Riyadh – Mubasher: Saudi Arabia’s United Electronics Co. (eXtra) on Tuesday reported a 57.67% year-on-year profit growth during the first quarter of 2019.

The firm’s net profits amounted to SAR 34.01 million in Q1-19, up from SAR 21.57 million in Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi company attributed the large growth in Q1-19 profit to an increase in sales, combined with a rise in profit margin for some products and services.

Quarter-on-quarter, eXtra’s profits slumped 46.1%.

In March, eXtra reported a 15% profit growth for the full fiscal year 2018, logging SAR 161.2 million, compared to SAR 140.1 million in 2017.