Riyadh – Mubasher: United Wire Factories Company (Aslak) on Thursday reported a 1390% surge in its profits during the second quarter of 2018.

Aslak logged a net profit of SAR 7.3 million in the period between April to June, compared to SAR 499,000 in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the Saudi firm profits fell 5.19% in Q2-18, from SAR 7.7 million.

Aslak attributed the large growth in its second-quarter profits to a rise in operating, gross, comprehensive, and net incomes.

The Tadawul-listed firm’s sales rose 8% to SAR 146 million in the three-month period ended last June, from SAR 135 million during the year-ago period.

At the level of the first six month of 2018, Aslak’s net profits amounted to SAR 15 million, compared to SAR 8.2 million in H1-17.

The increase in H1-18 profits is attributable to to a growth in net, operating, gross income, and comprehensive incomes.

The company’s sales grew 4% to SAR 291 million in H1-18, compared to SAR 280 million during the same period a year ago.

Aslak’s stock inched up 0.93% to end Wednesday’s trading session at SAR 17.40.