The Union Wire Factories Company (Aslak) achieved an increase of 181% in net profits during the year 2020, bringing zakat and tax to 62.1 million riyals, compared to about 22.1 One million riyals in 2019
According to Arabiya Net, the company explained in a statement that the reason for the increase in net profit for the year 2020 compared to the previous year is mainly due to the increase in sales volume and the increase in profit margins, which Contributed to the increase in the gross profit despite the increase in selling and distribution expenses, the increase in general and administrative expenses, the decrease in other revenues, the increase in the decrease expense charged during the period against the decrease in trade receivables and inventory and the decrease in Zakat expense
