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eXtra sees 36% higher net profits in 2020

eXtra sees 36% higher net profits in 2020
The higher net profits are driven by a 16.121% rise in revenues
EXTRA
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Riyadh – Mubasher: The estimated financial results of United Electronics Company (eXtra) recorded a 36.33% increase in net profits after Zakat and tax to SAR 280.3 million in 2020, compared to SAR 205.6 million in 2019.

The higher net profits are driven by a 16.121% rise in revenues to SAR 5.96 billion in 2020 from SAR 5.134 billion in the previous year, according to the company's disclosure to the Saudi Stock Exchange (Tadawul).

The earnings per share (EPS) stood at SAR 4.67 in 2020, versus SAR 3.43 in 2019.

During the fourth quarter (Q4) of 2020, the company's net profits climbed by 41.192% to SAR 101.8 million last year from SAR 72.1 million in the same quarter of 2019.

It is noteworthy to mention that in the third quarter (Q3) of 2020, the company earnings surged by 95.4% to SAR 53.2 million, compared to SAR 27.23 million in the year-ago period.