The financial statements of the United Electronics Company (Extra) showed that the company's profits in the first half of this year increased by 17.7% on an annual basis.
According to the company's results for the Saudi market (Tadawul) today, Thursday, profits for the period amounted to 125.06 million riyals, compared to profits for the same period last year amounting to 106.29 million riyals.
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The company said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to the increase in sales of all the company's departments, especially with the beginning of June as a result of the issuance of decisions related to increasing the value-added tax. Which led to an increase in demand for products before the application of the tax.
Also, profits increased in that period due to the increase in revenues from (Extra) services and consumer finance services, which had an impact on the increase of the company's total profit 19.9%, to record the total profit of 496.9 One million riyals compared to 414.4 million riyals for the same period of the previous year.
and the company clarified that the increase in net profit during the first half of the current year on an annual basis came despite the increase in selling and operating expenses for the same period of 2019, and the recording of non-profits. Recurring value of 20.8 million riyals during the same period last year.
The company recorded profits of 90.38 million riyals in the second quarter of this year, compared to profits of 72.46 million riyals for the same period last year, an increase of 24.7%. / p>
(Amazon Fun Knowledge)
