United Wire Factories Profits Fell to SR8 Million during the 3Q by 54%

United Wire Factories Company (Aslak) net profit after zakat and tax decreased to SR8 million during the third quarter, compared to SR18 million during the same quarter of the previous year by 54%.

This came after the United Wire Factories Co. announced its interim financial results for the period ending on 2021-09-30 (Nine Months).

The total profit amounted to SR17 million during the third quarter, compared to SR23 million during the same quarter of the previous year down 40%.

The operational profit amounted to SR11 million during the third quarter, compared to SR21 million during the same quarter of the previous year, a decrease of 50%.

The net profit after zakat and tax during the current period amounted to SR38 million, compared to SR45 million during the same period of the previous year, a decrease of 15%.

Profits per share during the current period amounted to SR1.09, compared to SR1.04 during the same period of the previous year.

The company said that the reason for the (decrease) in the net profit is mainly due to the decrease in profit margins , despite of the increase in sales amount , the decrease in Zakat expense and the reverse of the expense incurred against decrease in inventory -( covid 19 )

“The reason for the (decrease) in net profit is mainly due to the decrease in sales amount in accompanied with a decrease in profit margins despite of the decrease in selling expenses . the reverse of the expense incurred against decrease in commercial debitors and inventory -( Covid 19 ).” it added.

The reason for the (decrease) in the net profit is mainly due to the decrease in profit margins despite of the increase of sales amounts in accompanied with an increase in the expenses incurred for the decrease in commercial debitors during the period , the decrease in zakat ( Tax ) expense and the reverse of the expense incurred against decrease in commercial debitors and inventory -( Covid 19 )

“Some of the same period comparative figures were reclassified to comply with the current period comparative figures.” it concluded.