Riyadh – Mubasher: United Wire Factories Company (Aslak) gained SAR 17.8 million in profits during the third quarter (Q3) of 2020, a surge of 1,518% when compared to SAR 1.1 million in the year-ago quarter, as shown by the company’s estimated financials.
This rise in earnings is largely owed to a growth in profit margins, leading to higher gross profits despite the slump in sales and other income, and the increase in Zakat expenses, according to a bourse filing on Tuesday.
Revenues totalled SAR 160.1 million in the July-September period of the year, down by 4.9% yearly.
In the January-September period, Aslak's profits soared by 162.2% annually to stand at SAR 45.1 million.
