Financial Results : Aslak’s profit down 21% to SAR 16.2M in 2024; Q4 at SAR 1.9M

Aslak’s profit down 21% to SAR 16.2M in 2024; Q4 at SAR 1.9M

13/03/2025 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit decline of 21% to SAR 16.2 million in 2024, compared to SAR 20.4 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 792.78 707.29 (10.8 %)
Gross Income 64.71 57.92 (10.5 %)
Operating Income 25.32 19.73 (22.1 %)
Net Income 20.42 16.23 (20.5 %)
Average Shares 28.08 28.08 -
Earnings Per Share before unusual items (Riyals) 0.73 0.58 (20.5 %)
EPS (Riyals) 0.73 0.58 (20.5 %)

The company attributed the annual profit drop to lower sales amid weaker sales volumes. Its 2024 gross profit also slumped for the same reasons, despite higher investment gains from an associate.

 

In Q4 2024, Aslak’s net profit plunged by 77% to SAR 1.9 million, from SAR 8.29 million in the prior-year period.

 

On a quarterly basis, net earnings fell 52.7% from SAR 4.01 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 182.55 179.89 (1.5 %)
Gross Income 16.38 13.84 (15.5 %)
Operating Income 7.63 3.63 (52.5 %)
Net Income 8.29 1.97 (76.3 %)
Average Shares 28.08 28.08 -
Earnings Per Share before unusual items (Riyals) 0.30 0.07 (76.3 %)
EPS (Riyals) 0.30 0.07 (76.3 %)

Total shareholders’ equity, no minority interest, tumbled to SAR 367.5 million by the end of 2024, from SAR 372 million in the year before.

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