Aslak’s net profit falls 69% in FY17

14/01/2018 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit of SAR 25.6 million for the fiscal year ending December 31, 2017, a 69 percent year-on-year drop due to a decrease in sales, higher cost of goods sold and a decrease in gross margins.

Financials (M)

Item	2016	2017	Change‬
Revenues	690.02	576.75	(16.4 %)
Gross Income	136.80	68.66	(49.8 %)
Operating Income	92.37	35.04	(62.1 %)
Net Income	81.89	25.57	(68.8 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	2.92	0.91	(68.8 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	157.39	167.01	6.1 %
Gross Income	23.72	18.76	(20.9 %)
Operating Income	12.59	12.15	(3.4 %)
Net Income	11.65	10.14	(12.9 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	0.41	0.36	(12.9 %)

Item	Q3 2017	Q4 2017	Change‬
Revenues	129.98	167.01	28.5 %
Gross Income	18.95	18.76	(1.0 %)
Operating Income	11.40	12.15	6.6 %
Net Income	7.23	10.14	40.4 %
Average Shares	28.08	28.08	-
EPS (Riyals)	0.26	0.36	40.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	454.74	-	105.49	-	69.50	-	2.47
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	90.65	-	19.40	-	17.08	-	0.61
Q4 2009	94.28	-	20.83	-	17.26	-	0.61
2009	416.77	(8.3 %)	104.88	(0.6 %)	92.86	33.6 %	3.31
Q1 2010	123.14	-	28.53	-	24.40	-	0.87
Q2 2010	161.54	-	39.27	-	35.60	-	1.27
Q3 2010	133.70	47.5 %	34.29	76.7 %	28.62	67.5 %	1.02
Q4 2010	152.22	61.5 %	30.02	44.1 %	27.10	57.0 %	0.96
2010	570.60	36.9 %	132.11	26.0 %	115.72	24.6 %	4.12
Q1 2011	205.56	66.9 %	42.35	48.4 %	38.88	59.3 %	1.38
Q2 2011	226.57	40.3 %	34.88	(11.2 %)	30.77	(13.6 %)	1.10
Q3 2011	187.98	40.6 %	25.48	(25.7 %)	21.54	(24.7 %)	0.77
Q4 2011	234.97	54.4 %	21.74	(27.6 %)	15.73	(42.0 %)	0.56
2011	855.08	49.9 %	124.45	(5.8 %)	106.91	(7.6 %)	3.81
Q1 2012	277.60	35.0 %	38.27	(9.6 %)	32.93	(15.3 %)	1.17
Q2 2012	283.21	25.0 %	35.30	1.2 %	30.14	(2.1 %)	1.07
Q3 2012	209.77	11.6 %	26.43	3.7 %	21.24	(1.4 %)	0.76
Q4 2012	234.64	(0.1 %)	37.79	73.8 %	31.04	97.4 %	1.11
2012	1,005.22	17.6 %	137.79	10.7 %	115.36	7.9 %	4.11
Q1 2013	278.25	0.2 %	45.51	18.9 %	39.60	20.3 %	1.41
Q2 2013	268.15	(5.3 %)	40.66	15.2 %	33.77	12.0 %	1.20
Q3 2013	225.78	7.6 %	32.13	21.6 %	23.30	9.7 %	0.83
Q4 2013	229.15	(2.3 %)	32.32	(14.5 %)	24.65	(20.6 %)	0.88
2013	1,001.32	(0.4 %)	150.62	9.3 %	121.32	5.2 %	4.32
Q1 2014	279.95	0.6 %	39.33	(13.6 %)	30.38	(23.3 %)	1.08
Q2 2014	262.36	(2.2 %)	37.73	(7.2 %)	30.02	(11.1 %)	1.07
Q3 2014	204.19	(9.6 %)	28.56	(11.1 %)	20.38	(12.5 %)	0.73
Q4 2014	206.35	(10.0 %)	21.79	(32.6 %)	12.87	(47.8 %)	0.46
2014	952.27	(4.9 %)	128.15	(14.9 %)	90.31	(25.6 %)	3.22
Q1 2015	233.19	(16.7 %)	25.04	(36.4 %)	13.96	(54.1 %)	0.50
Q2 2015	268.77	2.4 %	37.80	0.2 %	24.94	(16.9 %)	0.89
Q3 2015	182.92	(10.4 %)	31.98	12.0 %	21.17	3.9 %	0.75
Q4 2015	218.49	5.9 %	25.51	17.1 %	12.14	(5.7 %)	0.43
2015	903.38	(5.1 %)	120.32	(6.1 %)	72.20	(20.1 %)	2.57
Q1 2016	209.64	(10.1 %)	32.49	29.8 %	17.29	23.9 %	0.62
Q2 2016	196.81	(26.8 %)	56.48	49.4 %	38.61	54.8 %	1.38
Q3 2016	126.19	(31.0 %)	24.12	(24.6 %)	14.34	(32.3 %)	0.51
Q4 2016	157.39	(28.0 %)	23.72	(7.0 %)	11.65	(4.1 %)	0.41
2016	690.02	(23.6 %)	136.80	13.7 %	81.89	13.4 %	2.92
Q1 2017	144.64	(31.0 %)	18.76	(42.2 %)	7.71	(55.4 %)	0.27
Q2 2017	135.13	(31.3 %)	12.19	(78.4 %)	0.49	(98.7 %)	0.02
Q3 2017	129.98	3.0 %	18.95	(21.4 %)	7.23	(49.6 %)	0.26
Q4 2017	167.01	6.1 %	18.76	(20.9 %)	10.14	(12.9 %)	0.36
2017	576.75	(16.4 %)	68.66	(49.8 %)	25.57	(68.8 %)	0.91

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	454.74	-	105.49	-	69.50	-	2.47
2009	416.77	(8.3 %)	104.88	(0.6 %)	92.86	33.6 %	3.31
2010	570.60	36.9 %	132.11	26.0 %	115.72	24.6 %	4.12
2011	855.08	49.9 %	124.45	(5.8 %)	106.91	(7.6 %)	3.81
2012	1,005.22	17.6 %	137.79	10.7 %	115.36	7.9 %	4.11
2013	1,001.32	(0.4 %)	150.62	9.3 %	121.32	5.2 %	4.32
2014	952.27	(4.9 %)	128.15	(14.9 %)	90.31	(25.6 %)	3.22
2015	903.38	(5.1 %)	120.32	(6.1 %)	72.20	(20.1 %)	2.57
2016	690.02	(23.6 %)	136.80	13.7 %	81.89	13.4 %	2.92
2017	576.75	(16.4 %)	68.66	(49.8 %)	25.57	(68.8 %)	0.91

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	23.20 %	23.21 %	15.28 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	25.17 %	27.01 %	22.28 %
Q1 2010	-	-	-
Q2 2010	23.00 %	36.55 %	20.09 %
Q3 2010	23.98 %	25.74 %	20.65 %
Q4 2010	23.15 %	24.28 %	20.28 %
2010	23.15 %	24.28 %	20.28 %
Q1 2011	22.35 %	23.14 %	19.94 %
Q2 2011	19.71 %	20.16 %	17.46 %
Q3 2011	17.19 %	17.39 %	15.31 %
Q4 2011	14.55 %	14.14 %	12.50 %
2011	14.55 %	14.14 %	12.50 %
Q1 2012	12.98 %	12.44 %	10.89 %
Q2 2012	12.28 %	11.72 %	10.20 %
Q3 2012	12.11 %	11.47 %	9.95 %
Q4 2012	13.71 %	13.28 %	11.48 %
2012	13.71 %	13.28 %	11.48 %
Q1 2013	14.42 %	13.97 %	12.13 %
Q2 2013	15.18 %	14.55 %	12.68 %
Q3 2013	15.50 %	14.55 %	12.68 %
Q4 2013	15.04 %	13.81 %	12.12 %
2013	15.04 %	13.81 %	12.12 %
Q1 2014	14.40 %	12.89 %	11.18 %
Q2 2014	14.19 %	12.60 %	10.87 %
Q3 2014	14.14 %	12.61 %	10.81 %
Q4 2014	13.37 %	11.74 %	9.83 %
2014	13.46 %	11.68 %	9.48 %
Q1 2015	12.48 %	10.73 %	8.52 %
Q2 2015	12.40 %	10.38 %	7.91 %
Q3 2015	13.08 %	10.92 %	8.18 %
Q4 2015	13.32 %	10.98 %	7.99 %
2015	13.32 %	10.98 %	7.99 %
Q1 2016	14.52 %	11.86 %	8.59 %
Q2 2016	18.13 %	14.84 %	11.04 %
Q3 2016	18.45 %	14.87 %	10.97 %
Q4 2016	19.83 %	15.74 %	11.87 %
2016	19.83 %	15.74 %	11.87 %
Q1 2017	19.69 %	15.44 %	11.57 %
Q2 2017	13.99 %	10.03 %	6.07 %
Q3 2017	12.98 %	9.27 %	4.77 %
Q4 2017	11.91 %	9.04 %	4.43 %
2017	11.91 %	8.90 %	4.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	23.20 %	23.21 %	15.28 %
2009	25.17 %	27.01 %	22.28 %
2010	23.15 %	24.28 %	20.28 %
2011	14.55 %	14.14 %	12.50 %
2012	13.71 %	13.28 %	11.48 %
2013	15.04 %	13.81 %	12.12 %
2014	13.46 %	11.68 %	9.48 %
2015	13.32 %	10.98 %	7.99 %
2016	19.83 %	15.74 %	11.87 %
2017	11.91 %	8.90 %	4.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	21.40 %	-	18.84 %
Q4 2009	22.09 %	27.62 %	18.30 %
Q1 2010	23.17 %	24.06 %	19.81 %
Q2 2010	24.31 %	25.08 %	22.04 %
Q3 2010	25.65 %	26.76 %	21.40 %
Q4 2010	19.72 %	21.41 %	17.80 %
Q1 2011	20.60 %	20.53 %	18.91 %
Q2 2011	15.39 %	15.08 %	13.58 %
Q3 2011	13.55 %	13.46 %	11.46 %
Q4 2011	9.25 %	8.17 %	6.69 %
Q1 2012	13.79 %	13.21 %	11.86 %
Q2 2012	12.46 %	12.06 %	10.64 %
Q3 2012	12.60 %	12.09 %	10.13 %
Q4 2012	16.11 %	15.88 %	13.23 %
Q1 2013	16.36 %	15.73 %	14.23 %
Q2 2013	15.16 %	14.07 %	12.59 %
Q3 2013	14.23 %	12.26 %	10.32 %
Q4 2013	14.11 %	12.68 %	10.76 %
Q1 2014	14.05 %	12.44 %	10.85 %
Q2 2014	14.38 %	13.00 %	11.44 %
Q3 2014	13.99 %	12.26 %	9.98 %
Q4 2014	10.56 %	8.66 %	6.24 %
Q1 2015	10.74 %	8.67 %	5.99 %
Q2 2015	14.06 %	11.77 %	9.28 %
Q3 2015	17.48 %	15.11 %	11.57 %
Q4 2015	11.67 %	9.01 %	5.56 %
Q1 2016	15.50 %	12.13 %	8.25 %
Q2 2016	28.70 %	23.95 %	19.62 %
Q3 2016	19.11 %	15.38 %	11.36 %
Q4 2016	15.07 %	10.56 %	7.40 %
Q1 2017	12.97 %	9.22 %	5.33 %
Q2 2017	9.02 %	5.26 %	0.36 %
Q3 2017	14.58 %	11.95 %	5.56 %
Q4 2017	11.23 %	9.69 %	6.07 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	28.08	-	-	10.12
Q4 2009	28.08	-	-	9.97
Q1 2010	28.08	-	-	10.81
Q2 2010	28.08	3.36	3.36	10.86
Q3 2010	28.08	3.77	3.77	11.78
Q4 2010	28.08	4.12	4.12	11.71
Q1 2011	28.08	4.64	4.64	13.00
Q2 2011	28.08	4.46	4.46	13.16
Q3 2011	28.08	4.21	4.21	13.89
Q4 2011	28.08	3.81	3.81	13.47
Q1 2012	28.08	3.60	3.60	13.42
Q2 2012	28.08	3.57	3.57	14.41
Q3 2012	28.08	3.56	3.56	15.08
Q4 2012	28.08	4.11	4.11	14.65
Q1 2013	28.08	4.35	4.35	15.96
Q2 2013	28.08	4.47	4.47	17.07
Q3 2013	28.08	4.55	4.55	16.05
Q4 2013	28.08	4.32	4.32	16.84
Q1 2014	28.08	3.99	3.99	17.84
Q2 2014	28.08	3.86	3.86	18.81
Q3 2014	28.08	3.75	3.75	17.48
Q4 2014	28.08	3.34	3.34	17.92
Q1 2015	28.08	2.75	2.75	17.59
Q2 2015	28.08	2.57	2.57	18.48
Q3 2015	28.08	2.60	2.60	17.99
Q4 2015	28.08	2.57	2.57	18.42
Q1 2016	28.08	2.69	2.69	17.99
Q2 2016	28.08	3.18	3.18	19.39
Q3 2016	28.08	2.93	2.93	18.31
Q4 2016	28.08	2.92	2.92	18.69
Q1 2017	28.08	2.58	2.58	17.95
Q2 2017	28.08	1.22	1.22	17.97
Q3 2017	28.08	0.96	0.96	18.22
Q4 2017	28.08	0.91	0.91	18.62

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	28.08	2.47	2.47	9.19
2009	28.08	3.31	3.31	9.97
2010	28.08	4.12	4.12	11.71
2011	28.08	3.81	3.81	13.47
2012	28.08	4.11	4.11	14.65
2013	28.08	4.32	4.32	16.84
2014	28.08	3.22	3.22	17.92
2015	28.08	2.57	2.57	18.42
2016	28.08	2.92	2.92	18.69
2017	28.08	0.91	0.91	18.62

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	9.13	9.13	2.77
Q4 2011	11.11	11.11	3.14
Q1 2012	12.76	12.76	3.42
Q2 2012	9.93	9.93	2.46
Q3 2012	10.62	10.62	2.51
Q4 2012	8.37	8.37	2.35
Q1 2013	8.87	8.87	2.42
Q2 2013	10.44	10.44	2.74
Q3 2013	10.09	10.09	2.86
Q4 2013	10.98	10.98	2.82
Q1 2014	12.90	12.90	2.89
Q2 2014	15.53	15.53	3.19
Q3 2014	17.78	17.78	3.82
Q4 2014	13.79	13.79	2.57
Q1 2015	16.01	16.01	2.50
Q2 2015	17.25	17.25	2.40
Q3 2015	13.40	13.40	1.94
Q4 2015	11.44	11.44	1.60
Q1 2016	8.89	8.89	1.33
Q2 2016	9.91	9.91	1.62
Q3 2016	8.53	8.53	1.37
Q4 2016	11.80	11.80	1.84
Q1 2017	11.99	11.99	1.72
Q2 2017	20.56	20.56	1.39
Q3 2017	24.76	24.76	1.31
Q4 2017	23.34	23.34	1.14

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	11.11	11.11	3.14
2012	8.37	8.37	2.35
2013	10.98	10.98	2.82
2014	14.30	14.30	2.57
2015	11.44	11.44	1.60
2016	11.80	11.80	1.84
2017	23.34	23.34	1.14

Business Segments (Million)

Compared With The

Period	Industrial sector	Commercial sector
Q1 2011	154.63	50.93
Q2 2011	172.12	54.45
Q3 2011	145.60	42.39
Q4 2011	192.30	42.67
Q1 2012	227.91	49.69
Q2 2012	226.62	56.58
Q3 2012	164.76	45.00
Q4 2012	192.76	41.89
Q1 2013	233.41	44.84
Q2 2013	212.81	55.33
Q3 2013	176.34	49.44
Q4 2013	190.70	38.45
Q1 2014	212.67	67.27
Q2 2014	189.92	72.44
Q3 2014	145.91	58.28
Q4 2014	229.06	-
Q1 2015	195.39	37.79
Q2 2015	218.15	50.62
Q3 2015	138.48	44.44
Q4 2015	178.67	39.82
Q1 2016	177.61	32.02
Q2 2016	150.32	46.49
Q3 2016	89.78	36.41
Q4 2016	129.30	28.09
Q1 2017	119.83	24.81
Q2 2017	90.58	44.55
Q3 2017	95.03	34.94
Q4 2017	130.65	36.36

Period	Industrial sector	Commercial sector
2010	398.33	172.27
2011	664.64	190.44
2012	812.06	193.17
2013	813.26	188.06
2014	777.56	174.73
2015	730.70	172.68
2016	547.01	143.01
2017	436.09	140.67

Analysts Estimates (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change‬
Average	10.00	10.14	1.44 %

Estimates vs Actual (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change
Riyad Capital	10.00	10.14	1.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	810.11
Enterprise Value (EV) (M)	759.74
Shares Outstanding ((M))	28.08
EPS ( Riyal) (TTM)	0.78
Book Value (BV) ( Riyal)	13.46
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	36.87
P/E (TTM)	36.87
Price/book	2.14
Return on Average Assets (%) (TTM)	4.1
Return on Average Equity (%) (TTM)	5.3

United Wire Factories Co. (ASLAK)

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Aslak’s net profit falls 69% in FY17

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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) 2017 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

United Wire Factories Co. (ASLAK)

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Aslak’s net profit falls 69% in FY17

View other reports

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 2017

Revenue by Business Segment (Latest) 2017 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

United Wire Factories Co. (ASLAK)

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Business Segments (Million)