Riyadh – Mubasher: United Electronic Company (eXtra) posted a 59% year-on-year profit hike during the second quarter of 2019.

Net profits after zakat and tax amounted to SAR 72.5 million in Q2-19, compared to SAR 45.6 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

Revenues of the Saudi-based company increased by 14.4% to SAR 1.16 billion, versus SAR 1.01 billion in the same period of the prior year.

The company attributed the increase in second-quarter profit to higher sales compared to the same period the year before, which led to a rise in the value of gross profit.

As for the first half of 2019, net profits of eXtra jumped 58.18% to SAR 106.3 million, from SAR 67.2 million in the same period a year earlier.

In the same vein, eXtra’s board has approved distributing cash dividends worth SAR 50 million for the six-month period ended on 30 June.

The company will pay a cash dividend of SAR 1 a share, representing 10% of the share’s nominal value.

The eligibility of dividends shall be for the shareholders at the end of trading on 22 July, and as per the registered shareholders in the register of the Securities Depository Center Company at the end of the second trading day following the eligibility date.

Dividends will be distributed on 8 August.