Riyadh - Mubasher: United Electronics Company (eXtra) on Monday reported a year-on-year net profit hike of 287.5% in the second quarter of 2017.
The electronics company’s profits amounted to SAR 43.4 million ($11.53 million) in Q2-17, up from SAR 11.2 million ($2.98 million) in Q2-16, according to a statement to the Saudi Stock Exchange (Tadawul).
“The increase in net profit is due to an increase in sales compared to the same quarter last year, which led to higher gross profit in addition to increasing the margin on some products and services and decrease in selling, general, and administrative expenses,” eXtra said.
Quarter-on-quarter, the Saudi electronics firm’s profits showed a 233.9% hike in Q2-17, compared to profits of SAR 13 million.
The Saudi company logged profits of SAR 56.4 million in the first six months of 2017, against losses of SAR 34.7 million in the corresponding period of 2016.
eXtra’s estimated total sales increased by 14.7% achieving SAR 1.01 billion in Q2-17 up from SAR 881 million in the same period of the year before, whereas its estimated sales for H1-17 rose 12.4% to SAR 1.82 billion from SAR 1.62 billion in the same period of 2016.
United Electronics Company had previously reported profits of SAR 12.9 million in Q1-17, against losses of SAR 45.9 million in Q1-16.
By 1:16 pm Saudi time on Monday, eXtra’s share surged 9.95% to SAR 36.90.
