United Wire Factories Co. (Aslak) reported a net profit after Zakat and tax of SAR 45.1 million for the first nine months of 2020, a more than twofold increase year-on-year (YoY), driven by strong sales volumes, higher profit margins, and increased gross profit.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 505.18 | 574.90 | 13.8 % |
| Gross Income | 42.71 | 84.00 | 96.7 % |
| Operating Income | 20.07 | 58.95 | 193.7 % |
| Net Income | 17.23 | 45.11 | 161.8 % |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.61 | 1.61 | 161.8 % |
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 168.29 | 160.18 | (4.8 %) |
| Gross Income | 8.42 | 28.33 | 236.6 % |
| Operating Income | 1.39 | 21.01 | 1408.5 % |
| Net Income | 1.10 | 17.81 | 1517.7 % |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.04 | 0.63 | 1517.7 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 194.33 | 160.18 | (17.6 %) |
| Gross Income | 22.13 | 28.33 | 28.0 % |
| Operating Income | 14.65 | 21.01 | 43.4 % |
| Net Income | 12.25 | 17.81 | 45.4 % |
| Average Shares | 28.08 | 28.08 | - |
| EPS (Riyals) | 0.44 | 0.63 | 45.4 % |
Q3 2020 net profit after Zakat and tax stood at 17.8 million, compared to SAR 1.1 million in a year-earlier period, backed by higher profit margins and increased gross profit, despite lower sales and higher Zakat expenses.
On a sequential basis, the third quarter’s net profit jumped by 45.9%.
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