United Wire Factories Co. (Aslak) reported a net profit of SAR 6.1 million for Q1 2024, leaping 36% from SAR 4.5 million in the same period last year.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 227.16 | 187.21 | (17.6 %) |
| Gross Income | 16.43 | 15.88 | (3.4 %) |
| Operating Income | 5.97 | 6.77 | 13.4 % |
| Net Income | 4.51 | 6.07 | 34.4 % |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.16 | 0.22 | 34.4 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 182.55 | 187.21 | 2.6 % |
| Gross Income | 15.96 | 15.88 | (0.5 %) |
| Operating Income | 7.21 | 6.77 | (6.1 %) |
| Net Income | 8.29 | 6.07 | (26.8 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.30 | 0.22 | (26.8 %) |
The profit growth was boosted by higher profit margins and profit of investment. However, sales declined on lower sales volume.
Sequentially, the first-quarter net profit fell 26.5% from SAR 8.30 million on higher Zakat expenses.
Sales, however, increased compared with the previous quarter due to higher sales volume.
Shareholders’ equity, no minority interest, amounted to SAR 378 million by the end of Q1 2024, compared to SAR 454.1 million in the year-ago period.
Shareholders approved on Aug. 2, 2023, the board's recommendation on reducing capital by 20% from SAR 351 million to SAR 280.80 million through cancelling 7.02 million shares.
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