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eXtra earnings jump 95.4% in Q3

eXtra earnings jump 95.4% in Q3
The company's recorded revenues of SAR 1.225 billion in Q3-20.
EXTRA
4003
0.53% 95.60 0.50

Riyadh – Mubasher: The estimated financial results of United Electronics Company (eXtra) showed a 95.4% yearly surge in profits during the third quarter (Q3) of 2020.

The electronics company's earnings hit SAR 53.2 million in the July-September period of the year, compared to SAR 27.23 million in the year-ago period, according to a bourse filing on Sunday.

Meanwhile, revenue stood at SAR 1.225 billion by September-end, up by 18.36% on a year-on-year (YoY) basis.

The growth in Q3-20 profits was boosted by the 18.3% jump in revenues, as sales across the company’s entire divisions rose. In addition, the company logged higher eXtra Services revenues and consumer finance services revenues, helping the gross profit achieve a 21.3% annual increase.  

During the first nine months of the year, the profits leapt by 33.7% YoY to reach SAR 178.5 million.