Financial Results : Aslak’s net profit plunges 78% in 9M 2017

Aslak’s net profit plunges 78% in 9M 2017

15/10/2017 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit of SAR 15.4 million for the first nine months of 2017, a plunge of 78 percent year-on-year (YoY) due to a slowdown in the construction sector, weak demand, higher competition, and lower selling prices.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 532.63 409.75 (23.1 %)
Gross Income 113.08 49.91 (55.9 %)
Operating Income 79.79 22.89 (71.3 %)
Net Income 70.24 15.43 (78.0 %)
Average Shares 28.08 28.08 -
Earnings Per Share before unusual items (Riyals) 2.50 0.55 (78.0 %)
EPS (Riyals) 2.50 0.55 (78.0 %)

Net profit for the third quarter fell 49.6 percent YoY to SAR 7.2 million, hurt by lower gross margins on the back of a rise in the cost of goods sold and Zakat expenses.

 

Q3 profit surged nearly 15 times from SAR 493,000 the previous quarter on lower cost of goods sold, a decline in selling and administrative expenses, and higher gross margins.  



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 126.19 129.98 3.0 %
Gross Income 24.12 18.95 (21.4 %)
Operating Income 15.39 11.40 (26.0 %)
Net Income 14.34 7.23 (49.6 %)
Average Shares 28.08 28.08 -
Earnings Per Share before unusual items (Riyals) 0.51 0.26 (49.6 %)
EPS (Riyals) 0.51 0.26 (49.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 17.08 - 0.61 - 17.08 0.61
Q4 2009 17.26 - 0.61 - 17.26 0.61
Q1 2010 24.40 - 0.87 - 24.40 0.87
Q2 2010 35.60 - 1.27 - 35.60 1.27
Q3 2010 28.62 67.5 % 1.02 - 28.62 1.02
Q4 2010 27.10 57.0 % 0.96 - 27.10 0.96
Q1 2011 38.88 59.3 % 1.38 - 38.88 1.38
Q2 2011 30.77 (13.6 %) 1.10 - 30.77 1.10
Q3 2011 21.54 (24.7 %) 0.77 - 21.54 0.77
Q4 2011 15.73 (42.0 %) 0.56 - 15.73 0.56
Q1 2012 32.93 (15.3 %) 1.17 - 32.93 1.17
Q2 2012 30.14 (2.1 %) 1.07 - 30.14 1.07
Q3 2012 21.24 (1.4 %) 0.76 - 21.24 0.76
Q4 2012 31.04 97.4 % 1.11 - 31.04 1.11
Q1 2013 39.60 20.3 % 1.41 - 39.60 1.41
Q2 2013 33.77 12.0 % 1.20 - 33.77 1.20
Q3 2013 23.30 9.7 % 0.83 - 23.30 0.83
Q4 2013 24.65 (20.6 %) 0.88 - 24.65 0.88
Q1 2014 30.38 (23.3 %) 1.08 - 30.38 1.08
Q2 2014 30.02 (11.1 %) 1.07 - 30.02 1.07
Q3 2014 20.38 (12.5 %) 0.73 - 20.38 0.73
Q4 2014 12.87 (47.8 %) 0.46 - 12.87 0.46
Q1 2015 13.96 (54.1 %) 0.50 - 13.96 0.50
Q2 2015 24.94 (16.9 %) 0.89 - 24.94 0.89
Q3 2015 21.17 3.9 % 0.75 - 21.17 0.75
Q4 2015 12.14 (5.7 %) 0.43 - 12.14 0.43
Q1 2016 17.29 23.9 % 0.62 - 17.29 0.62
Q2 2016 38.61 54.8 % 1.38 - 38.61 1.38
Q3 2016 14.34 (32.3 %) 0.51 - 14.34 0.51
Q4 2016 11.65 (4.1 %) 0.41 - 11.65 0.41
Q1 2017 7.71 (55.4 %) 0.27 - 7.71 0.27
Q2 2017 0.49 (98.7 %) 0.02 - 0.49 0.02
Q3 2017 7.23 (49.6 %) 0.26 - 7.23 0.26


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 90.65 - 19.40 - 75.44 -
Q4 2009 94.28 - 20.83 - 17.49 -
Q1 2010 123.14 - 28.53 - 24.58 -
Q2 2010 161.54 - 39.27 - 35.53 -
Q3 2010 133.70 47.5 % 34.29 76.7 % 30.45 (59.6 %)
Q4 2010 152.22 61.5 % 30.02 44.1 % 26.15 49.6 %
Q1 2011 205.56 66.9 % 42.35 48.4 % 38.57 56.9 %
Q2 2011 226.57 40.3 % 34.88 (11.2 %) 30.59 (13.9 %)
Q3 2011 187.98 40.6 % 25.48 (25.7 %) 21.52 (29.3 %)
Q4 2011 234.97 54.4 % 21.74 (27.6 %) 15.16 (42.0 %)
Q1 2012 277.60 35.0 % 38.27 (9.6 %) 32.65 (15.3 %)
Q2 2012 283.21 25.0 % 35.30 1.2 % 30.11 (1.6 %)
Q3 2012 209.77 11.6 % 26.43 3.7 % 21.09 (2.0 %)
Q4 2012 234.64 (0.1 %) 37.79 73.8 % 30.88 103.7 %
Q1 2013 278.25 0.2 % 45.51 18.9 % 39.26 20.2 %
Q2 2013 268.15 (5.3 %) 40.66 15.2 % 33.28 10.5 %
Q3 2013 225.78 7.6 % 32.13 21.6 % 23.07 9.4 %
Q4 2013 229.15 (2.3 %) 32.32 (14.5 %) 24.25 (21.5 %)
Q1 2014 279.95 0.6 % 39.33 (13.6 %) 30.32 (22.8 %)
Q2 2014 262.36 (2.2 %) 37.73 (7.2 %) 29.65 (10.9 %)
Q3 2014 204.19 (9.6 %) 28.56 (11.1 %) 20.51 (11.1 %)
Q4 2014 206.35 (10.0 %) 21.79 (32.6 %) 13.36 (44.9 %)
Q1 2015 233.19 (16.7 %) 25.04 (36.4 %) 15.81 (47.9 %)
Q2 2015 268.77 2.4 % 37.80 0.2 % 27.18 (8.3 %)
Q3 2015 182.92 (10.4 %) 31.98 12.0 % 23.31 13.7 %
Q4 2015 218.49 5.9 % 25.51 17.1 % 15.32 14.7 %
Q1 2016 209.64 (10.1 %) 32.49 29.8 % 21.16 33.8 %
Q2 2016 196.81 (26.8 %) 56.48 49.4 % 43.23 59.0 %
Q3 2016 126.19 (31.0 %) 24.12 (24.6 %) 15.39 (34.0 %)
Q4 2016 157.39 (28.0 %) 23.72 (7.0 %) 12.59 (17.8 %)
Q1 2017 144.64 (31.0 %) 18.76 (42.2 %) 9.29 (56.1 %)
Q2 2017 135.13 (31.3 %) 12.19 (78.4 %) 3.03 (93.0 %)
Q3 2017 129.98 3.0 % 18.95 (21.4 %) 11.40 (26.0 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 23.00 % 36.55 % 20.09 %
Q3 2010 23.98 % 25.74 % 20.65 %
Q4 2010 23.15 % 24.28 % 20.28 %
Q1 2011 22.35 % 23.14 % 19.94 %
Q2 2011 19.71 % 20.16 % 17.46 %
Q3 2011 17.19 % 17.39 % 15.31 %
Q4 2011 14.55 % 14.14 % 12.50 %
Q1 2012 12.98 % 12.44 % 10.89 %
Q2 2012 12.28 % 11.72 % 10.20 %
Q3 2012 12.11 % 11.47 % 9.95 %
Q4 2012 13.71 % 13.28 % 11.48 %
Q1 2013 14.42 % 13.97 % 12.13 %
Q2 2013 15.18 % 14.55 % 12.68 %
Q3 2013 15.50 % 14.55 % 12.68 %
Q4 2013 15.04 % 13.81 % 12.12 %
Q1 2014 14.40 % 12.89 % 11.18 %
Q2 2014 14.19 % 12.60 % 10.87 %
Q3 2014 14.14 % 12.61 % 10.81 %
Q4 2014 13.37 % 11.74 % 9.83 %
Q1 2015 12.48 % 10.73 % 8.52 %
Q2 2015 12.40 % 10.38 % 7.91 %
Q3 2015 13.08 % 10.92 % 8.18 %
Q4 2015 13.32 % 10.98 % 7.99 %
Q1 2016 14.52 % 11.86 % 8.59 %
Q2 2016 18.13 % 14.84 % 11.04 %
Q3 2016 18.45 % 14.87 % 10.97 %
Q4 2016 19.83 % 15.74 % 11.87 %
Q1 2017 19.69 % 15.44 % 11.57 %
Q2 2017 13.99 % 10.03 % 6.07 %
Q3 2017 12.98 % 9.27 % 4.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 28.08 - - 10.12
Q4 2009 28.08 - - 9.97
Q1 2010 28.08 - - 10.81
Q2 2010 28.08 3.36 3.36 10.86
Q3 2010 28.08 3.77 3.77 11.78
Q4 2010 28.08 4.12 4.12 11.71
Q1 2011 28.08 4.64 4.64 13.00
Q2 2011 28.08 4.46 4.46 13.16
Q3 2011 28.08 4.21 4.21 13.89
Q4 2011 28.08 3.81 3.81 13.47
Q1 2012 28.08 3.60 3.60 13.42
Q2 2012 28.08 3.57 3.57 14.41
Q3 2012 28.08 3.56 3.56 15.08
Q4 2012 28.08 4.11 4.11 14.65
Q1 2013 28.08 4.35 4.35 15.96
Q2 2013 28.08 4.47 4.47 17.07
Q3 2013 28.08 4.55 4.55 16.05
Q4 2013 28.08 4.32 4.32 16.84
Q1 2014 28.08 3.99 3.99 17.84
Q2 2014 28.08 3.86 3.86 18.81
Q3 2014 28.08 3.75 3.75 17.48
Q4 2014 28.08 3.34 3.34 17.92
Q1 2015 28.08 2.75 2.75 17.59
Q2 2015 28.08 2.57 2.57 18.48
Q3 2015 28.08 2.60 2.60 17.99
Q4 2015 28.08 2.57 2.57 18.42
Q1 2016 28.08 2.69 2.69 17.99
Q2 2016 28.08 3.18 3.18 19.39
Q3 2016 28.08 2.93 2.93 18.31
Q4 2016 28.08 2.92 2.92 18.69
Q1 2017 28.08 2.58 2.58 17.95
Q2 2017 28.08 1.22 1.22 17.97
Q3 2017 28.08 0.96 0.96 18.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 9.13 9.13 2.77
Q4 2011 11.11 11.11 3.14
Q1 2012 12.76 12.76 3.42
Q2 2012 9.93 9.93 2.46
Q3 2012 10.62 10.62 2.51
Q4 2012 8.37 8.37 2.35
Q1 2013 8.87 8.87 2.42
Q2 2013 10.44 10.44 2.74
Q3 2013 10.09 10.09 2.86
Q4 2013 10.98 10.98 2.82
Q1 2014 12.90 12.90 2.89
Q2 2014 15.53 15.53 3.19
Q3 2014 17.78 17.78 3.82
Q4 2014 13.79 13.79 2.57
Q1 2015 16.01 16.01 2.50
Q2 2015 17.25 17.25 2.40
Q3 2015 13.40 13.40 1.94
Q4 2015 11.44 11.44 1.60
Q1 2016 8.89 8.89 1.33
Q2 2016 9.91 9.91 1.62
Q3 2016 8.53 8.53 1.37
Q4 2016 11.80 11.80 1.84
Q1 2017 11.99 11.99 1.72
Q2 2017 20.56 20.56 1.39
Q3 2017 24.76 24.76 1.31

Business Segments (Million)

Compared With The
Period Industrial sector Commercial sector
Q1 2011 154.63 50.93
Q2 2011 172.12 54.45
Q3 2011 145.60 42.39
Q4 2011 192.30 42.67
Q1 2012 227.91 49.69
Q2 2012 226.62 56.58
Q3 2012 164.76 45.00
Q4 2012 192.76 41.89
Q1 2013 233.41 44.84
Q2 2013 212.81 55.33
Q3 2013 176.34 49.44
Q4 2013 190.70 38.45
Q1 2014 212.67 67.27
Q2 2014 189.92 72.44
Q3 2014 145.91 58.28
Q4 2014 229.06 -
Q1 2015 195.39 37.79
Q2 2015 218.15 50.62
Q3 2015 138.48 44.44
Q4 2015 178.67 39.82
Q1 2016 177.61 32.02
Q2 2016 150.32 46.49
Q3 2016 89.78 36.41
Q4 2016 129.30 28.09
Q1 2017 119.83 24.81
Q2 2017 90.58 44.55
Q3 2017 95.03 34.94

Analysts Estimates (Million)

Item Q3 2017 (e) Q3 2017 (a) Change‬
Average 1.00 7.23 622.50 %

Estimates vs Actual (Million)

Item Q3 2017 (e) Q3 2017 (a) Change
Riyad Capital 1.00 7.23 86.2 %


Financial Ratios
Current
Market Cap (M Riyal) 796.07
Enterprise Value (EV) (M) 748.27
Shares Outstanding ((M)) 28.08
EPS ( Riyal) (TTM) 0.80
Book Value (BV) ( Riyal) 13.75
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 35.29
P/E (TTM) 35.29
Price/book 2.06
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 5.8
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Share Price

United Wire Factories Co.
28.35
0.00 0.00 %

United Wire Factories Co. (ASLAK)

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