Riyadh – Mubasher: United Wire Factories Company (Aslak) on Monday reported a 31.17% quarter-on-quarter profit increase for the first quarter of 2019.

Aslak’s net profits surged to SAR 10.1 million ($2.69 million) from January to March 2019, compared to SAR 7.7 million ($2.05 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

The growth in the first-quarter net profit was ascribed to an increase in sales on the back of higher demand, along with a drop in general and administrative expenses.

During Q4-18, Aslak turned to losses of SAR 8.43 million, leading to a decline in profits to SAR 7.11 million for the full-year 2018.