Riyadh – Mubasher: United Electronics Company (eXtra) reported SAR 34.68 million in net profits during the first quarter (Q1) ended on 31 March 2020, 2.5% more than SAR 33.8 million in the corresponding period in 2019.

Sales grew by 16.5% year-on-year (YoY) in the January-March period in 2020 to reach SAR 1.2 billion from SAR 1 billion, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.

The positive quarterly results were boosted by higher sales registered by all of the company's divisions across stores and e-commerce platform, in addition to higher revenues from eXtra services and consumer finance services.

In 2019, eXtra’s profits surged by 27.67% to a record SAR 205.8 million, compared with SAR 161.2 million, posting the highest ever annual net profit.