Financial Results : Aslak net profit surges 70% to SAR 27 mln in H1 2020

Aslak net profit surges 70% to SAR 27 mln in H1 2020

21/07/2020 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit after Zakat and tax of SAR 27 million for the first half of 2020, a 70% year-on-year (YoY) rise, driven by higher sales volumes, and gross profit.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 336.89 414.72 23.1 %
Gross Income 34.30 55.67 62.3 %
Operating Income 18.68 37.94 103.1 %
Net Income 16.13 27.30 69.3 %
Average Shares 28.08 28.08 -
EPS (Riyals) 0.57 0.97 69.3 %

The company’s net profit after Zakat and tax for the second quarter more than doubled YoY to SAR 12 million, backed by higher sales volumes despite an increase in selling, general and distribution expenses, as well as Zakat charges.

 

On a quarter-on-quarter basis, net profit dropped 19.2% on a decline in sales despite lower selling, general, administrative and distribution expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 144.10 194.33 34.9 %
Gross Income 13.17 22.13 68.0 %
Operating Income 5.40 14.65 171.2 %
Net Income 6.01 12.25 103.9 %
Average Shares 28.08 28.08 -
EPS (Riyals) 0.21 0.44 103.9 %

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