Halwani's net profit drops 39% in FY18

24/03/2019 Argaam Exclusive

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Share Price

Halwani Bros. Co. (HB)

Halwani Bros Co. reported a net profit after zakat and tax of SAR 43.3 million for fiscal year 2018, a 39.3 percent drop year-on-year (YoY), the company said in a bourse statement on Sunday.

The drop is driven by higher cost of goods sold (COGS), higher prices of raw materials and increased discounts in both Saudi and Egypt units.

The company also cited lower export sales, higher selling and distribution expenses and increased financing charges.

Financials (M)

Item	2017	2018	Change‬
Revenues	834.59	846.83	1.5 %
Gross Income	271.52	236.65	(12.8 %)
Operating Income	105.23	74.61	(29.1 %)
Net Income	71.35	43.32	(39.3 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	2.02	1.23	(39.3 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2017	Q4 2018	Change‬
Revenues	216.81	209.64	(3.3 %)
Gross Income	74.71	49.72	(33.4 %)
Operating Income	29.06	3.81	(86.9 %)
Net Income	20.00	(0.92)	(104.6 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.57	(0.03)	(104.6 %)

Item	Q3 2018	Q4 2018	Change‬
Revenues	223.20	209.64	(6.1 %)
Gross Income	72.07	49.72	(31.0 %)
Operating Income	29.72	3.81	(87.2 %)
Net Income	19.25	(0.92)	(104.8 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.54	(0.03)	(104.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2009	617.26	(7.0 %)	184.97	15.1 %	42.64	(27.0 %)	1.21
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
2010	731.97	18.6 %	237.95	28.6 %	80.40	88.6 %	2.27
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
2011	813.64	11.2 %	243.51	2.3 %	80.52	0.2 %	2.28
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
2012	892.18	9.7 %	277.71	14.0 %	87.00	8.0 %	2.46
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
2013	958.10	7.4 %	286.70	3.2 %	92.52	6.3 %	2.62
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
2014	1,064.95	11.2 %	308.36	7.6 %	90.82	(1.8 %)	2.57
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
2015	1,075.27	1.0 %	334.26	8.4 %	115.11	26.7 %	3.26
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)
2016	987.64	(8.1 %)	330.71	(1.1 %)	51.91	(54.9 %)	1.47
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
Q1 2018	215.72	6.0 %	61.41	(13.6 %)	16.48	(19.3 %)	0.47
Q2 2018	198.27	3.1 %	53.45	(7.9 %)	8.51	(29.9 %)	0.24
Q3 2018	223.20	0.5 %	72.07	6.5 %	19.25	2.4 %	0.54
Q4 2018	209.64	(3.3 %)	49.72	(33.4 %)	(0.92)	(104.6 %)	(0.03)
2018	846.83	1.5 %	236.65	(12.8 %)	43.32	(39.3 %)	1.23

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	617.26	(7.0 %)	184.97	15.1 %	42.64	(27.0 %)	1.21
2010	731.97	18.6 %	237.95	28.6 %	80.40	88.6 %	2.27
2011	813.64	11.2 %	243.51	2.3 %	80.52	0.2 %	2.28
2012	892.18	9.7 %	277.71	14.0 %	87.00	8.0 %	2.46
2013	958.10	7.4 %	286.70	3.2 %	92.52	6.3 %	2.62
2014	1,064.95	11.2 %	308.36	7.6 %	90.82	(1.8 %)	2.57
2015	1,075.27	1.0 %	334.26	8.4 %	115.11	26.7 %	3.26
2016	987.64	(8.1 %)	330.71	(1.1 %)	51.91	(54.9 %)	1.47
2017	834.59	(15.5 %)	271.52	(17.9 %)	71.35	37.4 %	2.02
2018	846.83	1.5 %	236.65	(12.8 %)	43.32	(39.3 %)	1.23

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2018	30.92 %	16.20 %	7.64 %
Q2 2018	30.16 %	15.96 %	7.16 %
Q3 2018	30.64 %	16.17 %	7.20 %
Q4 2018	27.94 %	13.37 %	4.27 %
2018	27.94 %	13.37 %	4.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	29.97 %	13.21 %	6.91 %
2010	32.51 %	15.78 %	10.98 %
2011	29.93 %	15.20 %	9.90 %
2012	31.13 %	16.21 %	9.75 %
2013	29.92 %	16.38 %	9.66 %
2014	28.96 %	14.99 %	8.53 %
2015	31.09 %	16.11 %	10.50 %
2016	33.48 %	17.18 %	10.89 %
2017	32.53 %	16.96 %	8.22 %
2018	27.94 %	13.37 %	4.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	26.03 %	11.97 %	7.41 %
Q2 2009	30.46 %	13.57 %	7.74 %
Q3 2009	31.84 %	14.15 %	6.93 %
Q4 2009	32.06 %	13.32 %	5.48 %
Q1 2010	33.25 %	16.54 %	12.11 %
Q2 2010	33.06 %	16.69 %	12.12 %
Q3 2010	31.56 %	16.08 %	10.90 %
Q4 2010	32.25 %	13.99 %	9.02 %
Q1 2011	31.81 %	16.09 %	11.18 %
Q2 2011	30.81 %	15.89 %	10.84 %
Q3 2011	29.11 %	15.86 %	9.52 %
Q4 2011	27.98 %	12.87 %	8.00 %
Q1 2012	30.69 %	14.36 %	8.35 %
Q2 2012	30.65 %	16.56 %	10.20 %
Q3 2012	29.92 %	16.44 %	9.14 %
Q4 2012	33.22 %	17.41 %	11.28 %
Q1 2013	34.57 %	19.22 %	12.37 %
Q2 2013	30.50 %	16.71 %	9.17 %
Q3 2013	26.45 %	13.33 %	7.52 %
Q4 2013	27.82 %	15.98 %	9.34 %
Q1 2014	29.89 %	14.81 %	8.88 %
Q2 2014	29.97 %	15.77 %	8.43 %
Q3 2014	28.65 %	14.93 %	7.84 %
Q4 2014	27.26 %	14.43 %	8.95 %
Q1 2015	29.75 %	15.80 %	9.04 %
Q2 2015	30.51 %	15.11 %	8.61 %
Q3 2015	32.56 %	17.05 %	10.64 %
Q4 2015	31.68 %	16.55 %	13.89 %
Q1 2016	32.83 %	16.80 %	4.09 %
Q2 2016	33.52 %	16.91 %	13.90 %
Q3 2016	33.17 %	18.43 %	8.67 %
Q4 2016	34.67 %	16.46 %	19.00 %
Q1 2017	34.93 %	18.95 %	10.04 %
Q2 2017	30.19 %	13.85 %	6.31 %
Q3 2017	30.48 %	16.80 %	8.46 %
Q4 2017	34.46 %	17.83 %	7.97 %
Q1 2018	28.47 %	16.02 %	7.64 %
Q2 2018	26.96 %	12.92 %	4.29 %
Q3 2018	32.29 %	17.59 %	8.62 %
Q4 2018	23.72 %	6.57 %	(3.85 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2018	35.36	1.91	1.83	14.30
Q2 2018	35.36	1.80	1.73	12.50
Q3 2018	35.36	1.82	1.74	13.06
Q4 2018	35.36	1.23	1.02	12.82

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	35.36	1.21	1.21	13.10
2010	35.36	2.27	2.27	14.35
2011	35.36	2.28	2.28	15.21
2012	35.36	2.46	2.46	15.87
2013	35.36	2.62	2.62	16.43
2014	35.36	2.57	2.57	17.27
2015	35.36	3.26	3.19	18.58
2016	35.36	1.47	3.04	14.97
2017	35.36	2.02	1.94	14.99
2018	35.36	1.23	1.02	12.82

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2018	27.46	28.61	3.66
Q2 2018	26.71	27.90	3.85
Q3 2018	23.77	24.82	3.31
Q4 2018	33.58	40.22	3.21

Period	P/E	Adjusted P/E	Price/book
2009	23.90	23.90	2.20
2010	16.03	16.03	2.54
2011	21.86	21.86	3.27
2012	15.30	15.30	2.37
2013	20.07	20.07	3.20
2014	28.18	28.18	4.19
2015	19.66	20.04	3.44
2016	38.46	18.57	3.77
2017	22.87	23.78	3.08
2018	33.58	40.22	3.21

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
Q1 2018	82.59	71.05	62.08
Q2 2018	73.36	60.97	63.94
Q3 2018	99.07	57.89	66.24
Q4 2018	117.41	56.08	36.15

Period	Meat products	Sesame products	Other products
2017	320.37	266.58	247.64
2018	372.43	246.00	228.40

Financial Ratios

	Current
Market Cap (M Riyal)	1,707.89
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	7.01
Return on Average Assets (%) (TTM)	(11.79 )
Return on Average Equity (%) (TTM)	(31.96 )

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Halwani's net profit drops 39% in FY18

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Share Price

Halwani Bros. Co. (HB)

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)

Revenue by Business Segment (Latest) 2018 Q4

Financial Ratios

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Halwani's net profit drops 39% in FY18

View other reports

Share Price

Halwani Bros. Co. (HB)

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) Q4 2018

Revenue by Business Segment (Latest) 2018 Q4

Financial Ratios

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Business Segments (Million)