AlphaMena Corporate Services - ADWYA S.A. (ADWYA) An H1 in snail mode

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AlphaMena Corporate Services

EUR 236.14 For Business Accounts Only

An H1 in snail mode

ADWYA's H1 results were boosted by a positive change in inventories of final products, worth TND2.76M, despite the 1.4% sales decrease to TND42.5M. EBITDA increased from TND5.7M in June 2014 to TND6.1M in June 2015. The operating profit decreased slightly from TND4.33M to TND4.25M in the same period. The H1 net profit rose from TND2.77M to TND3.03M, thanks to forex gains.

14/09/2015 2 EN

Underlying

ADWYA S.A.

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TN0007250012 Tunis Stock Exchange Tunisia

Provider

AlphaMena Corporate Services

AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.

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AlphaMena Corporate Services

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The "wait-and-see" attitude persists...

Q3 2016 revenues declined 1.4% to TND20.588m, pulled down mainly by a drop of 5% in the branded productsâ€™ revenues and a fall of 4% in sales to hospitals. The production volume increased by 18.4 to 5,119,118 million units. Over the three first quarters, Adwyaâ€™s revenues were set at TND61.419m against TND63.375m a year earlier, a decrease of 3.08% due mainly to a drop of 3.14% in the branded productsâ€™ sales, as well as a collapse in sales to hospitals (-30.8%).

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AlphaMena Corporate Services

An expected downward trend

Adwyaâ€™s H1 2016 revenues witnessed a drop of almost 4% to reach TND40.83m against TND42.5m on 30/06/2015 (-2.2% expected by AlphaMena over 2016), mainly pulled down by a 40.8% decline in hospital revenues. The EBITDA is set at TND5.198m vs. TND6.132m in the end of June 2015. Thus, the company saw its EBITDA margin decreasing by 170 bps to 12.7%%. Moreover, EBIT dropped by 27.8% to TND3.064m. The bottom-line collapsed by 80.5% to TND0.592m.

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An H1 in snail mode

An unhealthy year

The "wait-and-see" attitude persists...

An expected downward trend

Resilient despite the turmoil

Tough year but better long term perspectives (Jordan Ahli Bank)

A boost is needed

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