eXtra posts 96.3% profit hike in Q3 initial results

This was helped by an 18.4% YoY increase in revenues

  

Riyadh – Mubasher: United Electronics Company (eXtra) reported SAR 53.44 million in net earnings for the third quarter (Q3) of 2020, up 96.3% year-on-year (YoY), as shown by the firm’s initial financials.

This was helped by an 18.4% YoY increase in revenues as sales across the company’s entire divisions rose, according to a stock exchange filing on Monday.

In addition, the company saw higher eXtra Services revenue and consumer finance services revenue, contributing to a 21.4% rise in gross profit.

Revenues for the July-September period reached SAR 1.22 billion.

During the first nine months of the year, the profits jumped by 33.7% YoY to SAR 178.5 million.

As per the company’s estimated financials, the profit surged by 95.4% YoY in Q3-20.

Source: Mubasher

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