Riyadh – Mubasher: Saudi-based United Wire Factories Company (Aslak) on Monday posted a 0.3% rise in its net profits during the first quarter of 2018, compared to the year-ago period.
Aslak’s net profits amounted to SAR 7.73 million in Q1-18, up from SAR 7.71 million during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the slight increase in its net first-quarter profits to a rise in sales and a decline in sales cost, in addition to a decrease in general, administrative, selling, and distributing expenses.
Sales increased 0.3% to SAR 145 million during Q1-18, from SAR 144.6 million in the same period in the prior year.
Quarter-on-quarter, Aslak’s profits retreated 23.8% to SAR 7.73 million in Q1-18, compared to SAR 10.1 million in the year-ago period.
The stock rose 0.7% to close Monday at SAR 16.62.
