United Electronics Co. (eXtra) released on Tuesday financial statements for the fiscal period ending on Sept. 30, 2014.
Q3 2014 bottom line reached SAR 29.7 million, rising 1.02% year-on-year from SAR 29.4 million but falling 44.8% quarter-on-quarter from SAR 53.8 million.
The nine-month net earnings reached SAR 112.8 million, 3.49% higher than SAR 109 million in the same period of last year.
The earnings per share (EPS) grew from SAR 3.63 to SAR 3.76.
The Tadawul-listed company ascribed Q3 profit growth compared with the same quarter of last year to the increase in sales of most of categories especially computers which has increased despite the decrease in the global market, in addition to the rise in the number of stores from 36 in September 2013 to 38 in September 2014.
The nine-month profit growth was fueled by the increase in sales of most of categories, in addition to the increase in the number of stores from 36 in September 2013 to 38 in September 2014.
However, eXtra attributed the decline in Q3 profit to the decrease in the sales of Audio-Visual section, due to the World Cup event that occurred in the second quarter of this year.