eXtra records exceptional performance in FY19, says CEO

19/01/2020 Argaam

 

United Electronics Company (eXtra) reported net profit of SAR 206 million in 2019, the highest record since inception, Chief Executive officer Mohammed Galal said in a statement.

 

“Last year was exceptional; we recorded several achievements on the operational and commercial levels in FY19,” Galal added.

 

eXtra reported more than SAR 5 billion in sales revenue; its highest since inception, up by 17% year-on-year (YoY).

 

He further explained that sales revenue of e-commerce division accounted for 10% of total sales. Accordingly, market share jumped to around 20% in 2019, compared to 16.7% in 2018.

 

Also, the company boosted its portfolio of after-sale service and the Sharia-compliant consumer financing, which reflected positively on earnings.

 

eXtra reported a net profit of SAR 205.8 million for fiscal year 2019, up by 27.67% YoY due to higher revenue, and a 15.5% increase in gross profit.

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