Financial Results : Al Hammadi’s H1 profit drops 5% on higher financing costs

Al Hammadi’s H1 profit drops 5% on higher financing costs

30/07/2018 Argaam Exclusive

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Al Hammadi Development & Investment Co.’s net profit for H1 2018 decreased by 5 percent year-on-year (YoY) to SAR 50.8 million due to higher financing charges to finance the operations of the company and its subsidiary.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 356.94 415.16 16.3 %
Gross Income 120.18 120.12 0.0 %
Operating Income 66.49 66.55 0.1 %
Net Income 53.63 50.81 (5.3 %)
Average Shares 160.00 160.00 -
Earnings Per Share before unusual items (Riyals) 0.34 0.32 (5.3 %)
EPS (Riyal) 0.34 0.32 (5.3 %)

The company’s second quarter net profit dropped 22 percent YoY to SAR 19.9 million, on the back of deducting additional provisions from revenue in line with the requirements of IFRS 9 and 15. The increase in direct operating expenses as well as the depreciation expenses associated with the commencement of operations at Nuzha Hospital branch also weighed on Q2 figures.

 

When compared to the previous quarter, Q2 2018 net profit fell by 35.5 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 176.71 214.49 21.4 %
Gross Income 58.16 53.28 (8.4 %)
Operating Income 32.88 28.26 (14.0 %)
Net Income 25.66 19.93 (22.3 %)
Average Shares 160.00 160.00 -
Earnings Per Share before unusual items (Riyal) 0.16 0.12 (22.3 %)
EPS (Riyal) 0.16 0.12 (22.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 29.83 - 0.19 - 29.83 0.19
Q2 2013 30.06 - 0.19 - 24.06 0.15
Q3 2013 18.32 - 0.11 - 18.32 0.11
Q4 2013 33.29 - 0.21 - 33.29 0.21
Q1 2014 34.23 14.7 % 0.21 - 34.23 0.21
Q2 2014 35.60 18.4 % 0.22 - 35.60 0.22
Q3 2014 25.42 38.7 % 0.16 - 25.42 0.16
Q4 2014 33.71 1.2 % 0.21 - 33.71 0.21
Q1 2015 41.01 19.8 % 0.26 9.80 31.21 0.20
Q2 2015 36.89 3.6 % 0.23 - 36.89 0.23
Q3 2015 27.69 8.9 % 0.17 - 27.69 0.17
Q4 2015 35.75 6.0 % 0.22 - 35.75 0.22
Q1 2016 21.14 (48.5 %) 0.13 - 21.14 0.13
Q2 2016 20.63 (44.1 %) 0.13 - 20.63 0.13
Q3 2016 20.73 (25.1 %) 0.13 - 20.73 0.13
Q4 2016 10.48 (70.7 %) 0.07 - 10.48 0.07
Q1 2017 27.97 32.3 % 0.17 - 27.97 0.17
Q2 2017 25.66 24.4 % 0.16 - 25.66 0.16
Q3 2017 23.59 13.8 % 0.15 - 23.59 0.15
Q4 2017 30.76 193.4 % 0.19 - 30.76 0.19
Q1 2018 30.88 10.4 % 0.19 - 30.88 0.19
Q2 2018 19.93 (22.3 %) 0.12 - 19.93 0.12


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 - - - - - -
Q4 2010 - - - - - -
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 104.84 - 47.34 - 30.09 -
Q2 2013 108.85 - 45.84 - 22.74 -
Q3 2013 96.26 - 36.81 - 19.02 -
Q4 2013 124.13 - 55.17 - 34.34 -
Q1 2014 122.04 16.4 % 54.71 15.6 % 35.96 19.5 %
Q2 2014 121.66 11.8 % 53.68 17.1 % 35.77 57.3 %
Q3 2014 108.83 13.1 % 44.74 21.5 % 24.77 30.3 %
Q4 2014 129.43 4.3 % 55.99 1.5 % 34.52 0.5 %
Q1 2015 129.48 6.1 % 50.64 (7.4 %) 33.35 (7.3 %)
Q2 2015 137.36 12.9 % 63.56 18.4 % 37.91 6.0 %
Q3 2015 136.80 25.7 % 57.97 29.6 % 31.92 28.8 %
Q4 2015 157.70 21.8 % 68.06 21.6 % 40.39 17.0 %
Q1 2016 144.16 11.3 % 54.75 8.1 % 26.66 (20.0 %)
Q2 2016 138.08 0.5 % 57.56 (9.5 %) 27.63 (27.1 %)
Q3 2016 141.35 3.3 % 56.48 (2.6 %) 25.97 (18.6 %)
Q4 2016 182.65 15.8 % 73.35 7.8 % 18.58 (54.0 %)
Q1 2017 180.23 25.0 % 62.02 13.3 % 33.61 26.0 %
Q2 2017 176.71 28.0 % 58.16 1.0 % 32.88 19.0 %
Q3 2017 163.01 15.3 % 53.91 (4.5 %) 26.46 1.9 %
Q4 2017 188.69 3.3 % 65.08 (11.3 %) 33.93 82.6 %
Q1 2018 200.67 11.3 % 66.84 7.8 % 38.29 13.9 %
Q2 2018 214.49 21.4 % 53.28 (8.4 %) 28.26 (14.0 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - -
Q2 2009 - -
Q3 2009 - -
Q4 2009 - -
Q1 2010 - -
Q2 2010 - -
Q3 2010 - -
Q4 2010 - -
Q1 2011 - -
Q2 2011 - -
Q3 2011 - -
Q4 2011 - -
Q1 2012 - -
Q2 2012 - -
Q3 2012 - -
Q4 2012 - -
Q1 2013 - -
Q2 2013 - -
Q3 2013 - -
Q4 2013 42.66 % 24.31 %
Q1 2014 42.66 % 24.35 %
Q2 2014 43.18 % 26.17 %
Q3 2014 43.70 % 26.97 %
Q4 2014 43.39 % 26.75 %
Q1 2015 41.90 % 25.73 %
Q2 2015 42.55 % 25.19 %
Q3 2015 42.80 % 24.29 %
Q4 2015 42.80 % 23.43 %
Q1 2016 42.42 % 21.09 %
Q2 2016 41.32 % 18.24 %
Q3 2016 40.74 % 16.90 %
Q4 2016 39.94 % 12.04 %
Q1 2017 38.83 % 12.43 %
Q2 2017 36.71 % 12.46 %
Q3 2017 35.22 % 12.48 %
Q4 2017 33.75 % 15.24 %
2017 33.75 % 15.24 %
Q1 2018 33.46 % 15.21 %
Q2 2018 31.18 % 13.71 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 160.00 - - 3.74
Q2 2013 160.00 - - 3.67
Q3 2013 160.00 - - 3.78
Q4 2013 160.00 0.70 0.66 3.66
Q1 2014 160.00 0.72 0.69 3.87
Q2 2014 160.00 0.76 0.76 7.88
Q3 2014 160.00 0.80 0.80 8.04
Q4 2014 160.00 0.81 0.81 8.25
Q1 2015 160.00 0.85 0.79 8.51
Q2 2015 160.00 0.86 0.80 8.27
Q3 2015 160.00 0.87 0.81 8.44
Q4 2015 160.00 0.88 0.82 8.66
Q1 2016 160.00 0.76 0.76 8.80
Q2 2016 160.00 0.66 0.66 8.37
Q3 2016 160.00 0.61 0.61 8.50
Q4 2016 160.00 0.46 0.46 8.56
Q1 2017 160.00 0.50 0.50 8.75
Q2 2017 160.00 0.53 0.53 8.89
Q3 2017 160.00 0.55 0.55 9.04
Q4 2017 160.00 0.67 0.67 8.67
Q1 2018 160.00 0.69 0.69 8.85
Q2 2018 160.00 0.66 0.66 8.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 51.42 51.42 5.14
Q4 2014 48.92 48.92 4.78
Q1 2015 51.53 55.54 5.14
Q2 2015 54.13 58.30 5.61
Q3 2015 44.33 47.69 4.57
Q4 2015 41.63 44.73 4.24
Q1 2016 36.41 36.41 3.14
Q2 2016 45.86 45.86 3.60
Q3 2016 36.32 36.32 2.62
Q4 2016 68.31 68.31 3.64
Q1 2017 61.37 61.37 3.50
Q2 2017 58.51 58.51 3.49
Q3 2017 47.94 47.94 2.91
Q4 2017 41.25 41.25 3.21
Q1 2018 39.28 39.28 3.07
Q2 2018 37.68 37.68 2.76

Business Segments (Million)

Compared With The
Period Healthcare services Pharmaceutical sales revenue - Pharmacies
Q1 2017 150.74 29.49
Q2 2017 147.45 29.26
Q3 2017 136.70 26.31
Q4 2017 155.95 32.73
Q1 2018 140.85 59.82
Q2 2018 143.64 71.39

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 28.45 19.93 (30.0 %)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Albilad Capital 26.00 19.93 (30.5) %
Sico 28.00 19.93 (40.5) %
Arbah Capital 28.80 19.93 (44.5) %
AlJazira Capital 28.90 19.93 (45.0) %
SNB Capital 29.00 19.93 (45.5) %
Al Rajhi Capital 30.00 19.93 (50.5) %


Financial Ratios
Current
Market Cap (M Riyal) 5,656.01
Enterprise Value (EV) (M) 5,654.85
Shares Outstanding ((M)) 160.00
EPS ( Riyal) (TTM) 2.18
Book Value (BV) ( Riyal) 12.38
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.28
P/E (TTM) 16.22
Price/book 2.86
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 18.2
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Share Price

Al Hammadi Holding
35.35
(0.35) (0.98 %)

Al Hammadi Holding (ALHAMMADI)

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