Riyadh – Mubasher: United Wire Factories Company (Aslak) disclosed its interim financial results for the third quarter of 2019.

Net profits after zakat and tax soared 120% to SAR 1.1 million in Q3-19, compared to SAR 500,000 in Q3-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Aslak attributed the rise in profits to the increase in sales maintaining the amount of gross profit inspite of the decline in sales margins, in addition to the improvement of selling and distribution expenses ratio to total sales and the increase of other income despite the increase of Zakat.

The Saudi firm generated SAR 168.3 million in revenues during the three-month period between July and September, 57.7% up from SAR 106.7 million in the same period a year ago.

For the first nine months of 2019, Aslak’s net profits jumped by 10.9% to SAR 17.2 million, from SAR 15.5 in the same period of the prior year.

Total revenues levelled up by 27.19% year-on-year to SAR 505.2 million by the end of September.

Profit per share stood at SAR 0.39 by the end of September, compared to SAR 0.35 in September 2018.