eXtra’s sales, product diversity helped boost Q2 profit: CEO

United Electronics Co.’s (eXtra) higher net profit for Q2 this year was achieved on the back of a 15 percent increase in sales, thanks to offering attractive prices and providing customers with a bundle of entertainment products, chief executive Mohamed Galal Ali Fahmy told Argaam.

eXtra’s net profit jumped 288 percent year-on-year (YoY) to SAR 43.40 million in Q2, from SAR 11.20 million.

Profit margins have improved to 17 percent in Q2, as expenses decreased by around SAR 27 million YoY, Fahmy said.

Going forward, the company aims to boost sales through its online portal, and strengthen partnerships with suppliers and brands offering the latest technologies and products, he added.