The Union Wire Factories Company (Aslak) achieved a jump in net profit after zakat and tax during the third quarter of 2020 to reach 17.8 million riyals compared to about 1.1 million riyals for the third quarter of Last year, an increase of 1518.2%.
According to Arabiya Net, the company's financial data showed that the increase in net profits is mainly due to higher profit margins, which outweighed the decline in sales and other revenues and the increase in Zakat.
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and on a quarterly basis, the company's profits rose by 45.9%, compared to the profits of the previous quarter, which amounted to 12.2 million riyals.
The company's results revealed that the net profit after zakat and tax increased during the first nine months of 2020 to 45.1 million riyals compared to 17.2 million riyals for the same period of 2019, an increase of 162.2% .
The company recorded a net profit after zakat and tax amounting to 45 million riyals with the end of the first nine months in 2020, compared to recording profits of 17 million riyals during the same period of the previous year, An increase of 162.2%.
The reason for the increase in net profit for the current period compared with the same period of the previous year is mainly due to the increase in sales volumes and higher profit margins, which contributed to the increase in the overall profit despite The increase in selling and distribution expenses, the increase in general and administrative expenses, the decrease in other revenues, and the increase in the costs of the decrease charged during the period, against the decrease in the trade and inventory receivables and the increase in zakat expense.
