Financial Results : Aslak Q1 2023 profit falls 83% to SAR 4.5 mln

Aslak Q1 2023 profit falls 83% to SAR 4.5 mln

11/05/2023 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit of SAR 4.5 million for Q1 2023, a drop of 83% from SAR 26 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 298.79 227.16 (24.0 %)
Gross Income 38.03 16.48 (56.7 %)
Operating Income 28.58 6.02 (78.9 %)
Net Income 26.02 4.51 (82.7 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 0.93 0.16 (82.7 %)

The earnings decline was due to low sales volume and profit margins.

 

When compared to Q4 2022, the first-quarter net profit fell 60.6% from SAR 11.42 million.

 

Shareholders’ equity, after minority interest, amounted to SAR 454.1 million by the end of Q1 2023, compared to SAR 452.9 million in the year-ago period.

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