Aslak reports 64% profit decline to SAR 20.4M in 2023; Q4 at SAR 8.3M

Aslak reports 64% profit decline to SAR 20.4M in 2023; Q4 at SAR 8.3M

26/03/2024 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a 64% decline in net profit to SAR 20.4 million in 2023, compared to SAR 56.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,026.36 792.78 (22.8 %)
Gross Income 107.31 64.15 (40.2 %)
Operating Income 67.12 24.76 (63.1 %)
Net Income 56.68 20.42 (64.0 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 2.02 0.73 (64.0 %)

Aslak reported lower sales volumes, profit margins and average selling prices for the year.

 

Q4 2023 net earnings fell 28% to SAR 8.3 million, from SAR 11.4 million in the prior-year period.

 

On a quarterly basis, net profit more than tripled from SAR 2.15 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 255.20 182.55 (28.5 %)
Gross Income 24.58 15.96 (35.1 %)
Operating Income 14.36 7.21 (49.8 %)
Net Income 11.42 8.29 (27.4 %)
Average Shares 28.08 28.08 -
EPS (Riyals) 0.41 0.30 (27.4 %)

Total shareholders’ equity, no minority interest, plunged to SAR 372 million by Dec. 31, 2023, compared to SAR 449.5 million a year ago.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 279.95 0.6 % 39.33 (13.6 %) 30.32 (22.8 %)
Q2 2014 262.36 (2.2 %) 37.73 (7.2 %) 29.65 (10.9 %)
Q3 2014 204.19 (9.6 %) 28.56 (11.1 %) 20.51 (11.1 %)
Q4 2014 206.35 (10.0 %) 21.79 (32.6 %) 13.36 (44.9 %)
Q1 2015 233.19 (16.7 %) 25.04 (36.4 %) 15.81 (47.9 %)
Q2 2015 268.77 2.4 % 37.80 0.2 % 27.18 (8.3 %)
Q3 2015 182.92 (10.4 %) 31.98 12.0 % 23.31 13.7 %
Q4 2015 218.49 5.9 % 25.51 17.1 % 15.32 14.7 %
Q1 2016 209.64 (10.1 %) 32.49 29.8 % 21.16 33.8 %
Q2 2016 196.81 (26.8 %) 56.48 49.4 % 43.23 59.0 %
Q3 2016 126.19 (31.0 %) 24.12 (24.6 %) 15.39 (34.0 %)
Q4 2016 157.39 (28.0 %) 23.72 (7.0 %) 12.59 (17.8 %)
Q1 2017 144.64 (31.0 %) 18.76 (42.2 %) 9.29 (56.1 %)
Q2 2017 135.13 (31.3 %) 12.19 (78.4 %) 3.03 (93.0 %)
Q3 2017 129.98 3.0 % 18.95 (21.4 %) 11.40 (26.0 %)
Q4 2017 167.01 6.1 % 18.76 (20.9 %) 12.15 (3.4 %)
Q1 2018 145.02 0.3 % 19.29 2.8 % 11.11 19.6 %
Q2 2018 145.56 7.7 % 15.78 29.4 % 8.99 196.4 %
Q3 2018 106.65 (17.9 %) 8.67 (54.2 %) 1.73 (84.8 %)
Q4 2018 137.73 (17.5 %) 2.40 (87.2 %) (7.02) (157.8 %)
Q1 2019 192.79 32.9 % 21.13 9.5 % 13.28 19.5 %
Q2 2019 144.10 (1.0 %) 13.17 (16.5 %) 5.40 (39.9 %)
Q3 2019 168.29 57.8 % 8.42 (3.0 %) 1.39 (19.3 %)
Q4 2019 219.22 59.2 % 18.94 689.1 % 10.16 244.7 %
Q1 2020 220.39 14.3 % 33.54 58.7 % 23.29 75.4 %
Q2 2020 194.33 34.9 % 22.13 68.0 % 14.65 171.2 %
Q3 2020 160.18 (4.8 %) 28.33 236.6 % 21.01 1408.5 %
Q4 2020 202.80 (7.5 %) 29.89 57.8 % 19.59 92.7 %
Q1 2021 226.63 2.8 % 28.09 (16.3 %) 18.63 (20.0 %)
Q2 2021 217.69 12.0 % 21.18 (4.3 %) 12.60 (14.0 %)
Q3 2021 185.69 15.9 % 16.86 (40.5 %) 8.49 (59.6 %)
Q4 2021 291.32 43.6 % 19.51 (34.7 %) 10.61 (45.9 %)
Q1 2022 298.79 31.8 % 38.03 35.4 % 28.58 53.4 %
Q2 2022 208.26 (4.3 %) 29.07 37.2 % 18.89 49.9 %
Q3 2022 264.12 42.2 % 15.63 (7.3 %) 5.30 (37.6 %)
Q4 2022 255.20 (12.4 %) 24.58 26.0 % 14.36 35.4 %
Q1 2023 227.16 (24.0 %) 16.48 (56.7 %) 6.02 (78.9 %)
Q2 2023 200.19 (3.9 %) 17.28 (40.6 %) 7.56 (60.0 %)
Q3 2023 182.89 (30.8 %) 14.58 (6.7 %) 4.12 (22.2 %)
Q4 2023 182.55 (28.5 %) 15.96 (35.1 %) 7.21 (49.8 %)
2023 792.78 (22.8 %) 64.15 (40.2 %) 24.76 (63.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 30.38 (23.3 %) 1.08 - 30.38 1.08
Q2 2014 30.02 (11.1 %) 1.07 - 30.02 1.07
Q3 2014 20.38 (12.5 %) 0.73 - 20.38 0.73
Q4 2014 12.87 (47.8 %) 0.46 - 12.87 0.46
Q1 2015 13.96 (54.1 %) 0.50 - 13.96 0.50
Q2 2015 24.94 (16.9 %) 0.89 - 24.94 0.89
Q3 2015 21.17 3.9 % 0.75 - 21.17 0.75
Q4 2015 12.14 (5.7 %) 0.43 - 12.14 0.43
Q1 2016 17.29 23.9 % 0.62 - 17.29 0.62
Q2 2016 38.61 54.8 % 1.38 - 38.61 1.38
Q3 2016 14.34 (32.3 %) 0.51 - 14.34 0.51
Q4 2016 11.65 (4.1 %) 0.41 - 11.65 0.41
Q1 2017 7.71 (55.4 %) 0.27 - 7.71 0.27
Q2 2017 0.49 (98.7 %) 0.02 - 0.49 0.02
Q3 2017 7.23 (49.6 %) 0.26 - 7.23 0.26
Q4 2017 10.14 (12.9 %) 0.36 - 10.14 0.36
Q1 2018 7.74 0.3 % 0.28 - 7.74 0.28
Q2 2018 7.32 1384.2 % 0.26 - 7.32 0.26
Q3 2018 0.49 (93.3 %) 0.02 - 0.49 0.02
Q4 2018 (8.43) (183.1 %) (0.30) - (8.43) (0.30)
Q1 2019 10.12 30.9 % 0.36 - 10.12 0.36
Q2 2019 6.01 (17.9 %) 0.21 - 6.01 0.21
Q3 2019 1.10 126.1 % 0.04 - 1.10 0.04
Q4 2019 4.89 158.0 % 0.17 - 4.89 0.17
Q1 2020 15.05 48.7 % 0.54 (6.08) 21.13 0.75
Q2 2020 12.25 103.9 % 0.44 - 12.25 0.44
Q3 2020 17.81 1517.7 % 0.63 - 17.81 0.63
Q4 2020 17.04 248.4 % 0.61 - 17.04 0.61
Q1 2021 16.11 7.0 % 0.57 - 16.11 0.57
Q2 2021 14.08 14.9 % 0.50 4.05 10.03 0.36
Q3 2021 8.10 (54.5 %) 0.29 2.03 6.07 0.22
Q4 2021 7.90 (53.6 %) 0.28 - 7.90 0.28
Q1 2022 26.02 61.5 % 0.93 - 26.02 0.93
Q2 2022 16.19 15.0 % 0.58 - 16.19 0.58
Q3 2022 3.05 (62.4 %) 0.11 - 3.05 0.11
Q4 2022 11.42 44.6 % 0.41 - 11.42 0.41
Q1 2023 4.51 (82.7 %) 0.16 - 4.51 0.16
Q2 2023 5.46 (66.3 %) 0.19 - 5.46 0.19
Q3 2023 2.15 (29.4 %) 0.08 - 2.15 0.08
Q4 2023 8.29 (27.4 %) 0.30 - 8.29 0.30
2023 20.42 (64.0 %) 0.73 - 20.42 0.73

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2015 13.32 % 10.98 % 7.99 %
Q1 2016 14.52 % 11.86 % 8.59 %
Q2 2016 18.13 % 14.84 % 11.04 %
Q3 2016 18.45 % 14.87 % 10.97 %
Q4 2016 19.83 % 15.74 % 11.87 %
Q1 2017 19.69 % 15.44 % 11.57 %
Q2 2017 13.99 % 10.03 % 6.07 %
Q3 2017 12.98 % 9.27 % 4.77 %
Q4 2017 11.91 % 9.04 % 4.43 %
Q1 2018 11.99 % 9.30 % 4.44 %
Q2 2018 12.39 % 10.09 % 5.52 %
Q3 2018 11.08 % 8.71 % 4.55 %
Q4 2018 8.63 % 5.53 % 1.33 %
Q1 2019 8.23 % 5.45 % 1.63 %
Q2 2019 7.81 % 4.87 % 1.41 %
Q3 2019 7.02 % 4.38 % 1.37 %
Q4 2019 8.51 % 6.28 % 3.05 %
Q1 2020 9.85 % 7.33 % 4.41 %
Q2 2020 10.35 % 7.96 % 4.91 %
Q3 2020 12.96 % 10.43 % 7.06 %
Q4 2020 14.64 % 11.79 % 8.77 %
Q1 2021 13.83 % 11.06 % 8.06 %
Q2 2021 13.31 % 10.47 % 7.55 %
Q3 2021 11.53 % 8.63 % 5.91 %
Q4 2021 9.30 % 6.81 % 4.35 %
Q1 2022 9.62 % 7.30 % 5.03 %
Q2 2022 10.51 % 7.98 % 5.71 %
Q3 2022 9.62 % 7.09 % 5.00 %
Q4 2022 10.46 % 7.71 % 5.52 %
Q1 2023 8.98 % 5.91 % 3.68 %
Q2 2023 7.81 % 4.75 % 2.58 %
Q3 2023 8.43 % 5.03 % 2.72 %
Q4 2023 8.11 % 4.37 % 2.58 %
2023 8.09 % 4.35 % 2.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 28.08 2.57 2.57 18.42
Q1 2016 28.08 2.69 2.69 17.99
Q2 2016 28.08 3.18 3.18 19.39
Q3 2016 28.08 2.93 2.93 18.31
Q4 2016 28.08 2.92 2.92 18.69
Q1 2017 28.08 2.58 2.58 17.95
Q2 2017 28.08 1.22 1.22 17.97
Q3 2017 28.08 0.96 0.96 18.22
Q4 2017 28.08 0.91 0.91 18.62
Q1 2018 28.08 0.91 0.91 18.90
Q2 2018 28.08 1.15 1.15 18.37
Q3 2018 28.08 0.91 0.91 18.39
Q4 2018 28.08 0.25 0.25 18.04
Q1 2019 28.08 0.34 0.34 18.40
Q2 2019 28.08 0.29 0.29 18.61
Q3 2019 28.08 0.31 0.31 18.26
Q4 2019 28.08 0.79 0.79 18.48
Q1 2020 28.08 0.96 1.18 19.01
Q2 2020 28.08 1.19 1.40 19.45
Q3 2020 28.08 1.78 2.00 15.71
Q4 2020 28.08 2.21 2.43 16.30
Q1 2021 28.08 2.25 2.25 15.62
Q2 2021 28.08 2.32 2.17 16.12
Q3 2021 28.08 1.97 1.75 15.47
Q4 2021 28.08 1.64 1.43 15.76
Q1 2022 28.08 2.00 1.78 16.13
Q2 2022 28.08 2.07 2.00 16.70
Q3 2022 28.08 1.89 1.89 15.56
Q4 2022 28.08 2.02 2.02 16.01
Q1 2023 28.08 1.25 1.25 16.17
Q2 2023 28.08 0.87 0.87 16.36
Q3 2023 28.08 0.84 0.84 13.94
Q4 2023 28.08 0.73 0.73 13.25

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 11.44 11.44 1.60
Q1 2016 8.89 8.89 1.33
Q2 2016 9.91 9.91 1.62
Q3 2016 8.53 8.53 1.37
Q4 2016 11.80 11.80 1.84
Q1 2017 11.99 11.99 1.72
Q2 2017 20.56 20.56 1.39
Q3 2017 24.76 24.76 1.31
Q4 2017 23.34 23.34 1.14
Q1 2018 23.02 23.02 1.11
Q2 2018 20.28 20.28 1.27
Q3 2018 22.67 22.67 1.13
Q4 2018 74.95 74.95 1.05
Q1 2019 64.73 64.73 1.19
Q2 2019 66.75 66.75 1.04
Q3 2019 64.48 64.48 1.11
Q4 2019 29.48 29.48 1.26
Q1 2020 21.19 17.30 1.07
Q2 2020 22.48 19.01 1.37
Q3 2020 21.70 19.35 2.46
Q4 2020 18.14 16.52 2.46
Q1 2021 19.14 19.14 2.76
Q2 2021 20.07 21.40 2.88
Q3 2021 22.25 24.99 2.83
Q4 2021 20.93 24.11 2.18
Q1 2022 16.54 18.55 2.05
Q2 2022 16.47 17.06 2.04
Q3 2022 17.64 17.64 2.15
Q4 2022 13.71 13.71 1.73
Q1 2023 23.16 23.16 1.79
Q2 2023 36.37 36.37 1.93
Q3 2023 32.74 32.74 1.97
Q4 2023 41.12 41.12 2.26

Business Segments (Million)

Compared With The
Period Industrial sector Commercial sector
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
Q4 2015 178.67 39.82
Q1 2016 177.61 32.02
Q2 2016 150.32 46.49
Q3 2016 89.78 36.41
Q4 2016 129.30 28.09
Q1 2017 119.83 24.81
Q2 2017 90.58 44.55
Q3 2017 95.03 34.94
Q4 2017 130.65 36.36
Q1 2018 118.53 26.49
Q2 2018 104.77 40.79
Q3 2018 69.78 36.87
Q4 2018 109.09 28.64
Q1 2019 160.48 32.31
Q2 2019 104.51 39.59
Q3 2019 133.75 34.54
Q4 2019 160.15 59.07
Q1 2020 184.73 35.66
Q2 2020 151.07 43.26
Q3 2020 123.62 36.44
Q4 2020 169.04 33.71
Q1 2021 181.62 45.01
Q2 2021 161.65 56.04
Q3 2021 121.18 64.51
Q4 2021 242.30 49.01
Q1 2022 232.74 66.05
Q2 2022 118.50 89.76
Q3 2022 187.08 77.04
Q1 2023 133.35 93.81
Q2 2023 120.30 79.89
Q3 2023 102.78 80.11
Q4 2023 42.28 140.27

Current
Market Cap (M Riyal) 817.13
Enterprise Value (EV) (M) 769.33
Shares Outstanding ((M)) 28.08
EPS ( Riyal) (TTM) 0.80
Book Value (BV) ( Riyal) 13.75
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 36.22
P/E (TTM) 36.22
Price/book 2.12
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 5.8

Share Price

29.10
0.10 0.34 %

United Wire Factories Co. (ASLAK)


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