Riyadh – Mubasher: United Electronics Co. (eXtra) on Monday announced a sharp increase in its net profits for the first three months of 2018.

Profits grew 66.15% to SAR 21.6 million ($5.74 million) between January and March from SAR 13 million ($3.47 million) in the same period of 2017.

Quarter-on-quarter, profits retreated by 62.56% from SAR 57.7 million, according to a statement to the Saudi Stock Exchange (Tadawul).

Gross profits were up 13.76% year-on-year to SAR 152.9 million in Q1-18 compared to SAR 134.4 million, while operating profits jumped 79.29% to SAR 25.1 million from SAR 14 million in Q1-17.

Earnings per share (EPS) amounted to SAR 0.51 in the first three months of the year against SAR 0.31 in the same period last year.

eXtra attributed the profit growth to higher sales, which increased 7.5% to SAR 865 million from SAR 805 million in Q1-17. This sales growth resulted in improved margins of some of its products and services, the company revealed.

“As of 31 March 2018, shareholder's equity (excluding minority interest) reached SAR 535 million versus SAR 469.6 million (excluding minority interest) as of 31 March 2017 showing an increase of 13.9%,” the electronics company stated.

Extra previously reported a net profit of SAR 140.1 million in 2017, against SAR 2.4 million losses in 2016.