Riyadh – Mubasher: United Electronics Company (eXtra) reported the highest annual net profit since its inception, as shown by the estimated financial results for 2019.
Net profits grew last year by 27.67% to a record SAR 205.8 million, compared with SAR 161.2 million in 2018, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The rise in profits resulted from a 16.9% growth in total revenue due to the growth in sales, e-commerce sales, as well as the company’s services and consumer finance services revenues.
eXtra opened four new stores last year, which led to an increase in gross profit by 15.5%.
During the fourth quarter (Q4) of 2019 net profit after zakat and tax declined by 14.58% to SAR 72.3 million.
