Aslak’s profit up 18% to SAR 14.3M in 9M 2024; Q3 at SAR 4M

Aslak’s profit up 18% to SAR 14.3M in 9M 2024; Q3 at SAR 4M

31/10/2024 Argaam Exclusive

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United Wire Factories Co. (Aslak) reported a net profit rise of 18% to SAR 14.3 million in the first nine months of 2024, compared to SAR 12.1 million in the corresponding period last year.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 610.23 527.39 (13.6 %)
Gross Income 48.34 44.08 (8.8 %)
Operating Income 17.70 16.10 (9.0 %)
Net Income 12.13 14.26 17.6 %
Average Shares 28.08 28.08 -
EPS (Riyals) 0.43 0.51 17.6 %

The company attributed the profit rise to higher investment earnings despite lower sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 182.89 166.04 (9.2 %)
Gross Income 14.58 13.52 (7.3 %)
Operating Income 4.12 4.01 (2.6 %)
Net Income 2.15 4.01 86.7 %
Average Shares 28.08 28.08 -
EPS (Riyals) 0.08 0.14 86.7 %

In Q3 2024, Aslak’s net profit surged 82% to SAR 4 million, from SAR 2.2 million in the prior-year period.

 

Net earnings declined by 4.8% from SAR 4.2 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, increased to SAR 386.2 million as of Sept. 30, 2024, from SAR 391.5 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2024 187.21 (17.6 %) 15.92 (3.4 %) 6.81 13.2 %
Q2 2024 174.15 (13.0 %) 14.64 (15.3 %) 5.28 (30.1 %)
Q3 2024 166.04 (9.2 %) 13.52 (7.3 %) 4.01 (2.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2024 6.07 34.4 % 0.22 - 6.07 0.22
Q2 2024 4.18 (23.4 %) 0.15 - 4.18 0.15
Q3 2024 4.01 86.7 % 0.14 - 4.01 0.14

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 8.47 % 4.69 % 2.92 %
Q2 2024 8.41 % 4.55 % 2.85 %
Q3 2024 8.46 % 4.68 % 3.18 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 28.08 0.78 0.78 13.46
Q2 2024 28.08 0.74 0.74 13.61
Q3 2024 28.08 0.80 0.80 13.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 40.83 40.83 2.37
Q2 2024 38.47 38.47 2.08
Q3 2024 38.15 38.15 2.23

Business Segments (Million)

Compared With The
Period Industrial sector Commercial sector
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
Q1 2024 93.58 93.63
Q2 2024 85.44 88.71
Q3 2024 84.66 81.37

Current
Market Cap (M Riyal) 814.32
Enterprise Value (EV) (M) 766.52
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) 36.10
P/E (TTM) 36.10
Price/book 2.11
Return on Average Assets (%) (TTM) 4.7
Return on Average Equity (%) (TTM) 5.8

Share Price

29.00
(0.40) (1.36 %)

United Wire Factories Co. (ASLAK)


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