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The post United Wire Factories Company announces the latest developments regarding its previous announcement of signing a memorandum of understanding with A-1 Fence DMCC (UAE) to acquire a share in the ownership of A-1 FENCE Arabian Industrial Company, which is wholly owned by A-1 FENCE DMCC (UAE) appeared first on United Wire Factories Company.

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2. To vote on the auditors’ report for the fiscal year ending on 31/12/2020

3. To vote on the financial statements for the fiscal year ending on 31/12/2020.

4. To Vote on the appointment of an external auditor for the company from the candidates nominated based on the recommendation of the Audit Committee, to examine, review and audit the financial statements for the second quarter, third quarter, and the annual of the fiscal year 2021, and the first quarter of the fiscal year 2022, and determine the fees.

5. To vote on the business and contracts that will take place between the company and “Rumooz Al-Fakherah For Trading Company”, where two of the Board members (Mr. Mohammad Rasheed Al-Rasheed) and (Mr. Saleh Rasheed Al-Rasheed), as related parties, have direct interest, for one more year. The total value of the transactions done in the year 2020 was (5,587,435) Saudi Riyals, representing sales made on commercial basis and with non-preferential terms. ( attached )

6. To vote on the discharge of the members of the Board of Directors for the fiscal year ending on 31/12/2020.

7. To vote on disbursing an amount of SAR 900,000 as a remuneration for the members of the Board of Directors, for the fiscal year ending on 12/31/2020.

8. To vote on authorizing the Board of Directors to distribute interim dividends on a semi-annual / quarterly basis for the fiscal year 2021.

9. To vote on disbursing an amount of SAR 175,000 as a remuneration for the members of the audit committee, for the fiscal year ending on 12/31/2020.

10. To vote on the Board of Directors decision to appoint Mr. Yousef Abdullah Al-Mutlaq (independent member), as a member in the Audit Committee, as of 10/01/2020 to the end of the current session on 09/04/2022, succeeding the resigned member Mr. Saleh Rasheed Al-Rasheed (non-executive member). The appointment will take effect from the decision date on 29/09/2020, as per the audit committee’s bylaws.(attached ) Proxy Form E-Vote The shareholders who are registered on Tadawulaty electronic services can remotely vote on the items of the meeting. The remote voting will start at 10 AM on Friday 02/04/2021G (corresponding to 20/08/1442H) and shall continue until the end of General Assembly meeting. Eligibility for Attendance Registration and Voting Eligibility for registering the attendance ends upon the start of the General Assembly Meeting. Eligibility for voting on the items of the Meeting Agenda ends upon the counting committee concludes counting the votes. Method of Communication For any further inquiries regarding any of the assembly items, please contact the Shareholders Relations Department during official working hours from 8 am until 4 pm, through the following contact address:

Shareholders Relations Department

Tel: 011265556 Ext 1713

Email: shareholders@unitedwires.com.sa Additional Information Please note that registration in Tadawulaty service and voting is provided free of charge for all shareholders through the following link: https://www.tadawulaty.com.sa Attached Documents   

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The post United Wire Factories Co. announces its Annual Financial Results for the Period Ending on 2020-12-31 appeared first on United Wire Factories Company.

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The post CEO of Saudi Wire Union Company to CNBC Arabia: The increase in value added boosted the company’s sales and increased profit margins appeared first on United Wire Factories Company.

“The global prices of raw materials started to see an unprecedented rise in Q4 2020, particularly steel prices, due to customers’ need for storage to cushion against potential hikes,” Alamir explained.

Aslak was keen to continue the availability of its products, amid expectations that markets will rebound after the COVID-19 lockdowns. The company maintained high production, backed by demand, with costs steeply declining, which improved profit margins, Alamir added.

Profit margins in the third quarter of 2020 were better when compared to the previous quarters. This coincided with the onset of raw materials price hikes, he added, noting that the third quarter is usually “quiet” amid summer vacations and the departure of employees.

Moreover, demand saw a significant increase as business activities improved following the end of COVID-19 curfew. The pent-up demand witnessed ahead of the tripled value-added tax (VAT) also was higher than expected, Alamir underlined.

Demand at the beginning of this year was slow, after restrictions were imposed on some provinces, especially in Riyadh amid suspended construction works in some provinces, due to the reorganization adopted by the Saudi government. Meanwhile, the purchases witnessed at the end of 2020, driven by customers’ need for storage to avoid price hikes, reduced purchasing through mediators.

Aslak deals with the Ministry of Housing projects through mediators, Alamir added, noting that construction projects of retail customers are slow, as this industry needs catalysts.

Workers in the construction industry need to adapt to changes, following the new real estate transactions tax and the new law, which helps real estate developers redeem tax on construction inputs.

“Housing projects are still deemed the main driver in this [construction] sector, along with other giga-projects, which saw the beginning of groundworks, but they will take time to significantly reflect on the industry,” he affirmed.

Alamir said that the Saudi Crown Prince’s statements about the Riyadh city strategy and development projects created a momentum, expecting the move to boost building and construction activities.

The steel wire producer posted a net profit of SAR 62.1 million for the fiscal year 2020, compared to a net profit of SAR 22.1 million a year earlier, Argaam reported.

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Regarding the approval of the Capital Market Authority to reduce the capital of the company, the “Al-Amir” attributed this to the strong financial position in “ASLAK”.

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