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Saudi eXtra posts SAR 57.6m profit in Q4-17

Saudi eXtra posts SAR 57.6m profit in Q4-17
Net profit hit SAR 57.6 million in Q4-17, compared to SAR 26.3 million in Q4-16
EXTRA
4003
-1.35% 95.10 -1.30

Riyadh – Mubasher: Saudi Arabia-based United Electronics Co. (eXtra) on Monday announced that its net profit surged 119.01% year-on-year during the fourth quarter of 2017.

Net profits rose to SAR 57.6 million in Q4-17, from SAR 26.3 million in Q4-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits levelled up 120.69%.

The firm attributed the growth in its year-on-year net profit to the rise in sales.

EXtra achieved SAR 140.1 million profits in 2017, against SAR 2.4 million losses in 2016.

The stock inched up 0.99%, closing Sunday at SAR 47.95.