Riyadh – Mubasher: United Wire Factories Company (Aslak) reported a 17.8% year-on-year profit decline during the second quarter of 2019.
Net profits amounted to SAR 6 million in Q2-19, compared to SAR 7.3 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
The Q2 profit decline was ascribed to lower sales and profit margins owing to decreased demand for products, the company said in the statement.
Quarter-on-quarter, Aslak’s net profits plunged by 40.59% from SAR 10.1 million in Q1-19.
During the first half of 2019, the Saudi-based firm’s profits went up 7.3% to SAR 16.1 million from SAR 15 million in the corresponding period a year earlier.
The company’s board of directors decided to distribute a cash dividend of SAR 0.25 per share, or 2.5% of the share’s nominal value to shareholders for H1 of 2019.
Dividends will be distributed on 5 August and eligibility for dividends shall be for the shareholders owning shares on 22 July and as per the registered shareholders in the register of the Securities Depository Center Company at the end of the second trading day following the eligibility date.
The total value of dividends amounted to SAR 10.97 million distributed on 43.88 million shares.
