Announcement • Jun 04
Halwani Bros. Co. Ltd., Annual General Meeting, Jun 24, 2026 Halwani Bros. Co. Ltd., Annual General Meeting, Jun 24, 2026, at 19:30 Arab Standard Time. Location: jeddah Saudi Arabia Reported Earnings • May 07
First quarter 2026 earnings released: EPS: ر.س0.44 (vs ر.س0.33 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.44 (up from ر.س0.33 in 1Q 2025). Revenue: ر.س245.5m (up 3.2% from 1Q 2025). Net income: ر.س15.4m (up 34% from 1Q 2025). Profit margin: 6.3% (up from 4.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 10
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ر.س1.21 (down from ر.س1.26 in FY 2024). Revenue: ر.س903.9m (down 6.7% from FY 2024). Net income: ر.س42.6m (down 4.6% from FY 2024). Profit margin: 4.7% (up from 4.6% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) also missed analyst estimates by 7.6%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Nov 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. New Risk • Aug 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ر.س0.39 (vs ر.س0.43 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.39 (down from ر.س0.43 in 2Q 2024). Revenue: ر.س213.9m (flat on 2Q 2024). Net income: ر.س2.44m (down 84% from 2Q 2024). Profit margin: 1.1% (down from 7.1% in 2Q 2024). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jun 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to ر.س38.75. The fair value is estimated to be ر.س49.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 45% in the next 2 years. Announcement • May 09
Halwani Bros. Co. Ltd., Annual General Meeting, Jun 18, 2025 Halwani Bros. Co. Ltd., Annual General Meeting, Jun 18, 2025, at 19:30 Arab Standard Time. Location: jeddah Saudi Arabia Reported Earnings • May 04
First quarter 2025 earnings released: EPS: ر.س0.33 (vs ر.س0.13 loss in 1Q 2024) First quarter 2025 results: EPS: ر.س0.33 (up from ر.س0.13 loss in 1Q 2024). Revenue: ر.س237.8m (down 11% from 1Q 2024). Net income: ر.س11.5m (up ر.س16.1m from 1Q 2024). Profit margin: 4.8% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 06
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ر.س46.45. The fair value is estimated to be ر.س62.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 84% in the next 2 years. Buy Or Sell Opportunity • Mar 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ر.س49.25. The fair value is estimated to be ر.س62.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 84% in the next 2 years. Reported Earnings • Feb 28
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ر.س1.26 (up from ر.س2.77 loss in FY 2023). Revenue: ر.س969.1m (up 9.0% from FY 2023). Net income: ر.س44.7m (up ر.س142.7m from FY 2023). Profit margin: 4.6% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 4.1%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: ر.س0.44 (vs ر.س1.20 loss in 3Q 2023) Third quarter 2024 results: EPS: ر.س0.44 (up from ر.س1.20 loss in 3Q 2023). Revenue: ر.س248.6m (up 18% from 3Q 2023). Net income: ر.س15.5m (up ر.س58.0m from 3Q 2023). Profit margin: 6.2% (up from net loss in 3Q 2023). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. New Risk • Aug 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: ر.س0.43 (vs ر.س0.84 loss in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.43 (up from ر.س0.84 loss in 2Q 2023). Revenue: ر.س215.9m (up 14% from 2Q 2023). Net income: ر.س15.3m (up ر.س45.1m from 2Q 2023). Profit margin: 7.1% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.3% to ر.س48.30. The fair value is estimated to be ر.س60.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.6% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 05
Halwani Bros. Co. Ltd., Annual General Meeting, Jun 25, 2024 Halwani Bros. Co. Ltd., Annual General Meeting, Jun 25, 2024, at 19:00 Arab Standard Time. Location: jeddah Saudi Arabia Reported Earnings • May 18
First quarter 2024 earnings released: ر.س0.13 loss per share (vs ر.س0.046 profit in 1Q 2023) First quarter 2024 results: ر.س0.13 loss per share (down from ر.س0.046 profit in 1Q 2023). Revenue: ر.س270.4m (up 5.9% from 1Q 2023). Net loss: ر.س4.58m (down 380% from profit in 1Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Announcement • Mar 27
Halwani Brothers Company Announces Resignation and Appointment of an Audit Committee Member Halwani Brothers Company announced the Board of Directors resolution (by circulation) on March 27, 2024, approving the resignation of Eng. Sakhr Assad Jamjoom (an independent board member) from the Audit Committee. The resignation was submitted on March 27, 2024, due to his appointment as a managing director of the company. It should be noted that his membership began on November 19, 2023. Furthermore, the Board of Directors decided (by circulation) on March 27, 2024, to approve the appointment of Eng. Anees Ahmed Moumina (an independent board member) as a member of the Audit Committee. This appointment will be effective starting from March 28, 2024, until the end of the current board term on November 6, 2024. Resume of the Appointed Member It is worth mentioning that Eng. Anees Ahmed Moumina holds a master’s degree in engineering management and a bachelor’s degree in civil engineering, both with honors, from George Washington University in the United States. He has over 35 years of experience working in leading public companies specialized in the food and retail sectors, as well as family businesses and major banking institutions in the region. He has held several leadership positions, including the CEO of Savola Group, CEO of SEDCO Holding Group, General Manager and Head of Credit at Samba Financial Group. Currently, he holds multiple board memberships in various organizations. Reported Earnings • Mar 21
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: ر.س2.77 loss per share (down from ر.س0.083 profit in FY 2022). Revenue: ر.س889.0m (down 13% from FY 2022). Net loss: ر.س98.0m (down ر.س100.9m from profit in FY 2022). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. New Risk • Mar 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 394% Cash payout ratio: 127% Reported Earnings • Nov 09
Third quarter 2023 earnings released: ر.س1.20 loss per share (vs ر.س0.65 loss in 3Q 2022) Third quarter 2023 results: ر.س1.20 loss per share (further deteriorated from ر.س0.65 loss in 3Q 2022). Revenue: ر.س211.1m (down 8.1% from 3Q 2022). Net loss: ر.س42.5m (loss widened 85% from 3Q 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Buying Opportunity • Sep 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ر.س67.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Sep 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ر.س67.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 5.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.4% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 394% Dividend per share is over 10x cash flows per share. Reported Earnings • Aug 09
Second quarter 2023 earnings released: ر.س0.84 loss per share (vs ر.س0.051 loss in 2Q 2022) Second quarter 2023 results: ر.س0.84 loss per share (further deteriorated from ر.س0.051 loss in 2Q 2022). Revenue: ر.س189.7m (down 21% from 2Q 2022). Net loss: ر.س29.8m (loss widened ر.س28.0m from 2Q 2022). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Aug 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 394% Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ر.س0.046 (vs ر.س0.56 in 1Q 2022) First quarter 2023 results: EPS: ر.س0.046 (down from ر.س0.56 in 1Q 2022). Revenue: ر.س255.2m (down 15% from 1Q 2022). Net income: ر.س1.64m (down 92% from 1Q 2022). Profit margin: 0.6% (down from 6.5% in 1Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Mar 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ر.س0.083 (down from ر.س2.38 in FY 2021). Revenue: ر.س1.02b (down 6.1% from FY 2021). Net income: ر.س2.92m (down 97% from FY 2021). Profit margin: 0.3% (down from 7.7% in FY 2021). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 98%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Price Target Changed • Mar 15
Price target decreased by 9.2% to ر.س43.80 Down from ر.س48.25, the current price target is provided by 1 analyst. New target price is 15% below last closing price of ر.س51.70. Stock is down 40% over the past year. The company is forecast to post earnings per share of ر.س3.60 for next year compared to ر.س2.38 last year. Price Target Changed • Nov 16
Price target decreased to ر.س48.00 Down from ر.س56.00, the current price target is an average from 2 analysts. New target price is 6.3% below last closing price of ر.س51.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of ر.س3.60 for next year compared to ر.س2.38 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 9 non-independent directors. Independent Director Ghassan Bin Amodi was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Third quarter 2022 earnings released: ر.س0.65 loss per share (vs ر.س0.40 profit in 3Q 2021) Third quarter 2022 results: ر.س0.65 loss per share (down from ر.س0.40 profit in 3Q 2021). Revenue: ر.س229.8m (down 3.0% from 3Q 2021). Net loss: ر.س23.0m (down 264% from profit in 3Q 2021). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 28% per year. Buying Opportunity • Nov 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ر.س73.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Buying Opportunity • Oct 13
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ر.س80.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Buying Opportunity • Aug 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be ر.س88.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Reported Earnings • Aug 17
Second quarter 2022 earnings released: ر.س0.051 loss per share (vs ر.س0.74 profit in 2Q 2021) Second quarter 2022 results: ر.س0.051 loss per share (down from ر.س0.74 profit in 2Q 2021). Revenue: ر.س238.5m (down 11% from 2Q 2021). Net loss: ر.س1.80m (down 107% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 5.7% growth forecast for the Food industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 23
Price target decreased to ر.س56.00 Down from ر.س64.33, the current price target is an average from 2 analysts. New target price is 11% below last closing price of ر.س62.90. Stock is down 38% over the past year. The company is forecast to post earnings per share of ر.س3.60 for next year compared to ر.س2.38 last year. Reported Earnings • May 13
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: ر.س0.56 (down from ر.س0.72 in 1Q 2021). Revenue: ر.س301.5m (up 5.2% from 1Q 2021). Net income: ر.س19.7m (down 23% from 1Q 2021). Profit margin: 6.5% (down from 8.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 5.6%, compared to a 3.7% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 9 non-independent directors. Independent Director Ghassan Bin Amodi was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ر.س2.38 (down from ر.س2.85 in FY 2020). Revenue: ر.س1.09b (up 3.4% from FY 2020). Net income: ر.س84.3m (down 17% from FY 2020). Profit margin: 7.7% (down from 9.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 5.3%, compared to a 4.4% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 24% share price gain to ر.س93.90, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Food industry in Asia. Total returns to shareholders of 158% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س88.11 per share. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS ر.س0.40 (vs ر.س0.71 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س236.9m (down 7.5% from 3Q 2020). Net income: ر.س14.0m (down 44% from 3Q 2020). Profit margin: 5.9% (down from 9.8% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS ر.س0.74 (vs ر.س0.73 in 2Q 2020) The company reported a mediocre second quarter result with weaker revenues, although profit margins were flat and earnings improved. Second quarter 2021 results: Revenue: ر.س268.6m (down 1.4% from 2Q 2020). Net income: ر.س26.2m (up 1.2% from 2Q 2020). Profit margin: 9.8% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 35% per year and the company’s share price has also increased by 35% per year. Major Estimate Revision • Jun 12
Consensus EPS estimates increase to ر.س2.79 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ر.س1.08b to ر.س1.10b. EPS estimate increased from ر.س2.52 to ر.س2.79 per share. Net income forecast to grow 16% next year vs 7.9% growth forecast for Food industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س61.74. Share price was steady at ر.س101 over the past week. Reported Earnings • May 07
First quarter 2021 earnings released: EPS ر.س0.72 (vs ر.س0.86 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ر.س286.6m (flat on 1Q 2020). Net income: ر.س25.4m (down 17% from 1Q 2020). Profit margin: 8.9% (down from 11% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 15
Full year 2020 earnings released: EPS ر.س3.21 (vs ر.س0.075 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.س1.06b (up 17% from FY 2019). Net income: ر.س100.8m (up ر.س98.5m from FY 2019). Profit margin: 9.6% (up from 0.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 05
Halwani Bros. Co. Ltd. Announces the Resignation of Mr. Ahmad Abdullah Khayat as an Independent Director Halwani Bros. Co. Ltd., at its General Assembly's Meeting held on February 3, 2021, announced the resignation of Ahmad Abdullah Khayat as an independent Director of the company. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improved over the past week After last week's 15% share price gain to ر.س108, the stock is trading at a trailing P/E ratio of 39.8x, up from the previous P/E ratio of 34.5x. This compares to an average P/E of 35x in the Food industry in Saudi Arabia. Total returns to shareholders over the past three years are 145%. Is New 90 Day High Low • Feb 01
New 90-day high: ر.س108 The company is up 76% from its price of ر.س61.20 on 03 November 2020. The Saudi market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س80.69 per share. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 26% share price gain to ر.س88.90, the stock is trading at a trailing P/E ratio of 32.7x, up from the previous P/E ratio of 26.1x. This compares to an average P/E of 30x in the Food industry in Saudi Arabia. Total returns to shareholders over the past three years are 106%. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 15% share price gain to ر.س76.90, the stock is trading at a trailing P/E ratio of 28.3x, up from the previous P/E ratio of 24.6x. This compares to an average P/E of 28x in the Food industry in Saudi Arabia. Total returns to shareholders over the past three years are 75%. Is New 90 Day High Low • Dec 16
New 90-day high: ر.س80.20 The company is up 19% from its price of ر.س67.50 on 17 September 2020. The Saudi market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س95.42 per share. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 20% share price gain to ر.س80.20, the stock is trading at a trailing P/E ratio of 29.5x, up from the previous P/E ratio of 24.5x. This compares to an average P/E of 27x in the Food industry in Saudi Arabia. Total returns to shareholders over the past three years are 88%. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ر.س0.80 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س256.2m (up 16% from 3Q 2019). Net income: ر.س25.0m (up ر.س28.5m from 3Q 2019). Profit margin: 9.8% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 3.4% growth forecast for the Food industry in Saudi Arabia. Valuation Update With 7 Day Price Move • Oct 27
Market pulls back on stock over the past week After last week's 19% share price decline to ر.س60.20, the stock is trading at a trailing P/E ratio of 33.3x, down from the previous P/E ratio of 40.9x. This compares to an average P/E of 27x in the Food industry in Saudi Arabia. Total returns to shareholders over the past three years are 45%. Is New 90 Day High Low • Oct 21
New 90-day high: ر.س74.10 The company is up 18% from its price of ر.س63.00 on 23 July 2020. The Saudi market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س27.18 per share. Is New 90 Day High Low • Sep 22
New 90-day high: ر.س69.60 The company is up 28% from its price of ر.س54.50 on 24 June 2020. The Saudi market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س27.18 per share.