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

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  • United Wire Factories Co. announces its Annual Financial Results for the Period Ending on 2020-12-31
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 The management’s estimates of the impact of precautionary measures for the Coronavirus (Covid 19) were taken into consideration when assessing the decrease in the value of trade receivables and inventory, and the management decided to maintain the provision and its adequacy to date, and the earnings per share was calculated on the basis of the weighted number of shares. 2020.

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