Aslak Q2 results impacted by lower demand: CEO

21/07/2019 Argaam

 

United Wire Factories Co.’s (Aslak) results for the second quarter of 2019 was impacted by the sector’s performance, as the fierce competition amid the lower demand on construction material has affected selling prices, CEO Nabil Al-Amir told CNBC Arabia.

 

The overall performance was ‘good’ in the first half of 2019, he said, adding that the company is looking forward to achieving better results in the coming period.

 

As for Aslak’s market share, Al-Amir said that it is difficult to determine it as the firm owns a vast array of products that are not all related to the construction sector. 

 

He also stated that Aslak is considered one of the largest manufacturers within the construction and building sector. 

 

Aslak net profit rose 7 percent year-on-year (YoY) in H1 2019 to SAR 16.1 million, but declined by 18 percent YoY for Q2, according to previous data compiled by Argaam.

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