Riyadh – Mubasher: United Electronics Company (eXtra) reported its interim financial results for the first six months of 2019.

Net profits after zakat and tax jumped 58.9% to SAR 72.5 million during the second quarter of 2019, compared to SAR 45.6 million in Q2-18, according to a bourse filing on Sunday.

The company attributed the rise in profits to the increase in sales compared to the same quarter last year, which led to a rise in the value of gross profit.

Moreover, the rise in profits was driven by the increased margins of some products and services and the impact of Receivable Finance Murabaha Agreement (Securitization) signed with Al Rajhi Bank amounting to SR 17.4M which was announced on 27 June 2019 through the Tadawul site.

Total revenues advanced by 14.4% to SAR 1.16 billion in Q2-19, from SAR 1.01 billion in the same period of the prior year.

For the first half of 2019, net profits of eXtra jumped 58.1% to SAR 106.3 million, versus SAR 67.2 million in H1-18.

Revenues of the Saudi-based firm grew by 18% year-on-year to SAR 2.21 billion during the six-month period ended in June.

Profit per share increased to SAR 2.13 in H1-19, from SAR 1.34 in the corresponding period a year earlier.