Riyadh – Mubasher: United Electronics Company (eXtra) on Sunday posted a 320.97% year-on-year surge in profits in the third quarter ended 30 September 2017.
eXtra achieved SAR 26.1 million ($6.96 million) in profits in the period between July and September, an increase from SAR 6.2 million ($1.65 million) in the same period of 2016.
Quarter-on-quarter, the electronics firm’s profits fell 39.86% from SAR 43.4 million, according to a bourse filing.
The company achieved a gross profit of SAR 150.2 million in Q3-17, up 12.85% from SAR 133.1 million in the year-ago period, while operating profit nearly doubled by 44.5% to SAR 27.7 million from SAR 12 million.
The year-on-year profit surge is attributable to higher sales and gross profit on the back of higher margin from some products and services, eXtra highlighted.
At the level of the first nine months of 2017, eXtra turned profitable with SAR 82.5 million against SAR 28.6 million in losses in the corresponding period of 2016, the statement showed.
Gross profit for the first three quarters rose 21.68% year-on-year to SAR 457.4 million versus SAR 375.9 million.
Earnings per share (EPS) amounted to SAR 1.96 in the first nine months of 2017 against losses per share (LPS) of SAR 0.68 in the same period of 2016.
In addition to the higher sales and gross profit in the first nine months of the year compared to the year-ago period, eXtra revealed that it was able to decrease its selling and general and administrative expenses during the period, contributing to the turnaround.
Last month, eXtra announced opening its ninth store in Riyadh with investments of SAR 12 million.
eXtra’s stock closed Thursday down 1.63% to SAR 48.05.
