Riyadh-Mubasher: United Electronics Co.’s (eXtra) net profits rose 3% year-on-year to SAR 12.15 million ($3.24 million) in the second quarter of 2016 from SAR 11.83 million ($3.15 million).
The company attributed the net profit rise to increased sales of high-profit margin categories, which led to higher gross profit, according to a bourse filing on Wednesday.
Operating profit was down in Q2-16 due to higher sales and distribution expenses, higher general and administrative expenses, and inauguration of three new stores.
The company’s sales fell 7.4% in a six-month period, the statement said.
The Saudi-listed company achieved net losses of SAR 32.69 million in the first six months of 2016 against net profits of SAR 27.91 million in the year-ago period.
