The CEO of the Saudi Wire Union, Nabil Al-Amir, said in an interview with CNBC Arabia that the results of the last year 2021 came in line with the company’s expectations, indicating that the company’s direction is towards diversifying sources of income and increasing production capacity through new expansions and providing products with good returns. .
During the meeting, the prince stated that the company’s available infrastructure allows for a 30% increase in production capacity, noting that the company’s financial position is strong and there is no need to borrow for expansion operations.
When asked about cash dividends, he stated that the company’s continuation of the company’s dividend policy is subject to the financial results and the decision of the Board of Directors.
The profits of the Saudi Wire Union Company decreased during the past year 2021 by 25.6% on an annual basis, recording more than 46 million riyals.
The company attributed the reasons for the decline in profits last year mainly to the decrease in the total profit despite the increase in the annual sales value by 18% to reach 921 million riyals.
