Saudi cable manufacturer Aslak sees 25% drop in 2021 profits

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RIYADH: Saudi Arabia’s steel wire manufacturer United Wire Factories Co. has seen a drop in its 2021 profits led by a lower gross margin.

Profits slumped by over 25 percent year-on-year to reach SR46.2 million ($12.3 million), the homegrown firm said in a bourse statement.

Even as revenues jumped by 18.5 percent during the year, gross profit retreated 25 percent due to higher expenses, reaching SR85.6 million.

Earnings per share were also down from SR1.51 to SR1.32.

In another statement, the company said it will distribute dividends of SR15.8 million for the period ended 2020 and the second half of 2021.

Shareholders are to receive SR0.45 per share on Feb. 21, 2022.

Established in 1990, the firm, also known as Aslak, is a business unit of National Metal Manufacturing and Casting Co., or Maadaniyah.

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