Riyadh – Mubasher: United Electronics Company’s (eXtra) net profit for the fourth quarter of fiscal 2016 jumped 202.2% to SAR 27.5 million ($7.3 million), versus SAR 9.1 million ($2.4 million) for Q4-15.
The year-on-year rise in Q4-15 profits was triggered by the increase in sales, leading to higher gross profit, in addition to margin improvements that resulted from improved margins on some products, according to a bourse filing.
Total sales amounted to SAR 1.4 billion in Q4-16, compared to SAR 1.27 billion in Q4-15, with an increase of 8.8%.
Net profit for the fiscal year 2016 declined 95.73% to SAR 2.1 million from SAR 49.2 million for fiscal 2015.
