United Wire Factories Co. (Aslak) reported a net profit rise of 3% to SAR 10.3 million in the first half of 2024, compared to SAR 10 million in the corresponding period last year.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 427.35 | 361.36 | (15.4 %) |
| Gross Income | 33.76 | 30.56 | (9.5 %) |
| Operating Income | 13.58 | 12.09 | (10.9 %) |
| Net Income | 9.98 | 10.25 | 2.8 % |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.36 | 0.37 | 2.8 % |
The first-half profit rise was driven by higher investment income despite lower sales volumes.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 200.19 | 174.15 | (13.0 %) |
| Gross Income | 17.28 | 14.64 | (15.3 %) |
| Operating Income | 7.56 | 5.28 | (30.1 %) |
| Net Income | 5.46 | 4.18 | (23.4 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.19 | 0.15 | (23.4 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 187.21 | 174.15 | (7.0 %) |
| Gross Income | 15.92 | 14.64 | (8.0 %) |
| Operating Income | 6.81 | 5.28 | (22.4 %) |
| Net Income | 6.07 | 4.18 | (31.0 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.22 | 0.15 | (31.0 %) |
In Q2 2024, net earnings dropped 24% to SAR 4.2 million, from SAR 5.46 million in the second quarter of 2023.
Aslak’s net profit also fell 30.8% on a sequential basis from SAR 6 million in Q1 2024.
Shareholders’ equity, after minority rights, reached SAR 382.2 million as of June 30, 2024, compared to SAR 459.5 million a year earlier.
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