United Wire Factories Co. (Aslak) posted a 73% profit decline in the first nine months of 2023 to SAR 12.1 million, compared to SAR 45.3 million in the year-earlier period on lower sales and profit margins.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 771.16 | 610.23 | (20.9 %) |
| Gross Income | 82.73 | 48.19 | (41.8 %) |
| Operating Income | 52.76 | 17.55 | (66.7 %) |
| Net Income | 45.26 | 12.13 | (73.2 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 1.61 | 0.43 | (73.2 %) |
In Q3 2023, net profit fell 27% to SAR 2.2 million from SAR 3 million in Q3 2022.
On a sequential basis, the bottom line fell 59.7% from SAR 5.46 million in Q2 2023.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 264.12 | 182.89 | (30.8 %) |
| Gross Income | 15.63 | 14.53 | (7.0 %) |
| Operating Income | 5.30 | 4.07 | (23.1 %) |
| Net Income | 3.05 | 2.15 | (29.4 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.11 | 0.08 | (29.4 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 200.19 | 182.89 | (8.6 %) |
| Gross Income | 17.23 | 14.53 | (15.7 %) |
| Operating Income | 7.51 | 4.07 | (45.8 %) |
| Net Income | 5.46 | 2.15 | (60.6 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.19 | 0.08 | (60.6 %) |
Shareholders’ equity, excluding minority interest, reached SAR 391.5 million as of Sept. 30, 2023, down from SAR 437 million a year earlier.
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