Aslak 9M 2023 profit down 73% to SAR 12.1 mln; Q3 at SAR 2.2 mln

05/11/2023 Argaam Exclusive

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United Wire Factories Co. (Aslak) posted a 73% profit decline in the first nine months of 2023 to SAR 12.1 million, compared to SAR 45.3 million in the year-earlier period on lower sales and profit margins.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	771.16	610.23	(20.9 %)
Gross Income	82.73	48.34	(41.6 %)
Operating Income	52.76	17.70	(66.5 %)
Net Income	45.26	12.13	(73.2 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	1.61	0.43	(73.2 %)

In Q3 2023, net profit fell 27% to SAR 2.2 million from SAR 3 million in Q3 2022.

On a sequential basis, the bottom line fell 59.7% from SAR 5.46 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	264.12	182.89	(30.8 %)
Gross Income	15.63	14.58	(6.7 %)
Operating Income	5.30	4.12	(22.2 %)
Net Income	3.05	2.15	(29.4 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	0.11	0.08	(29.4 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	200.19	182.89	(8.6 %)
Gross Income	17.28	14.58	(15.6 %)
Operating Income	7.56	4.12	(45.5 %)
Net Income	5.46	2.15	(60.6 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	0.19	0.08	(60.6 %)

Shareholders’ equity, excluding minority interest, reached SAR 391.5 million as of Sept. 30, 2023, down from SAR 437 million a year earlier.

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