Aslak’s profits fall 26% in 2021 to 46.2 million riyals

Aslak’s profits fall 26% in 2021 to 46.2 million riyals
Aslak’s profits fall 26% in 2021 to 46.2 million riyals

The estimated annual results of the company showed Association of Wire Factories “Aslak” Its net profit after zakat and tax declined by 25.6% in 2021, to 46.2 million riyals, compared to 62.1 million riyals in profits for the year 2020.

The company said in a statement on “Saudi Tadawul” that the reason for the decrease in the net profit for the year 2021 compared to 2020, is mainly due to the decrease in the gross profit despite the increase in the value of sales and the refund of the decrease expense charged against the decrease in trade receivables and inventory.

According to Al Arabiya.net’s calculations, Aslak’s net profit amounted to 7.92 million riyals in the fourth quarter of 2021, compared to about 17 million riyals in the fourth quarter of 2020, a decrease of 53.5%.

The company’s profits fell during the first nine months of 2021, by 15%, to 38.3 million riyals, compared to 45.1 million riyals in the corresponding period last year.

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