RIYADH: Saudi Arabia’s United Electronics Co., known as eXtra, posted its highest-ever estimated annual profit for the fiscal year 2021.
Net profit jumped by 42 percent from a year earlier, reaching SR397 million ($106 million) despite a slight drop in revenues, it said in a bourse statement.
This was attributed to consumer finance and services sector growth which led to an increase of 14.1 percent in gross profit.
eXtra registered a gross profit of SR1.19 billion in 2021, compared to SR1.04 billion last year.
The company also noted that the net profit of subsidiary United Co. for Financial Services grew by 500 percent, recording SR129 million in 2021.
Khobar-based eXtra was established in 2003 and is part of the Kingdom’s electronics and appliance stores industry.
