United Wire Factories Co. (Aslak) reported a net profit after Zakat and tax of SAR 38.3 million for the first nine months of 2021, a decline of 15% from SAR 45.1 million a year earlier.
The lower profit was attributed to a decrease in profit margins despite higher sales volumes and lower Zakat expenses.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 574.90 | 630.01 | 9.6 % |
| Gross Income | 84.00 | 66.13 | (21.3 %) |
| Operating Income | 58.95 | 39.71 | (32.6 %) |
| Net Income | 45.11 | 38.28 | (15.1 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 1.61 | 1.36 | (15.1 %) |
Aslak’s net profit after Zakat and tax fell 55% to SAR 8.1 million in Q3 2021, from SAR 17.8 million in the year-ago period, hit by lower sales volumes and profit margins.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 160.18 | 185.69 | 15.9 % |
| Gross Income | 28.33 | 16.86 | (40.5 %) |
| Operating Income | 21.01 | 8.49 | (59.6 %) |
| Net Income | 17.81 | 8.10 | (54.5 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.63 | 0.29 | (54.5 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 217.69 | 185.69 | (14.7 %) |
| Gross Income | 21.18 | 16.86 | (20.4 %) |
| Operating Income | 12.60 | 8.49 | (32.6 %) |
| Net Income | 14.08 | 8.10 | (42.5 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.50 | 0.29 | (42.5 %) |
On a sequential basis, the third-quarter net profit dropped 42.5% from SAR 14.08 million.
Total shareholders’ equity, excluding minority interests, decreased 1.5% to SAR 434.5 million as of Sept. 30, 2021, from SAR 441.1 million a year earlier.
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