Riyadh – Mubasher: United Wire Factories Company (Aslak) on Sunday stated its net profits slid 49.6% during the third quarter of 2017, compared to the year-ago period.

Net profits amounted to SAR 7.2 million in Q3-17, compared to SAR 14.3 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the firm’s profits soared SAR 1365%.

Aslak attributed the drop in its year-on-year net profits to the slowdown in the construction sector, lack of demands, and competition that led to decline in gross margin.

Net profits retreated 78% reaching SAR 15.4 million in the first nine months of 2017, compared to SAR 70.2 million in the corresponding period in the year earlier.

By 10:06 am KSA time, Aslak’s stock went up 0.45% to reach SAR 17.76.