Saudi Arabia-based United Wire Factories Company (Aslak), which manufactures steel bars and other construction materials, is set to distribute $35.1 ($9.3 million) worth of cash dividend for the second half of 2020.

The board of directors has already approved the distribution, which is scheduled on March 3, 2021, the company said in a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The dividend is equivalent to 10 percent of the share par value.

The company’s net profit jumped by 180 percent from 22.1 million riyals in 2019 to 62.1 million riyals in 2020 on the back of higher sales and profit margins.

“The reason for the increase in net profit for [2020] compared to the previous year is mainly due to growth in sales volumes and higher profit margins, in addition to the increase in selling and distribution expenses as a percentage of sales,” the company said.

(Writing by Cleofe Maceda; editing by Seban Scaria)

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