Aslak net profit nearly triples to SAR 62.1 mln in 2020

31/01/2021 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported an estimated net profit after Zakat and Tax of SAR 62.1 million for 2020, an increase of 181%, from SAR 22.1 million in FY2019.

The increase in profit was attributed to growth in sales volumes and higher profit margins, despite the increase in selling and distribution expenses as well as higher general and administrative expenses.

Financials (M)

Item	2019	2020	Change‬
Revenues	724.41	777.70	7.4 %
Gross Income	61.65	113.89	84.7 %
Operating Income	30.23	78.54	159.8 %
Net Income	22.12	62.15	181.0 %
Average Shares	28.08	28.08	-
EPS (Riyals)	0.79	2.21	181.0 %

The company reported a net profit after Zakat and tax of SAR 16.99 million for the fourth quarter of 2020, a surge of 247%, from SAR 4.89 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	219.22	202.80	(7.5 %)
Gross Income	18.94	29.89	57.8 %
Operating Income	10.16	19.59	92.7 %
Net Income	4.89	17.04	248.4 %
Average Shares	28.08	28.08	-
EPS (Riyals)	0.17	0.61	248.4 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	160.18	202.80	26.6 %
Gross Income	28.33	29.89	5.5 %
Operating Income	21.01	19.59	(6.8 %)
Net Income	17.81	17.04	(4.4 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	0.63	0.61	(4.4 %)

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