United Wire reports profit jump of 15% to SR 16.2 mln in 2Q

United Wire Factories Co. announced that its profits after zakat and tax rose 14.89% to SR 16.2 million in the second quarter of 2022 compared to SR 14.3 million during the same period of 2021.

This came after United Wire announcement on Tuesday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The company’s operational profits rose 13.17% to SR 18.9 million in the 2^nd quarter of the current year from SR 16.7 million in the same period of the previous year.

Gross Profits of United Wire jumped 37.26% to SR 29.1 million in the second quarter of this year from SR 21.2 million a year ago, while the profit per share rose to SR 1.2 from SR 0.86.

“The reason for the increase in net profit for the current quarter compared to the same quarter of the previous year is due is mainly due to the increase in profit margins

despite the reverse of (the decrease charged to trade debtors as COVID-19) in the same quarter of previous year “

“The reason for the decrease in net profit for the current quarter (second 2022) compared to the previous quarter of the previous year (first 2022) is mainly due to the decrease sales volume .

“The reason for the increase in net profit for the current period compared to the same period of the previous year is due to the growth in sales volume and increase in profit margins

despite the reverse of (the decrease charged for COVID-19) in the same period of previous year .”