United Wire Factories Co. (Aslak) reported a net profit after Zakat and tax of SAR 45.3 million for the first nine months of 2022, an increase of 18%, compared to SAR 38.3 million in the year-earlier period, driven by the growth in sales volumes and profit margins despite a decline in trade receivables and inventory related to COVID-19.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 630.01 | 771.16 | 22.4 % |
| Gross Income | 66.13 | 82.73 | 25.1 % |
| Operating Income | 39.71 | 52.76 | 32.8 % |
| Net Income | 38.28 | 45.26 | 18.2 % |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 1.36 | 1.61 | 18.2 % |
Q3 net profit after Zakat and tax dropped 63% year-on-year (YoY) to SAR 3 million, from SAR 8.1 million in the prior-year period, on lower profit margins.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 185.69 | 264.12 | 42.2 % |
| Gross Income | 16.86 | 15.63 | (7.3 %) |
| Operating Income | 8.49 | 5.30 | (37.6 %) |
| Net Income | 8.10 | 3.05 | (62.4 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.29 | 0.11 | (62.4 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 208.26 | 264.12 | 26.8 % |
| Gross Income | 29.07 | 15.63 | (46.2 %) |
| Operating Income | 18.89 | 5.30 | (72.0 %) |
| Net Income | 16.19 | 3.05 | (81.2 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.58 | 0.11 | (81.2 %) |
On a sequential basis, net profit plummeted 81.5%, from 16.2 million in Q2 2022.
Total shareholders’ equity, after minority interest, reached SAR 437 million as of Sept. 30, 2022, compared to SAR 434.5 million in the prior-year period.
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