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Aslak’s profit plunges 72% in 2018

Aslak’s profit plunges 72% in 2018
The company attributed 2018 profit decrease to a 7.3% drop in sales
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Riyadh – Mubasher: United Wire Factories Company (Aslak) on Tuesday reported a 72% year-on-year profit decrease during the full-year 2018. 

Aslak’s net profits after calculating Zakat and Tax reached SAR 7.11 million ($1.90 million) last year, against SAR 25.57 million ($6.82 million) in 2017, according to a bourse filing.

The company attributed 2018 profit decrease to a 7.3% drop in sales, reaching SAR 534.96 million, down from SAR 576.75 million in the year before. 

Aslak’s operational profits fell 52.23% to SAR 17.03 million in 2018, from SAR 35.65 million in the previous year.

The total shareholders’ equity, excluding minority share, hit SAR 506.53 million last year, down from SAR 522.85 million in 2017.

Earnings per share (EPS) amounted to SAR 0.16 in 2018, compared to SAR 0.58.

Aslak turned unprofitable after incurring a loss of SAR 8.43 million during the fourth quarter of 2018, against a net profit of SAR 10.14 million in Q4-17, according to data compiled by Mubasher.

By 10:12 am Saudi time, Aslak’s stock levelled down 1.12% to SAR 15.78.