Financial Results : Aslak net profit rises 7% in H1 2019

Aslak net profit rises 7% in H1 2019

18/07/2019 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported net profit after zakat and tax of SAR 16 million for the first half of 2019, a rise of 7.3 percent year-on-year (YoY), due to higher sales and other income.

 

In addition, the first-half results were also bolstered by demand growth and lower zakat expenses.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 290.59 336.89 15.9 %
Gross Income 35.07 34.30 (2.2 %)
Operating Income 20.10 18.68 (7.1 %)
Net Income 15.05 16.13 7.1 %
Average Shares 28.08 28.08 -
Earnings Per Share before unusual items (Riyals) 0.54 0.57 7.1 %
EPS (Riyals) 0.54 0.57 7.1 %

Q2 net profit dropped 17.8 percent YoY to SAR 6 million, hit by a decline in sales and profit margins, along with weak demand.

 

When compared to the previous quarter, Aslak’s net profit fell 40.6 percent also due to lower sales and demand during Ramadan and Eid Al-Fitr.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 145.56 144.10 (1.0 %)
Gross Income 15.78 13.17 (16.5 %)
Operating Income 8.99 5.40 (39.9 %)
Net Income 7.32 6.01 (17.9 %)
Average Shares 28.08 28.08 -
Earnings Per Share before unusual items (Riyals) 0.26 0.21 (17.9 %)
EPS (Riyals) 0.26 0.21 (17.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q4 2017 10.14 (12.9 %) 0.36 - 10.14 0.36
Q1 2018 7.74 0.3 % 0.28 - 7.74 0.28
Q2 2018 7.32 1384.2 % 0.26 - 7.32 0.26
Q3 2018 0.49 (93.3 %) 0.02 - 0.49 0.02
Q4 2018 (8.43) (183.1 %) (0.30) - (8.43) (0.30)
Q1 2019 10.12 30.9 % 0.36 - 10.12 0.36
Q2 2019 6.01 (17.9 %) 0.21 - 6.01 0.21


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2017 167.01 6.1 % 18.76 (20.9 %) 12.15 (3.4 %)
Q1 2018 145.02 0.3 % 19.29 2.8 % 11.11 19.6 %
Q2 2018 145.56 7.7 % 15.78 29.4 % 8.99 196.4 %
Q3 2018 106.65 (17.9 %) 8.67 (54.2 %) 1.73 (84.8 %)
Q4 2018 137.73 (17.5 %) 2.40 (87.2 %) (7.02) (157.8 %)
Q1 2019 192.79 32.9 % 21.13 9.5 % 13.28 19.5 %
Q2 2019 144.10 (1.0 %) 13.17 (16.5 %) 5.40 (39.9 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2017 11.91 % 9.04 % 4.43 %
Q1 2018 11.99 % 9.30 % 4.44 %
Q2 2018 12.39 % 10.09 % 5.52 %
Q3 2018 11.08 % 8.71 % 4.55 %
Q4 2018 8.63 % 5.53 % 1.33 %
Q1 2019 8.23 % 5.45 % 1.63 %
Q2 2019 7.81 % 4.87 % 1.41 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2017 28.08 0.91 0.91 18.62
Q1 2018 28.08 0.91 0.91 18.90
Q2 2018 28.08 1.15 1.15 18.37
Q3 2018 28.08 0.91 0.91 18.39
Q4 2018 28.08 0.25 0.25 18.04
Q1 2019 28.08 0.34 0.34 18.40
Q2 2019 28.08 0.29 0.29 18.61

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2017 23.34 23.34 1.14
Q1 2018 23.02 23.02 1.11
Q2 2018 20.28 20.28 1.27
Q3 2018 22.67 22.67 1.13
Q4 2018 74.95 74.95 1.05
Q1 2019 64.73 64.73 1.19
Q2 2019 66.75 66.75 1.04

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
Q4 2017 130.65 36.36
Q1 2018 118.53 26.49
Q2 2018 104.77 40.79
Q3 2018 69.78 36.87
Q4 2018 109.09 28.64
Q1 2019 160.48 32.31
Q2 2019 104.51 39.59


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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