Riyadh – Mubasher: United Electronics Company (eXtra) on Wednesday reported a net profit of SAR 12.9 million in the first quarter of 2017 against a net loss of SAR 45.9 million in the same quarter of the previous year.
“The 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 was the main reason for these results”, the company said in a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, eXtra’s net profit declined 50.76% from SAR 26.2 million in Q4-16, due to “the increase from mega sale's volume in the previous quarter”, the statement showed.
Total estimated sales for Q1-17 reached SAR 805 million, up 8.3% from SAR 743 million in the same period last year.
In 2016, the Saudi electronics company reported a 95.73% drop in net profits to SAR 2.1 million from SAR 49.2 million in 2015.
