Aslak’s net profit drops 26% to SAR 60 mln in nine-months 2015

12/10/2015 Argaam Exclusive

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United Wire Factories Co. (Aslak), a manufacturer and seller of steel wire products, reported a net profit of SAR 60 million for the first nine months of 2015, a 25.74 percent drop compared to the same period last year due to a decrease in net sales and gross margin, an increase in general and administrative expenses, and recorded Zakat. 



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 746.49 684.88 (8.3 %)
Gross Income 105.63 94.81 (10.2 %)
Operating Income 80.48 66.31 (17.6 %)
Net Income 80.78 60.06 (25.7 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 2.88 2.14 (25.7 %)

 

The company reported a net profit of SAR 21.2 million during Q3, marking a 3.92 percent gain year-on-year (YOY). However, net profit dropped 14.86 percent from SAR 24.9 million in the previous quarter on drops in both the sales and gross margin.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 204.19 182.92 (10.4 %)
Gross Income 28.56 31.98 12.0 %
Operating Income 20.51 23.31 13.7 %
Net Income 20.38 21.17 3.9 %
Average Shares 28.08 28.08 -
EPS (Riyals) 0.73 0.75 3.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 - - - - - - -
Q4 2006 - - - - - - -
Q1 2007 - - - - - - -
Q2 2007 - - - - - - -
Q3 2007 - - - - - - -
Q4 2007 - - - - - - -
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 90.65 - 19.40 - 17.08 - 0.61
Q4 2009 94.28 - 20.83 - 17.26 - 0.61
Q1 2010 123.14 - 28.53 - 24.40 - 0.87
Q2 2010 161.54 - 39.27 - 35.60 - 1.27
Q3 2010 133.70 47.5 % 34.29 76.7 % 28.62 67.5 % 1.02
Q4 2010 152.22 61.5 % 30.02 44.1 % 27.10 57.0 % 0.96
Q1 2011 205.56 66.9 % 42.35 48.4 % 38.88 59.3 % 1.38
Q2 2011 226.57 40.3 % 34.88 (11.2 %) 30.77 (13.6 %) 1.10
Q3 2011 187.98 40.6 % 25.48 (25.7 %) 21.54 (24.7 %) 0.77
Q4 2011 234.97 54.4 % 21.74 (27.6 %) 15.73 (42.0 %) 0.56
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
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

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

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 20.00 21.17 5.83 %

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
Riyad Capital 20.00 21.17 5.8 %

Current
Market Cap (M Riyal) 811.51
Enterprise Value (EV) (M) 761.14
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) 36.94
P/E (TTM) 36.94
Price/book 2.15
Return on Average Assets (%) (TTM) 4.1
Return on Average Equity (%) (TTM) 5.3

Share Price

28.90
(0.65) (2.20 %)

United Wire Factories Co. (ASLAK)


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