Riyadh – Mubasher: Saudi Arabia-based United Electronics Co. (eXtra) started supplying and working with the online retail platform Noon in mid-December 2017 and the sales are expected to hike during 2018, said company CEO Mohammed Galal.

EXtra plans to inaugurate three stores in the Kingdom in a bid to boost e-sales more than 50%, in addition to collaborating with Noon exclusively in 2018, Galal added during an interview with Al Arabiya channel.

The firm forecasts that sales will jump more than 30% in the second quarter of 2018, coinciding with Saudi Arabia's participation at the 2018 World Cup.

The CEO noted that the company’s current sales are included in miscellaneous sales from 43 stores of eXtra, in addition to e-sales which surged 50% during 2017.

The company’s profit margins rose in Q4-17 to 15.7%, while profits levelled up 118%, compared to the year before.

Earlier on Monday, eXtra stated that its net profit soared 119.01% to SAR 57.6 million in Q4-17, from SAR 26.3 million Q4-16.

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