Riyadh - Mubasher: The Union Wire Factories Company ( UWF ) recorded an 81.8% increase in net profits in the third quarter of 2024, compared to the same quarter of 2023.

The company's results revealed on the "Tadawul" website, today, Thursday, that net profit after zakat and tax rose to 4 million riyals, compared to 2.2 million riyals for the third quarter of last year .

The company explained that the reason for the increase in net profit for the current quarter compared to the same quarter of the previous year is due to the increase in investment profits.

On a quarterly basis, the company's profits decreased by 4.76% compared to the previous quarter's profits, which amounted to 4.2 million riyals .

The company's profits rose to 14.3 million riyals in the first nine months of 2024, compared to 12.1 million riyals for the same period last year, an increase of 18.2%.