Riyadh – Mubasher: United Electronics Co (eXtra) on Monday stated that profits jumped 14.3% year-on-year in the third quarter of 2018, and by 11.6% during the first nine months of the year.

eXtra’s profits amounted to SAR 172.2 million ($45.91 million) in Q3-18, up from 150.6 million ($40.15 million) during Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits tumbled 7% from SAR 185.1 million.

The Saudi-listed firm's profits levelled up in Q3-18 on the back of a 15% increase in sales to SAR 895 million, from SAR 778 million in Q3-17.

The firm’s net profits after calculating Zakat and tax rose 18.39%, reaching SAR 30.9 million by the end of Q3-18, compared to SAR 26.1 million in the corresponding period a year before.

At the level of the first nine months, eXtra’s profits reached SAR 510.2 million, up 11% year-on-year from SAR 457.3 million, the company revealed, noting that profit rise came on the back of a 7% growth in sales to SAR 2.77 billion, from 2.6 billion in the same period the year before.

Net profits after calculating Zakat and tax jumped 18.90% to SAR 98.1 million in the period from January to September, compared to SAR 82.5 million in the same period of 2017.

Total value of shareholders’ equity, excluding minority equity, levelled up 14.2% to SAR 579.7 million, from SAR 507.7 million.

Earnings per share (EPS) amounted to SAR 2 during the nine-month period of 2018 versus SAR 1.7 a year earlier.

eXtra previously posted a 5% rise in profits to SAR 45.6 million in Q2-18 from SAR 43.4 million in the same period of the previous year, citing higher profit margins for some of its services and products.

eXtra’s stock increased 1.09% to finish Sunday's trading session at SAR 55.70.