Aslak net profit dips 15% to SAR 38.3 mln in 9M 2021

28/10/2021 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit after Zakat and tax of SAR 38.3 million for the first nine months of 2021, a decline of 15% from SAR 45.1 million a year earlier.

The lower profit was attributed to a decrease in profit margins despite higher sales volumes and lower Zakat expenses.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	574.90	630.01	9.6 %
Gross Income	84.00	66.13	(21.3 %)
Operating Income	58.95	39.71	(32.6 %)
Net Income	45.11	38.28	(15.1 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	1.61	1.36	(15.1 %)

Aslak’s net profit after Zakat and tax fell 55% to SAR 8.1 million in Q3 2021, from SAR 17.8 million in the year-ago period, hit by lower sales volumes and profit margins.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	160.18	185.69	15.9 %
Gross Income	28.33	16.86	(40.5 %)
Operating Income	21.01	8.49	(59.6 %)
Net Income	17.81	8.10	(54.5 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	0.63	0.29	(54.5 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	217.69	185.69	(14.7 %)
Gross Income	21.18	16.86	(20.4 %)
Operating Income	12.60	8.49	(32.6 %)
Net Income	14.08	8.10	(42.5 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	0.50	0.29	(42.5 %)

On a sequential basis, the third-quarter net profit dropped 42.5% from SAR 14.08 million.

Total shareholders’ equity, excluding minority interests, decreased 1.5% to SAR 434.5 million as of Sept. 30, 2021, from SAR 441.1 million a year earlier.

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