eXtra posts 36% profit rise to $74.8m in FY2020

eXtra posts 36% profit rise to $74.8m in FY2020
eXtra posts 36% profit rise to $74.8m in FY2020

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Jeddah - Yasmine El Tohamy - United Electronics Company (eXtra) reported an estimated net profit after Zakat and tax of SR280.3 million ($74.75 million) for fiscal year 2020, up by 36 percent year-on-year (YoY) due to higher sales across stores and e-commerce.

The company also cited increase in gross profit and rise in revenues from consumer finance services.

The Q4 2020 net profit increased by 41.2 percent YoY to SR101.8 million ($27.15 million) on higher sales and increase in revenues from services and consumer finance.

On a sequential basis, Q4 2020 net profit rose by 90.4 percent on seasonality factors.

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