CEO of Saudi Wire Union Company to CNBC Arabia: The company’s available infrastructure allows for a 30% increase in production capacity

Saudi Wire Union CEO Nabil Al-Amir said in an interview with CNBC Arabia that the 2021 last year results were in line with the company’s expectations, indicating that the company’s direction is towards diversification of income sources and increased production. capacity through new expansions and by providing products with good yields. .

During the meeting, the prince said that the available infrastructure of the company allows a 30% increase in production capacity, noting that the financial situation of the company is solid and that it is not necessary to borrow for expansion operations.

Asked about cash dividends, he said the continuation of the company’s dividend policy is subject to financial results and the decision of the board of directors.

The profits of the Saudi Wire Union Company decreased in the year 2021 by 25.6% on an annual basis, registering more than 46 million riyals.

The company attributed the reasons for the decline in profits last year mainly to the decline in total profit despite the increase in the value of annual sales by 18% to 921 million riyals.

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ASLAK – United Wire Factory Company JSC published this content on January 19, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on January 20, 2022 05:55:06 UTC.