Financial Results : Aslak H1 2023 earnings slump 76% to SAR 10 mln; Q2 at SAR 5.5 mln

Aslak H1 2023 earnings slump 76% to SAR 10 mln; Q2 at SAR 5.5 mln

10/08/2023 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit of SAR 10 million in H1 2023, a decline of 76% from SAR 42.2 million in the year-earlier period on lower sales volume and profit margins.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 507.05 427.35 (15.7 %)
Gross Income 67.10 33.76 (49.7 %)
Operating Income 47.46 13.58 (71.4 %)
Net Income 42.21 9.98 (76.4 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 1.50 0.36 (76.4 %)

The company reported a net profit of SAR 5.50 million in Q2 2023, down 66% from SAR 16.19 million a year earlier.

 

On a quarterly basis, Q2 net earnings grew from SAR 4.52 million, on higher profit margins.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 208.26 200.19 (3.9 %)
Gross Income 29.07 17.28 (40.6 %)
Operating Income 18.89 7.56 (60.0 %)
Net Income 16.19 5.46 (66.3 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 0.58 0.19 (66.3 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 459.5 million as of June 30, 2023, compared to SAR 469.1 million in the prior-year period.

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