United Wire Factories Co. announces its Annual Estimated Financial Results for the Period Ending on 2020-12-31

Hanadi Otayf — Tue, 02 Feb 2021 05:08:50 +0000

Element List	Current Year	Previous Year	%Change
Sales/Revenue	777.3	724.4	7.302
Gross Profit (Loss)	113.5	61.6	84.253
Operational Profit (Loss)	72.3	32.9	119.756
Net Profit (Loss) after Zakat and Tax	62.1	22.1	180.995
Total Comprehensive Income	61.7	23.2	165.948
Total Share Holders Equity (after Deducting Minority Equity)	457.6	518.8	-11.796
Profit (Loss) per Share	1.51	0.5
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The reason for the increase in net profit for the current year 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, also a increase in general and administrative expenses.and an increase in the expense incurred during the period versus a decrease in commercial debtors and inventory (Corona-Covid-19) and the decrease in Zakat Expense.
Statement of the type of external auditor’s report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	No Remarks
Reclassification of Comparison Items	Some of the same last year period comparative figures were reclassified to comply with the current period comparative figures
Additional Information	Initial management estimates of the impact of precautionary measures for the Corona pandemic (Covid 19) have been taken into account when estimating the decline in the value of trade receivables and inventory to date, The earnings per share was calculated according to the weighted number of shares taking in concedration the capital recudtion transaction completed during 2020.

Hanadi Otayf, Author at United Wire Factories Company