United Wire Factories Company Provides Earnings Guidance for the Second Quarter and Six Months Ended June 30, 2015
For the six months, the company expects to report net profit of SAR 38.9 million, gross profit of SAR 62.8 million, operational profit of SAR 43 million, and earnings per share of SAR 0.89 compared with net profit of SAR 60.4 million, gross profit of SAR 77 million, operational profit of SAR 60 million, and earnings per share of SAR 1.38 reported for the same period in the previous year. The reasons of decrease for period compared with same period last year: The decrease in sales and the decrease in gross margin and the increase in general and administrative expenses and selling and distribution expenses besides the income statement included zakat expense for the first half of year 2015 as the company transferred to 100% Saudi Company while zakat for the same period of the previous year was recorded as a deduction from retained earnings as the company was a mixed company.