Al Anwar Holding

Al Anwar Holdings SAOG (AAIT)

United Securities LLC1 Investment Research

FY2007 Result flash Feb 3, 2008

Al Anwar Holdings SAOG reported a net profit of RO 2.794mn for 9 Months ended 31st December 2007 Al Anwar Holding

9 Months 2007

9Months 2006

Growth %

Q32007

Q22007

Growth

Income (RO ,000)

32,593

26,405

23%

11,690

11,107

5%

Net Profit (RO ,000)

2,794

853

228%

1,496

452

231%

47,110

36,201

30%

47,110

41,570

13%

Annualised EPS (RO)

0.042

0.015

185%

0.017

0.006

188%

BVPS

0.156

0.131

19%

0.156

0.160

-2%

Total Assets

Key Stock Info Current Market Price

Result Summary 0.388

Annualised P/E (x)

9.2

P/BV (x)

2.5

DPS

0.005

Dividend Yield Total equity Paid up capital (RO ,000) No of Shares (,000) Prepared by: Research Department, United Securities LLC, PB 2566, PC112, Ruwi, Oman e-mail: [email protected]

1.3% 13,797 8,855 88,550

¾

Al Anwar Holdings Company has reported 227.5% increase in net profit to RO RO2.794mn during 9 month period ended 31st Dec 2007 as against RO 853,000 during the corresponding period ended 31st December 2006. Income from sales grew by 235% YoY to RO 32.6mn during the period as against RO 26.4mn during corresponding period in 2006.

¾

Gross profit margin during the period increased marginally to 26% from 23% recorded during 9M 2006. Net Profit Margin for the period under review increased to 8.5% as against 3.2% during FY2006

¾

Annualised EPS of RO 0.042 for FY2007 showed growth of 185% as compared to RO 0.015 during the previous fiscal.

¾

The shares currently trade at 9.2 times of its annualized FY2007 earnings and 2.4 times of its

current book value, which stands at RO 0.156 ¾

During the third quarter the company decided to divest its stake in one of the subsidiaries Voltamp manufacturing through an Initial Public Offering. The company is planning to sell a part of its stake in National Aluminium Company to another buyer.

¾

During the period under review, the company had invested in one of the Indian Financial Services

Company in addition to obtaining regulatory approvals to start a financial services company in Oman.

Disclaimer: This report has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. While all care has been taken to ensure that the facts stated herein are accurate and the estimates, opinions and expectations contained herein are fair and reasonable, neither United Securities LLC, nor any of its employees shall be, in any way, responsible for the contents. This shall not be construed as an offer to buy or sell the investments referred to in this report