.00 %	10.97 %	9.68 %
Q4 2008	27.48 %	5.50 %	3.86 %
Q1 2009	48.08 %	12.44 %	8.79 %
Q2 2009	44.18 %	21.64 %	17.37 %
Q3 2009	46.81 %	12.47 %	9.15 %
Q4 2009	43.96 %	10.96 %	5.63 %
Q1 2010	48.95 %	13.45 %	10.40 %
Q2 2010	42.71 %	19.13 %	20.07 %
Q3 2010	44.99 %	11.93 %	5.72 %
Q4 2010	41.84 %	9.79 %	9.04 %
Q1 2011	46.20 %	16.77 %	11.27 %
Q2 2011	13.38 %	22.67 %	20.02 %
Q3 2011	21.80 %	14.82 %	10.09 %
Q4 2011	21.79 %	12.73 %	12.28 %
Q1 2012	25.90 %	16.48 %	13.97 %
Q2 2012	29.23 %	22.28 %	18.25 %
Q3 2012	22.30 %	13.95 %	9.42 %
Q4 2012	19.43 %	11.58 %	10.98 %
Q1 2013	26.99 %	17.93 %	13.13 %
Q2 2013	28.85 %	21.41 %	17.97 %
Q3 2013	24.89 %	15.54 %	10.28 %
Q4 2013	20.82 %	13.46 %	14.06 %
Q1 2014	26.54 %	17.02 %	11.49 %
Q2 2014	27.73 %	17.55 %	14.66 %
Q3 2014	23.44 %	12.93 %	6.86 %
Q4 2014	25.28 %	17.83 %	12.50 %
Q1 2015	27.43 %	18.62 %	12.29 %
Q2 2015	29.44 %	21.90 %	16.22 %
Q3 2015	27.12 %	16.58 %	8.58 %
Q4 2015	15.79 %	9.03 %	3.81 %
Q1 2016	25.97 %	18.53 %	12.82 %
Q2 2016	18.95 %	10.91 %	4.01 %
Q3 2016	21.78 %	11.53 %	3.44 %
Q4 2016	22.84 %	10.76 %	6.12 %
Q1 2017	26.59 %	18.48 %	11.23 %
Q2 2017	19.96 %	10.70 %	3.19 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	114.77	1.81	1.81	7.15
Q2 2008	114.77	2.14	2.14	8.09
Q3 2008	114.77	1.83	1.83	7.38
Q4 2008	114.77	1.76	1.76	7.52
Q1 2009	114.77	1.73	1.73	7.81
Q2 2009	114.77	1.90	1.90	8.92
Q3 2009	114.77	1.91	1.91	9.29
Q4 2009	114.77	2.02	2.02	9.54
Q1 2010	114.77	2.18	2.18	8.77
Q2 2010	114.77	2.58	2.58	10.29
Q3 2010	114.77	2.51	2.51	10.58
Q4 2010	114.77	2.75	2.75	9.54
Q1 2011	114.77	3.01	3.01	10.25
Q2 2011	114.77	3.25	3.25	12.01
Q3 2011	114.77	3.62	3.62	12.68
Q4 2011	114.77	3.90	3.90	12.22
Q1 2012	114.77	4.24	4.24	13.27
Q2 2012	114.77	4.68	4.68	15.47
Q3 2012	114.77	4.98	4.98	16.43
Q4 2012	114.77	5.40	5.40	17.62
Q1 2013	114.77	5.79	5.79	17.23
Q2 2013	114.77	6.04	6.04	19.68
Q3 2013	114.77	6.24	6.24	19.47
Q4 2013	114.77	6.72	6.72	21.14
Q1 2014	114.77	6.95	6.95	20.06
Q2 2014	114.77	7.14	7.14	22.70
Q3 2014	114.77	6.90	6.90	21.34
Q4 2014	114.77	7.00	7.00	20.91
Q1 2015	114.77	7.17	7.33	20.84
Q2 2015	114.77	7.23	7.66	22.71
Q3 2015	114.77	7.10	7.82	22.66
Q4 2015	114.77	5.37	6.57	22.73
Q1 2016	114.77	5.47	7.01	23.45
Q2 2016	114.77	3.35	4.62	23.76
Q3 2016	114.77	2.98	3.96	22.86
Q4 2016	114.77	3.71	4.21	18.41
Q1 2017	114.77	3.79	3.79	25.99
Q2 2017	114.77	3.26	3.62	25.84

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	114.77	1.75	1.75	7.89
2008	114.77	1.76	1.76	7.52
2009	114.77	2.02	2.02	9.54
2010	114.77	2.75	2.75	9.54
2011	114.77	3.90	3.90	12.22
2012	114.77	5.40	5.40	17.62
2013	114.77	6.72	6.72	21.14
2014	114.77	7.00	7.00	20.91
2015	114.77	5.37	6.57	22.73
2016	114.77	3.71	4.21	18.41

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	18.30	18.30	4.63
Q2 2008	12.34	12.34	3.26
Q3 2008	13.68	13.68	3.39
Q4 2008	11.07	11.07	2.60
Q1 2009	8.17	8.17	1.81
Q2 2009	8.75	8.75	1.87
Q3 2009	10.46	10.46	2.15
Q4 2009	11.16	11.16	2.36
Q1 2010	11.52	11.52	2.86
Q2 2010	9.71	9.71	2.44
Q3 2010	11.43	11.43	2.71
Q4 2010	9.55	9.55	2.75
Q1 2011	8.79	8.79	2.58
Q2 2011	8.90	8.90	2.41
Q3 2011	9.23	9.23	2.63
Q4 2011	10.09	10.09	3.22
Q1 2012	10.86	10.86	3.47
Q2 2012	10.46	10.46	3.16
Q3 2012	11.12	11.12	3.37
Q4 2012	11.75	11.75	3.60
Q1 2013	13.05	13.05	4.38
Q2 2013	15.85	15.85	4.87
Q3 2013	19.79	19.79	6.34
Q4 2013	18.92	18.92	6.02
Q1 2014	23.70	23.70	8.21
Q2 2014	24.43	24.43	7.68
Q3 2014	33.28	33.28	10.76
Q4 2014	25.89	25.89	8.66
Q1 2015	24.68	24.12	8.49
Q2 2015	24.81	23.41	7.90
Q3 2015	16.90	15.33	5.29
Q4 2015	24.10	19.69	5.69
Q1 2016	13.92	10.87	3.25
Q2 2016	24.42	17.71	3.44
Q3 2016	20.62	15.53	2.69
Q4 2016	18.17	16.01	3.66
Q1 2017	15.54	15.54	2.26
Q2 2017	23.59	21.26	2.98

Period	P/E	Adjusted P/E	Price/book
2007	21.99	21.99	4.89
2008	11.07	11.07	2.60
2009	11.16	11.16	2.36
2010	9.55	9.55	2.75
2011	10.09	10.09	3.22
2012	11.75	11.75	3.60
2013	18.92	18.92	6.02
2014	25.89	25.89	8.66
2015	24.10	19.69	5.69
2016	18.17	16.01	3.66

Business Segments (Million)

Compared With The

Period	Fashion Retail	Indoor Entertainment
Q1 2016	2,174.25	15.68
Q2 2016	1,654.59	10.67
Q1 2017	2,051.25	18.69
Q2 2017	1,487.68	15.87

Period	Fashion Retail	Indoor Entertainment
2015	6,897.43	46.14
2016	6,614.39	77.28

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	67.28	6.84	(89.8 %)

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
Al Rajhi Capital	41.00	6.84	(83.3) %
AlJazira Capital	50.60	6.84	(86.5) %
SNB Capital	80.00	6.84	(91.5) %
Arbah Capital	97.50	6.84	(93.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,102.08
Enterprise Value (EV) (M)	3,083.10
Shares Outstanding ((M))	114.80
EPS ( Riyal) (TTM)	(10.56)
Book Value (BV) ( Riyal)	(8.78)
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	(1.09)
Return on Average Assets (%) (TTM)	(18.02 )
Return on Average Equity (%) (TTM)	-

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Fawaz Alhokair posts SAR 239 mln profit for H1 2017

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Share Price

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)

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)

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Analysts Estimates (Million)

Analysts Estimates (Million)

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Fawaz Alhokair posts SAR 239 mln profit for H1 2017

View other reports

Share Price

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)

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 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)