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.
| 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.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 255.20 | 182.50 | (28.5 %) |
| Gross Income | 24.58 | 16.00 | (34.9 %) |
| Operating Income | 14.36 | 8.60 | (40.1 %) |
| Net Income | 11.42 | 8.30 | (27.3 %) |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.41 | 0.30 | (27.3 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 182.89 | 182.50 | (0.2 %) |
| Gross Income | 14.53 | 16.00 | 10.1 % |
| Operating Income | 4.07 | 8.60 | 111.1 % |
| Net Income | 2.15 | 8.30 | 285.9 % |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.08 | 0.30 | 285.9 % |
Total shareholders’ equity, no minority interest, plunged to SAR 372 million by Dec. 31, 2023, compared to SAR 449.5 million a year ago.
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