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

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities