Riyadh - Mubasher: United Wire Factories Company (Aslak) achieved profits of SAR 7.7 million in the first quarter of 2017, compared to SAR 17.3 million in the same quarter last year, according to a bourse filing.
Net profits have declined by 55.49% year-on-year, and 34.2% quarter-on-quarter, as shown by the company’s financial statements.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that the decline in profits is attributed to lower sales and profit margins.
Sales amounted to SAR 145 million in Q1-17 compared to SAR 210 million in Q1-16, the statement indicated.
