Financial Results : Aslak 9M net profit up 18% to SAR 45.3 mln; Q3 at SAR 3 mln

Aslak 9M net profit up 18% to SAR 45.3 mln; Q3 at SAR 3 mln

03/11/2022 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit after Zakat and tax of SAR 45.3 million for the first nine months of 2022, an increase of 18%, compared to SAR 38.3 million in the year-earlier period, driven by the growth in sales volumes and profit margins despite a decline in trade receivables and inventory related to COVID-19.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 630.01 771.16 22.4 %
Gross Income 66.13 82.73 25.1 %
Operating Income 39.71 52.76 32.8 %
Net Income 38.28 45.26 18.2 %
Average Shares 28.08 28.08 -
EPS (Riyals) 1.36 1.61 18.2 %

Q3 net profit after Zakat and tax dropped 63% year-on-year (YoY) to SAR 3 million, from SAR 8.1 million in the prior-year period, on lower profit margins.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 185.69 264.12 42.2 %
Gross Income 16.86 15.63 (7.3 %)
Operating Income 8.49 5.30 (37.6 %)
Net Income 8.10 3.05 (62.4 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 0.29 0.11 (62.4 %)

On a sequential basis, net profit plummeted 81.5%, from 16.2 million in Q2 2022.

 

Total shareholders’ equity, after minority interest, reached SAR 437 million as of Sept. 30, 2022, compared to SAR 434.5 million in the prior-year period.

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