Riyadh – Mubasher: Saudi Arabia’s United Electronics Co. (eXtra) on Monday reported a 15% year-on-year profit increase during the full-year 2018.

EXtra’s profits after calculating Zakat and Tax reached SAR 161.2 million ($42.98 million) from January to December 2018, up from SAR 140.1 million ($37.35 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed 2018 profit rise to a growth in sales, coupled with an increase in the profit margin of some products and services.

Sales levelled up 4.4% to SAR 4.39 billion in 2018, from SAR 4.21 billion a year earlier.

Operational profits rose 15.2% to SAR 180 million from January to December 2018, compared to SAR 156.3 million in the previous year.

The value of total shareholders’ equity, after excluding the minority interest, increased 14% to SAR 645.6 million last year, against SAR 566.1 million in 2017.

Earnings per share (EPS) amounted to SAR 3.22 in 2018, up from SAR 2.8 a year earlier.

“EPS for the previous year has been modified after approval of capital increase which has been approved on 18 September 2018 in the extraordinary General Assembly meeting,” the statement added.

By the end of January, the firm inaugurated its sixth branch in Jeddah with total investments of SAR 11 million.