Halwani Bros net profit up 37% in FY17

25/02/2018 Argaam Exclusive

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Share Price

50.50
(0.10) (0.20 %)

Halwani Bros. Co. (HB)

Halwani Bros Co. reported a net profit of SAR 71.3 million for fiscal year 2017, a 37.4 percent increase above the same period of last year.

 

The  company attributed the increase to lower selling and distribution cost, and lower general and admin expenses.

 

In 2016, the company incurred SAR 75.8 mln forex translation loss from its operations in Egypt, following the flotation of Egyptian pound.



Financials (M)

Item 2016 2017 Change‬
Revenues 987.64 834.59 (15.5 %)
Gross Income 330.71 271.52 (17.9 %)
Operating Income 133.01 105.23 (20.9 %)
Net Income 51.91 71.35 37.4 %
Average Shares 35.36 35.36 -
EPS (Riyals) 1.47 2.02 37.4 %

The company's net income for Q4 2017 was 1.8 percent above analyst consensus.

 

Comprehensive income for 2017 reached SAR 72 million, versus a loss of SAR 55.5 million a year earlier. Meanwhile, shareholders' equity reached SAR 529.8 million by the end of 2017.



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 215.21 216.81 0.7 %
Gross Income 74.61 74.71 0.1 %
Operating Income 25.73 29.06 12.9 %
Net Income (17.01) 20.00 217.6 %
Average Shares 35.36 35.36 -
EPS (Riyals) (0.48) 0.57 217.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 151.96 14.4 % 38.29 4.2 % 31.62 386.4 % 0.89
Q2 2008 167.44 24.6 % 42.27 18.4 % 9.04 (33.3 %) 0.26
Q3 2008 180.79 25.5 % 41.75 11.9 % 10.16 13.5 % 0.29
Q4 2008 163.33 16.6 % 38.37 34.5 % 7.60 75.7 % 0.21
Q1 2009 168.33 10.8 % 43.82 14.4 % 12.48 (60.5 %) 0.35
Q2 2009 154.28 (7.9 %) 46.99 11.2 % 11.94 32.1 % 0.34
Q3 2009 142.59 (21.1 %) 45.40 8.8 % 9.89 (2.6 %) 0.28
Q4 2009 152.06 (6.9 %) 48.75 27.1 % 8.33 9.7 % 0.24
Q1 2010 173.15 2.9 % 57.58 31.4 % 20.96 68.0 % 0.59
Q2 2010 179.15 16.1 % 59.23 26.0 % 21.71 81.7 % 0.61
Q3 2010 186.07 30.5 % 58.71 29.3 % 20.27 105.1 % 0.57
Q4 2010 193.61 27.3 % 62.43 28.1 % 17.46 109.5 % 0.49
Q1 2011 193.89 12.0 % 61.67 7.1 % 21.68 3.4 % 0.61
Q2 2011 215.58 20.3 % 66.43 12.2 % 23.37 7.7 % 0.66
Q3 2011 206.20 10.8 % 60.03 2.2 % 19.63 (3.2 %) 0.56
Q4 2011 197.98 2.3 % 55.38 (11.3 %) 15.84 (9.3 %) 0.45
Q1 2012 216.74 11.8 % 66.53 7.9 % 18.09 (16.5 %) 0.51
Q2 2012 223.52 3.7 % 68.51 3.1 % 22.79 (2.5 %) 0.64
Q3 2012 226.27 9.7 % 67.70 12.8 % 20.68 5.3 % 0.58
Q4 2012 225.65 14.0 % 74.97 35.4 % 25.44 60.6 % 0.72
Q1 2013 250.03 15.4 % 86.45 29.9 % 30.93 70.9 % 0.87
Q2 2013 238.86 6.9 % 72.85 6.3 % 21.91 (3.8 %) 0.62
Q3 2013 227.85 0.7 % 60.26 (11.0 %) 17.14 (17.1 %) 0.48
Q4 2013 241.35 7.0 % 67.14 (10.4 %) 22.54 (11.4 %) 0.64
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
2017 834.59 (15.5 %) 271.52 (17.9 %) 71.35 37.4 % 2.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 24.51 % 10.76 % 6.16 %
Q2 2008 24.26 % 9.77 % 4.97 %
Q3 2008 23.56 % 9.67 % 4.87 %
Q4 2008 24.22 % 10.27 % 5.34 %
Q1 2009 24.45 % 10.64 % 5.83 %
Q2 2009 25.64 % 11.42 % 6.48 %
Q3 2009 27.78 % 12.44 % 6.83 %
Q4 2009 29.97 % 13.21 % 6.91 %
Q1 2010 31.95 % 14.47 % 8.22 %
Q2 2010 32.61 % 15.30 % 9.41 %
Q3 2010 32.48 % 15.74 % 10.32 %
Q4 2010 32.51 % 15.78 % 10.98 %
Q1 2011 32.16 % 15.69 % 10.78 %
Q2 2011 31.58 % 15.52 % 10.49 %
Q3 2011 30.96 % 15.48 % 10.15 %
Q4 2011 29.93 % 15.20 % 9.90 %
Q1 2012 29.69 % 14.77 % 9.20 %
Q2 2012 29.66 % 14.96 % 9.04 %
Q3 2012 29.86 % 15.13 % 8.95 %
Q4 2012 31.13 % 16.21 % 9.75 %
Q1 2013 32.16 % 17.46 % 10.79 %
Q2 2013 32.10 % 17.48 % 10.52 %
Q3 2013 31.25 % 16.73 % 10.13 %
Q4 2013 29.92 % 16.38 % 9.66 %
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 %
2017 32.53 % 16.96 % 8.22 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 35.36 1.65 0.99 8.43
Q2 2008 35.36 1.53 0.85 8.76
Q3 2008 35.36 1.56 0.88 13.54
Q4 2008 35.36 1.65 1.00 13.71
Q1 2009 35.36 1.11 1.12 12.82
Q2 2009 35.36 1.19 1.22 13.13
Q3 2009 35.36 1.19 1.21 12.85
Q4 2009 35.36 1.21 1.21 13.10
Q1 2010 35.36 1.45 1.45 13.68
Q2 2010 35.36 1.72 1.72 13.34
Q3 2010 35.36 2.02 2.02 13.92
Q4 2010 35.36 2.27 2.27 14.35
Q1 2011 35.36 2.29 2.29 13.61
Q2 2011 35.36 2.34 2.34 14.26
Q3 2011 35.36 2.32 2.32 14.80
Q4 2011 35.36 2.28 2.28 15.21
Q1 2012 35.36 2.18 2.18 15.67
Q2 2012 35.36 2.16 2.16 14.63
Q3 2012 35.36 2.19 2.19 15.22
Q4 2012 35.36 2.46 2.46 15.87
Q1 2013 35.36 2.82 2.82 14.75
Q2 2013 35.36 2.80 2.80 15.28
Q3 2013 35.36 2.70 2.70 15.80
Q4 2013 35.36 2.62 2.62 16.43
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 13.47 23.83 1.55
Q4 2008 11.34 18.68 1.37
Q1 2009 18.29 18.14 1.59
Q2 2009 25.61 25.02 2.33
Q3 2009 25.24 24.64 2.33
Q4 2009 23.90 23.90 2.20
Q1 2010 21.44 21.44 2.27
Q2 2010 20.22 20.22 2.61
Q3 2010 20.07 20.07 2.91
Q4 2010 16.03 16.03 2.54
Q1 2011 13.20 13.20 2.22
Q2 2011 14.37 14.37 2.36
Q3 2011 14.17 14.17 2.22
Q4 2011 21.86 21.86 3.27
Q1 2012 20.72 20.72 2.88
Q2 2012 14.90 14.90 2.20
Q3 2012 16.86 16.86 2.42
Q4 2012 15.30 15.30 2.37
Q1 2013 15.29 15.29 2.93
Q2 2013 18.68 18.68 3.42
Q3 2013 21.56 21.56 3.68
Q4 2013 20.07 20.07 3.20
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

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

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 19.60 20.00 2.05 %

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
AlJazira Capital 19.60 20.00 2.0 %

Current
Market Cap (M Riyal) 1,785.68
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 7.33
Return on Average Assets (%) (TTM) (11.79 )
Return on Average Equity (%) (TTM) (31.96 )

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