United Wire Factories Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

21 July 2020 04:20 PM

Default Company 1301.O 0.00% 0.00 0.00

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	194.2	144.1	34.767	220.3	-11.847
Gross Profit (Loss)	22	13.2	66.666	33.5	-34.328
Operational Profit (Loss)	14.6	7.5	94.666	17.3	-15.606
Net Profit (Loss) after Zakat and Tax	12.2	6	103.333	15.1	-19.205
Total Comprehensive Income	12.2	6	103.333	15.1	-19.205
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	414.5	336.9	23.033
Gross Profit (Loss)	55.5	34.3	61.807
Operational Profit (Loss)	31.9	20.9	52.631
Net Profit (Loss) after Zakat and Tax	27.3	16.1	69.565
Total Comprehensive Income	27.3	16.1	69.565
Total Share Holders Equity (after Deducting Minority Equity)	546.1	522.7	4.476
Profit (Loss) per Share	0.62	0.37
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to	The increase in net profit for the 2nd quarter of 2020 compared to the 2nd quarter of 2019 is mainly due to the growth in sales volume , which contributed to the increase in gross profit. This was accompanied with an increase in selling and distribution expenses , a decrease in general expenses, a decrease in other income and an increase in Zakat ( Tax ) expense
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	The decrease in net profit for the current quarter ( 2nd quarter of 2020 ) compared to the previous quarter of the current year (1st Quarter 2020) is mainly due to the decrease in sales , despite the decrease in selling & distribution expenses, the decrease in general and administrative expenses, and the decrease in the expense incurred during the period against decrease in commercial debtors and inventory .
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to	The increase in net profit for the current period (1st half 2020 ) compared to the corresponding period of the previous year (1st half 2019) is mainly due to the growth in sales volume, which contributed to the increase in gross profit, despite the increase in Selling & distribution expenses, the increase in general & administrative expenses, the decrease in other incomes, and the increase in the expense incurred during the period against decrease in commercial debtors and inventory .
Basis of the External Auditor's Opinion	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	No remarks
Reclassification of Comparison Items	Some of the same period comparative figures were reclassified to comply with the current period comparative figures
Additional Information	Initial management estimates of the impact of precautionary measures for the Corona pandemic (Covid 19) have been taken into account when estimating the decline in the value of trade receivables and inventory to date.

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