Riyadh – Mubasher: United Electronics Co (eXtra) on Sunday reported a 9% year-on-year increase in its estimated net profits during the fourth quarter of 2018.
The Saudi Arabia-based firm’s net profits after calculating Zakat and Tax amounted to SAR 62.87 million ($16.76 million) in the three-month period ended last December, compared to SAR 57.65 million ($15.37 million) in Q4-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, eXtra’s profits surged 103% in the October-December period of 2018, from SAR 31 million.
The company’s revenues hit SAR 1.619 billion from October to December last year, compared to SAR 1.613 billion in the prior-year period.
As for the full-year 2018, eXtra’s profits after calculating Zakat and Tax went up 15% to SAR 161 million, from SAR 140.1 million a year earlier.
The Tadawul-listed firm indicated that annual profits increased due to a growth in sales.
Sales grew 4.4% to SAR 4.39 billion last year, against SAR 4.21 billion during 2017.
Earnings per share (EPS) amounted to SAR 3.22 in 2018 versus SAR 2.8 in the previous year.
“These estimated financial results for the period ended December 31, 2018 are prepared by the management of the Company and these results are not reviewed by the external auditors,” the statement added.
By 12:37 pm Saudi time, eXtra’s stock rose 1.27% to SAR 63.70.
