Aslak reports 64% profit decline to SAR 20.4M in 2023; Q4 at SAR 8.3M

26/03/2024 Argaam Exclusive

United Wire Factories Co. (Aslak) reported a 64% decline in net profit to SAR 20.4 million in 2023, compared to SAR 56.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,026.36 792.78 (22.8 %)
Gross Income 107.31 64.15 (40.2 %)
Operating Income 67.12 24.76 (63.1 %)
Net Income 56.68 20.42 (64.0 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 2.02 0.73 (64.0 %)

Aslak reported lower sales volumes, profit margins and average selling prices for the year.

 

Q4 2023 net earnings fell 28% to SAR 8.3 million, from SAR 11.4 million in the prior-year period.

 

On a quarterly basis, net profit more than tripled from SAR 2.15 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 255.20 182.55 (28.5 %)
Gross Income 24.58 15.96 (35.1 %)
Operating Income 14.36 7.21 (49.8 %)
Net Income 11.42 8.29 (27.4 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 0.41 0.30 (27.4 %)

Total shareholders’ equity, no minority interest, plunged to SAR 372 million by Dec. 31, 2023, compared to SAR 449.5 million a year ago.

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Share Price

United Wire Factories Co.
28.70
(0.30) (1.03 %)

United Wire Factories Co. (ASLAK)

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Financial Ratios
Current
Market Cap (M Riyal) 805.90
Enterprise Value (EV) (M) 758.10
Shares Outstanding ((M)) 28.08
EPS ( Riyal) (TTM) 0.80
Book Value (BV) ( Riyal) 13.75
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 35.73
P/E (TTM) 35.73
Price/book 2.09
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 5.8
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