Aslak’s profit up 18% to SAR 14.3M in 9M 2024; Q3 at SAR 4M

31/10/2024 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit rise of 18% to SAR 14.3 million in the first nine months of 2024, compared to SAR 12.1 million in the corresponding period last year.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	610.20	527.40	(13.6 %)
Gross Income	48.30	44.10	(8.7 %)
Operating Income	17.60	19.00	8.0 %
Net Income	12.10	14.30	18.2 %
Average Shares	28.08	28.08	-
EPS (Riyals)	0.43	0.51	18.2 %

The company attributed the profit rise to higher investment earnings despite lower sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	182.90	166.00	(9.2 %)
Gross Income	14.60	13.50	(7.5 %)
Operating Income	4.20	5.80	38.1 %
Net Income	2.20	4.00	81.8 %
Average Shares	28.08	28.08	-
EPS (Riyals)	0.08	0.14	81.8 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	174.10	166.00	(4.7 %)
Gross Income	14.60	13.50	(7.5 %)
Operating Income	5.40	5.80	7.4 %
Net Income	4.20	4.00	(4.8 %)
Average Shares	28.08	28.08	-
EPS (Riyals)	0.15	0.14	(4.8 %)

In Q3 2024, Aslak’s net profit surged 82% to SAR 4 million, from SAR 2.2 million in the prior-year period.

Net earnings declined by 4.8% from SAR 4.2 million in Q2 2024.

Total shareholders’ equity, no minority interest, increased to SAR 386.2 million as of Sept. 30, 2024, from SAR 391.5 million a year earlier.

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