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

26/03/2024 Argaam Exclusive

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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 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	182.89	182.55	(0.2 %)
Gross Income	14.58	15.96	9.5 %
Operating Income	4.12	7.21	75.0 %
Net Income	2.15	8.29	285.6 %
Average Shares	28.08	28.08	-
EPS (Riyals)	0.08	0.30	285.6 %

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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