Aslak net profit up 11% to SAR 30.2 mln in H1 2021

11/07/2021 Argaam Exclusive

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Share Price

33.95
0.55 1.65 %

United Wire Factories Co. (ASLAK)

United Wire Factories Co. (Aslak) reported a net profit after Zakat and tax of SAR 30.2 million for the first half of 2021, a 10.6% increase, from SAR 27.3 million in the same period last year.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 414.72 444.32 7.1 %
Gross Income 55.67 49.27 (11.5 %)
Operating Income 37.94 31.23 (17.7 %)
Net Income 27.30 30.19 10.6 %
Average Shares 28.08 28.08 -
EPS (Riyals) 0.97 1.07 10.6 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 194.33 217.69 12.0 %
Gross Income 22.13 21.18 (4.3 %)
Operating Income 14.65 12.60 (14.0 %)
Net Income 12.25 14.08 14.9 %
Average Shares 28.08 28.08 -
EPS (Riyals) 0.44 0.50 14.9 %

The company attributed the increase in net profit to the growth in sales volume, amount reversal of the decrease charged to trade debtors due to COVID-19, and lower general expenses.

 

This was despite lower profit margins and higher Zakat expenses for the current period.

The second-quarter profit rose 16% year-on-year (YoY) to SAR 14.1 million, backed by the sales volume’s growth, despite higher Zakat expenses.

 

When compared to previous quarter, net profit for Q2 2021 came 12.4% lower on decline in sales volume.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 277.60 35.0 % 38.27 (9.6 %) 32.93 (15.3 %) 1.17
Q2 2012 283.21 25.0 % 35.30 1.2 % 30.14 (2.1 %) 1.07
Q3 2012 209.77 11.6 % 26.43 3.7 % 21.24 (1.4 %) 0.76
Q4 2012 234.64 (0.1 %) 37.79 73.8 % 31.04 97.4 % 1.11
Q1 2013 278.25 0.2 % 45.51 18.9 % 39.60 20.3 % 1.41
Q2 2013 268.15 (5.3 %) 40.66 15.2 % 33.77 12.0 % 1.20
Q3 2013 225.78 7.6 % 32.13 21.6 % 23.30 9.7 % 0.83
Q4 2013 229.15 (2.3 %) 32.32 (14.5 %) 24.65 (20.6 %) 0.88
Q1 2014 279.95 0.6 % 39.33 (13.6 %) 30.38 (23.3 %) 1.08
Q2 2014 262.36 (2.2 %) 37.73 (7.2 %) 30.02 (11.1 %) 1.07
Q3 2014 204.19 (9.6 %) 28.56 (11.1 %) 20.38 (12.5 %) 0.73
Q4 2014 206.35 (10.0 %) 21.79 (32.6 %) 12.87 (47.8 %) 0.46
Q1 2015 233.19 (16.7 %) 25.04 (36.4 %) 13.96 (54.1 %) 0.50
Q2 2015 268.77 2.4 % 37.80 0.2 % 24.94 (16.9 %) 0.89
Q3 2015 182.92 (10.4 %) 31.98 12.0 % 21.17 3.9 % 0.75
Q4 2015 218.49 5.9 % 25.51 17.1 % 12.14 (5.7 %) 0.43
Q1 2016 209.64 (10.1 %) 32.49 29.8 % 17.29 23.9 % 0.62
Q2 2016 196.81 (26.8 %) 56.48 49.4 % 38.61 54.8 % 1.38
Q3 2016 126.19 (31.0 %) 24.12 (24.6 %) 14.34 (32.3 %) 0.51
Q4 2016 157.39 (28.0 %) 23.72 (7.0 %) 11.65 (4.1 %) 0.41
Q1 2017 144.64 (31.0 %) 18.76 (42.2 %) 7.71 (55.4 %) 0.27
Q2 2017 135.13 (31.3 %) 12.19 (78.4 %) 0.49 (98.7 %) 0.02
Q3 2017 129.98 3.0 % 18.95 (21.4 %) 7.23 (49.6 %) 0.26
Q4 2017 167.01 6.1 % 18.76 (20.9 %) 10.14 (12.9 %) 0.36
Q1 2018 145.02 0.3 % 19.29 2.8 % 7.74 0.3 % 0.28
Q2 2018 145.56 7.7 % 15.78 29.4 % 7.32 1384.2 % 0.26
Q3 2018 106.65 (17.9 %) 8.67 (54.2 %) 0.49 (93.3 %) 0.02
Q4 2018 137.73 (17.5 %) 2.40 (87.2 %) (8.43) (183.1 %) (0.30)
Q1 2019 192.79 32.9 % 21.13 9.5 % 10.12 30.9 % 0.36
Q2 2019 144.10 (1.0 %) 13.17 (16.5 %) 6.01 (17.9 %) 0.21
Q3 2019 168.29 57.8 % 8.42 (3.0 %) 1.10 126.1 % 0.04
Q4 2019 219.22 59.2 % 18.94 689.1 % 4.89 158.0 % 0.17
Q1 2020 220.39 14.3 % 33.54 58.7 % 15.05 48.7 % 0.54
Q2 2020 194.33 34.9 % 22.13 68.0 % 12.25 103.9 % 0.44
Q3 2020 160.18 (4.8 %) 28.33 236.6 % 17.81 1517.7 % 0.63
Q4 2020 202.80 (7.5 %) 29.89 57.8 % 17.04 248.4 % 0.61
Q1 2021 226.63 2.8 % 28.09 (16.3 %) 16.11 7.0 % 0.57
Q2 2021 217.69 12.0 % 21.18 (4.3 %) 14.08 14.9 % 0.50

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2019 7.02 % 4.38 % 1.37 %
Q4 2019 8.51 % 6.28 % 3.05 %
Q1 2020 9.85 % 7.33 % 4.41 %
Q2 2020 10.35 % 7.96 % 4.91 %
Q3 2020 12.96 % 10.43 % 7.06 %
Q4 2020 14.64 % 11.79 % 8.77 %
Q1 2021 13.83 % 11.06 % 8.06 %
Q2 2021 13.31 % 10.47 % 7.55 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2019 28.08 0.31 0.31 18.26
Q4 2019 28.08 0.79 0.79 18.48
Q1 2020 28.08 0.96 1.18 19.01
Q2 2020 28.08 1.19 1.40 19.45
Q3 2020 28.08 1.78 2.00 15.71
Q4 2020 28.08 2.21 2.43 16.30
Q1 2021 28.08 2.25 2.25 15.62
Q2 2021 28.08 2.32 2.17 16.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 More than 50 More than 50 1.05
Q1 2019 More than 50 More than 50 1.19
Q2 2019 More than 50 More than 50 1.04
Q3 2019 More than 50 More than 50 1.11
Q4 2019 29.48 29.48 1.26
Q1 2020 21.19 17.30 1.07
Q2 2020 22.48 19.01 1.37
Q3 2020 21.70 19.35 2.46
Q4 2020 18.14 16.52 2.46
Q1 2021 19.14 19.14 2.76
Q2 2021 20.07 21.40 2.88

Business Segments (Million)

Compared With The
Period Construction sector The civil sector
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
Q3 2019 133.75 34.54
Q4 2019 160.15 59.07
Q1 2020 184.73 35.66
Q2 2020 151.07 43.26
Q3 2020 123.62 36.44
Q4 2020 169.04 33.71
Q1 2021 181.62 45.01
Q2 2021 161.65 56.04

Current
Market Cap (M Riyal) 953.32
Enterprise Value (EV) (M) 915.46
Shares Outstanding ((M)) 28.08
EPS ( Riyal) (TTM) 0.78
Book Value (BV) ( Riyal) 13.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 43.31
P/E (TTM) 43.31
Price/book 2.52
Return on Average Assets (%) (TTM) 4.1
Return on Average Equity (%) (TTM) 5.3

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