RIYADH: Saudi Arabia’s United Electronics Co., known as eXtra, posted a 20 percent increase in net profit for the first quarter of 2022 due to an increase in sales.
The Khobar-based retailer’s profit rose to SR97 million ($25.8 million), compared to SR81 million for the same period a year earlier, it said in a bourse filing.
The result was attributed to higher sales as well as consumer finance and services sector growth, which led to a gross profit increase of 11.4 percent.
In an interview with Alarabiya, the CEO said a significant increase in inflation during the quarter prompted the company to raise the prices of its products.
Prices of electrical appliances increased between 15 percent to 50 percent during the first quarter of 2022, Mohamed Galal said.
He expects another wave of inflation rises during the second quarter, which he added is likely to impact the cost of small appliances the most.
