Fawaz Alhokair's net profit slips 1% in 9M 2018

11/02/2019 Argaam Exclusive

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Share Price

10.06
(0.88) (8.04 %)

Fawaz Abdulaziz Alhokair Co. (CENOMI RETAIL)

Fawaz Abdulaziz Alhokair Co.’s net profit after zakat and tax edged down 0.8 percent year-on-year (YoY) to SAR 285.7 million in the nine-month period ending on Dec. 31, 2018.

 

The retailer’s profit was slightly lower despite a decline in sales, thanks to cost cuts and solid inventory management.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 4,923.26 4,353.23 (11.6 %)
Gross Income 1,169.28 1,049.93 (10.2 %)
Operating Income 481.27 420.32 (12.7 %)
Net Income 287.94 285.75 (0.8 %)
Average Shares 114.77 114.77 -
EPS (Riyals) 2.51 2.49 (0.8 %)

The third-quarter net profit after zakat and tax fell 45.5 percent YoY to SAR 26.5 million.

 

On a quarterly basis, Alhokair’s net profit more than doubled on higher gross income and a decline in direct costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 1,349.77 1,233.53 (8.6 %)
Gross Income 318.71 276.69 (13.2 %)
Operating Income 89.02 60.95 (31.5 %)
Net Income 48.69 26.53 (45.5 %)
Average Shares 114.77 114.77 -
EPS (Riyals) 0.42 0.23 (45.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
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
Q3 2017 1,349.77 (5.6 %) 318.71 2.3 % 48.69 (1.2 %) 0.42
Q4 2017 1,193.26 (15.1 %) 45.34 (85.9 %) (184.45) (314.3 %) (1.61)
Q1 2018 1,845.73 (10.8 %) 523.34 (4.9 %) 249.19 7.2 % 2.17
Q2 2018 1,273.97 (15.3 %) 249.91 (16.7 %) 10.03 46.6 % 0.09
Q3 2018 1,233.53 (8.6 %) 276.69 (13.2 %) 26.53 (45.5 %) 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2017 22.81 % 13.40 % 6.61 %
Q2 2017 23.14 % 13.41 % 6.48 %
Q3 2017 23.55 % 13.55 % 6.56 %
Q4 2017 19.86 % 10.13 % 2.36 %
Q1 2018 20.15 % 10.52 % 2.74 %
Q2 2018 20.08 % 10.35 % 2.18 %
Q3 2018 19.75 % 10.08 % 1.35 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2017 114.77 3.26 3.62 26.00
Q4 2017 114.77 0.90 1.26 19.59
Q1 2018 114.77 1.05 1.41 21.71
Q2 2018 114.77 1.08 1.08 21.81
Q3 2018 114.77 0.88 0.65 22.01

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2017 24.22 21.83 3.04
Q4 2017 More than 50 44.17 2.84
Q1 2018 46.73 34.83 2.26
Q2 2018 44.06 44.06 2.17
Q3 2018 48.47 More than 50 1.94

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
Q3 2017 1,349.77 -
Q4 2017 1,146.74 46.52
Q1 2018 1,826.98 18.75
Q2 2018 1,254.22 19.75
Q3 2018 1,213.86 19.67

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 4.00 26.53 563.18 %

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
SNB Capital 26.00 26.53 2.0 %
Al Rajhi Capital (18.00) 26.53 247.4 %

Current
Market Cap (M Riyal) 1,154.89
Enterprise Value (EV) (M) 3,135.91
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 (1.15)
Return on Average Assets (%) (TTM) (18.02 )
Return on Average Equity (%) (TTM) -

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