Riyadh – Mubasher: United Electronics Co (eXtra) on Monday posted a 5.07% year-on-year hike in its net profit for the second quarter of 2018, while its profits went up 19.15% during the first six months of this year. 

The Saudi Arabia-based firm posted a net profit of SAR 45.6 million during Q2-18, compared to SAR 43.4 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits soared 111.11% in the period between April to June, from SAR 21.6 million, the kingdom's fastest-growing consumer electronics and home appliance retailer noted. 

The Saudi computer and electronics' provider attributed the growth in its second-quarter net profits to a rise in margins on some services and products, in addition to an increase in sales.

Total sales were estimated at SAR 1.015 million in Q2-18, compared to SAR 1.014 million in the corresponding period a year earlier.

Shareholder's equity, excluding the minority interest, registered a 13.1% jump to SAR 580.3 million in H1-18, versus SAR 513.1 million in H1-17, the statement added.

EXtra’s net profits jumped 19.15% million to SAR 67.2 million in H1-18, from SAR 56.4 million in the same period in the year before.

The Saudi company ascribed H1-18 profit growth to a rise in sales.

Sales levelled up 3.4% to SAR 1.800 million during the first six months of 2018, from SAR 1.819 million in the corresponding period a year earlier.

Earnings per share (EPS) amounted to SAR 1.6 in H1-18, compared to SAR 1.34 during the year-ago period.

eXtra’s stock increased 1.37% to close Sunday’s session at SAR 59.40.