Aslak 9M 2023 profit down 73% to SAR 12.1 mln; Q3 at SAR 2.2 mln

05/11/2023 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	279.95	0.6 %	39.33	(13.6 %)	30.38	(23.3 %)	1.08
Q2 2014	262.36	(2.2 %)	37.73	(7.2 %)	30.02	(11.1 %)	1.07
Q3 2014	204.19	(9.6 %)	28.56	(11.1 %)	20.38	(12.5 %)	0.73
Q4 2014	206.35	(10.0 %)	21.79	(32.6 %)	12.87	(47.8 %)	0.46
2014	952.27	(4.9 %)	128.15	(14.9 %)	90.31	(25.6 %)	3.22
Q1 2015	233.19	(16.7 %)	25.04	(36.4 %)	13.96	(54.1 %)	0.50
Q2 2015	268.77	2.4 %	37.80	0.2 %	24.94	(16.9 %)	0.89
Q3 2015	182.92	(10.4 %)	31.98	12.0 %	21.17	3.9 %	0.75
Q4 2015	218.49	5.9 %	25.51	17.1 %	12.14	(5.7 %)	0.43
2015	903.38	(5.1 %)	120.32	(6.1 %)	72.20	(20.1 %)	2.57
Q1 2016	209.64	(10.1 %)	32.49	29.8 %	17.29	23.9 %	0.62
Q2 2016	196.81	(26.8 %)	56.48	49.4 %	38.61	54.8 %	1.38
Q3 2016	126.19	(31.0 %)	24.12	(24.6 %)	14.34	(32.3 %)	0.51
Q4 2016	157.39	(28.0 %)	23.72	(7.0 %)	11.65	(4.1 %)	0.41
2016	690.02	(23.6 %)	136.80	13.7 %	81.89	13.4 %	2.92
Q1 2017	144.64	(31.0 %)	18.76	(42.2 %)	7.71	(55.4 %)	0.27
Q2 2017	135.13	(31.3 %)	12.19	(78.4 %)	0.49	(98.7 %)	0.02
Q3 2017	129.98	3.0 %	18.95	(21.4 %)	7.23	(49.6 %)	0.26
Q4 2017	167.01	6.1 %	18.76	(20.9 %)	10.14	(12.9 %)	0.36
2017	576.75	(16.4 %)	68.66	(49.8 %)	25.57	(68.8 %)	0.91
Q1 2018	145.02	0.3 %	19.29	2.8 %	7.74	0.3 %	0.28
Q2 2018	145.56	7.7 %	15.78	29.4 %	7.32	1384.2 %	0.26
Q3 2018	106.65	(17.9 %)	8.67	(54.2 %)	0.49	(93.3 %)	0.02
Q4 2018	137.73	(17.5 %)	2.40	(87.2 %)	(8.43)	(183.1 %)	(0.30)
2018	534.97	(7.2 %)	46.15	(32.8 %)	7.11	(72.2 %)	0.25
Q1 2019	192.79	32.9 %	21.13	9.5 %	10.12	30.9 %	0.36
Q2 2019	144.10	(1.0 %)	13.17	(16.5 %)	6.01	(17.9 %)	0.21
Q3 2019	168.29	57.8 %	8.42	(3.0 %)	1.10	126.1 %	0.04
Q4 2019	219.22	59.2 %	18.94	689.1 %	4.89	158.0 %	0.17
2019	724.41	35.4 %	61.65	33.6 %	22.12	211.2 %	0.79
Q1 2020	220.39	14.3 %	33.54	58.7 %	15.05	48.7 %	0.54
Q2 2020	194.33	34.9 %	22.13	68.0 %	12.25	103.9 %	0.44
Q3 2020	160.18	(4.8 %)	28.33	236.6 %	17.81	1517.7 %	0.63
Q4 2020	202.80	(7.5 %)	29.89	57.8 %	17.04	248.4 %	0.61
2020	777.70	7.4 %	113.89	84.7 %	62.15	181.0 %	2.21
Q1 2021	226.63	2.8 %	28.09	(16.3 %)	16.11	7.0 %	0.57
Q2 2021	217.69	12.0 %	21.18	(4.3 %)	14.08	14.9 %	0.50
Q3 2021	185.69	15.9 %	16.86	(40.5 %)	8.10	(54.5 %)	0.29
Q4 2021	291.32	43.6 %	19.51	(34.7 %)	7.90	(53.6 %)	0.28
2021	921.33	18.5 %	85.65	(24.8 %)	46.18	(25.7 %)	1.64
Q1 2022	298.79	31.8 %	38.03	35.4 %	26.02	61.5 %	0.93
Q2 2022	208.26	(4.3 %)	29.07	37.2 %	16.19	15.0 %	0.58
Q3 2022	264.12	42.2 %	15.63	(7.3 %)	3.05	(62.4 %)	0.11
Q4 2022	255.20	(12.4 %)	24.58	26.0 %	11.42	44.6 %	0.41
2022	1,026.36	11.4 %	107.31	25.3 %	56.68	22.7 %	2.02
Q1 2023	227.16	(24.0 %)	16.43	(56.8 %)	4.51	(82.7 %)	0.16
Q2 2023	200.19	(3.9 %)	17.23	(40.7 %)	5.46	(66.3 %)	0.19
Q3 2023	182.89	(30.8 %)	14.53	(7.0 %)	2.15	(29.4 %)	0.08

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	1,001.32	(0.4 %)	150.62	9.3 %	121.32	5.2 %	4.32
2014	952.27	(4.9 %)	128.15	(14.9 %)	90.31	(25.6 %)	3.22
2015	903.38	(5.1 %)	120.32	(6.1 %)	72.20	(20.1 %)	2.57
2016	690.02	(23.6 %)	136.80	13.7 %	81.89	13.4 %	2.92
2017	576.75	(16.4 %)	68.66	(49.8 %)	25.57	(68.8 %)	0.91
2018	534.97	(7.2 %)	46.15	(32.8 %)	7.11	(72.2 %)	0.25
2019	724.41	35.4 %	61.65	33.6 %	22.12	211.2 %	0.79
2020	777.70	7.4 %	113.89	84.7 %	62.15	181.0 %	2.21
2021	921.33	18.5 %	85.65	(24.8 %)	46.18	(25.7 %)	1.64
2022	1,026.36	11.4 %	107.31	25.3 %	56.68	22.7 %	2.02

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 %
2014	13.46 %	11.68 %	9.48 %
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 %
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 %
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 %
2017	11.91 %	8.90 %	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 %
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 %
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 %
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 %
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 %
2022	10.46 %	7.71 %	5.52 %
Q1 2023	8.98 %	5.91 %	3.68 %
Q2 2023	7.80 %	4.74 %	2.58 %
Q3 2023	8.41 %	5.01 %	2.72 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	15.04 %	13.81 %	12.12 %
2014	13.46 %	11.68 %	9.48 %
2015	13.32 %	10.98 %	7.99 %
2016	19.83 %	15.74 %	11.87 %
2017	11.91 %	8.90 %	4.43 %
2018	8.63 %	5.53 %	1.33 %
2019	8.51 %	6.28 %	3.05 %
2020	14.64 %	11.79 %	8.77 %
2021	9.30 %	6.81 %	4.35 %
2022	10.46 %	7.71 %	5.52 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	14.05 %	12.44 %	10.85 %
Q2 2014	14.38 %	13.00 %	11.44 %
Q3 2014	13.99 %	12.26 %	9.98 %
Q4 2014	10.56 %	8.66 %	6.24 %
Q1 2015	10.74 %	8.67 %	5.99 %
Q2 2015	14.06 %	11.77 %	9.28 %
Q3 2015	17.48 %	15.11 %	11.57 %
Q4 2015	11.67 %	9.01 %	5.56 %
Q1 2016	15.50 %	12.13 %	8.25 %
Q2 2016	28.70 %	23.95 %	19.62 %
Q3 2016	19.11 %	15.38 %	11.36 %
Q4 2016	15.07 %	10.56 %	7.40 %
Q1 2017	12.97 %	9.22 %	5.33 %
Q2 2017	9.02 %	5.26 %	0.36 %
Q3 2017	14.58 %	11.95 %	5.56 %
Q4 2017	11.23 %	9.69 %	6.07 %
Q1 2018	13.30 %	10.26 %	5.33 %
Q2 2018	10.84 %	8.71 %	5.03 %
Q3 2018	8.13 %	5.06 %	0.46 %
Q4 2018	1.74 %	(2.45 %)	(6.12 %)
Q1 2019	10.96 %	8.85 %	5.25 %
Q2 2019	9.14 %	6.38 %	4.17 %
Q3 2019	5.00 %	3.14 %	0.65 %
Q4 2019	8.64 %	6.35 %	2.23 %
Q1 2020	15.22 %	12.13 %	9.59 %
Q2 2020	11.39 %	9.24 %	6.30 %
Q3 2020	17.69 %	15.13 %	11.12 %
Q4 2020	14.74 %	11.24 %	8.40 %
Q1 2021	12.39 %	9.60 %	7.11 %
Q2 2021	9.73 %	7.25 %	4.61 %
Q3 2021	9.08 %	6.23 %	3.27 %
Q4 2021	6.70 %	4.67 %	2.71 %
Q1 2022	12.73 %	10.55 %	8.71 %
Q2 2022	13.96 %	10.49 %	7.77 %
Q3 2022	5.92 %	3.17 %	1.15 %
Q4 2022	9.63 %	6.82 %	4.47 %
Q1 2023	7.23 %	3.87 %	1.99 %
Q2 2023	8.61 %	5.16 %	2.73 %
Q3 2023	7.95 %	3.75 %	1.18 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	28.08	4.32	4.32	16.84
2014	28.08	3.22	3.22	17.92
2015	28.08	2.57	2.57	18.42
2016	28.08	2.92	2.92	18.69
2017	28.08	0.91	0.91	18.62
2018	28.08	0.25	0.25	18.04
2019	28.08	0.79	0.79	18.48
2020	28.08	2.21	2.43	16.30
2021	28.08	1.64	1.43	15.76
2022	28.08	2.02	2.02	16.01

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

Period	P/E	Adjusted P/E	Price/book
2013	10.98	10.98	2.82
2014	14.30	14.30	2.57
2015	11.44	11.44	1.60
2016	11.80	11.80	1.84
2017	23.34	23.34	1.14
2018	74.95	74.95	1.05
2019	29.48	29.48	1.26
2020	18.14	16.52	2.46
2021	20.93	24.11	2.18
2022	13.71	13.71	1.73

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
Q4 2022	127.73	127.47
Q1 2023	133.35	93.81
Q2 2023	151.21	48.98
Q3 2023	121.56	61.32

Period	Industrial sector	Commercial sector
2013	813.26	188.06
2014	777.56	174.73
2015	730.70	172.68
2016	547.01	143.01
2017	436.09	140.67
2018	402.18	132.79
2019	563.57	160.84
2020	628.26	149.07
2021	706.75	214.57
2022	666.05	360.31

Financial Ratios

	Current
Market Cap (M Riyal)	772.20
Enterprise Value (EV) (M)	721.83
Shares Outstanding ((M))	28.08
EPS ( Riyal) (TTM)	0.78
Book Value (BV) ( Riyal)	13.46
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	35.15
P/E (TTM)	35.15
Price/book	2.04
Return on Average Assets (%) (TTM)	4.1
Return on Average Equity (%) (TTM)	5.3

United Wire Factories Co. (ASLAK)

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Aslak 9M 2023 profit down 73% to SAR 12.1 mln; Q3 at SAR 2.2 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

United Wire Factories Co. (ASLAK)

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Aslak 9M 2023 profit down 73% to SAR 12.1 mln; Q3 at SAR 2.2 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

United Wire Factories Co. (ASLAK)

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Business Segments (Million)