Riyadh – Mubasher: United Wire Factories Company (Aslak) logged a 64.02% year-on-year (YoY) drop in net profit to SAR 20.40 million in 2023 from SAR 56.70 million.
Revenues tumbled 22.76% YoY to SAR 792.80 million last year from SAR 1.02 billion, according to the annual financial results.
The earnings per share (EPS) plunged to SAR 0.63 in 2023 from SAR 1.61 in 2022.
Board’s Recommendation
Aslak’s board of directors proposed to the general assembly the transfer of the company’s entire statutory reserve of SAR 79.95 million as in the financial statements for the period that ended on 31 December 2023 to the retained earnings item.
In the first nine months (9M) of 2023, Aslak posted a net profit of SAR 12.10 million, a 73.29% YoY decline from SAR 45.30 million.
