United Wire Factories Co. (Aslak) reported a net profit of SAR 4.5 million for Q1 2023, a drop of 83% from SAR 26 million in the same period last year.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 298.79 | 227.20 | (24.0 %) |
| Gross Income | 38.03 | 16.40 | (56.9 %) |
| Operating Income | 28.58 | 6.00 | (79.0 %) |
| Net Income | 26.02 | 4.50 | (82.7 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.93 | 0.16 | (82.7 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 255.20 | 227.20 | (11.0 %) |
| Gross Income | 24.58 | 16.40 | (33.3 %) |
| Operating Income | 14.36 | 6.00 | (58.2 %) |
| Net Income | 11.42 | 4.50 | (60.6 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.41 | 0.16 | (60.6 %) |
The earnings decline was due to low sales volume and profit margins.
When compared to Q4 2022, the first-quarter net profit fell 60.6% from SAR 11.42 million.
Shareholders’ equity, after minority interest, amounted to SAR 454.1 million by the end of Q1 2023, compared to SAR 452.9 million in the year-ago period.
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