United Electronics Extra Company clarified the estimated financial results for the period ending on June 30, 2022, as it achieved a net profit of 224.6 million riyals by the end of the first half of 2022, an increase of more than 23.6%, compared to profits of 181.7 million riyals recorded by the company during the same period last year.
According to Arabiya Net, the company explained in a statement that the reason for the increase in profits during the first six months of 2022, compared to the same period of the previous year, is due to the increase in sales in the first half of this year by 15.6% compared to the same period in 2021, as a result of the launch of the Mega Sale Festival. During the second quarter, which led to an increase in retail sales compared to the same period last year.
Revenues from consumer finance services through the United Financial Services Company also increased, which led to a gross profit growth of 11% over the same period last year, bringing the company to a total profit of 610.5 million riyals, compared to 550 million riyals for the same period last year. Which had an impact on the net profit growth of 23.6% over the same period last year.
The company added that this came despite the increase in selling and operating expenses and general and administrative expenses.
In addition, the company attributed the reason for the increase in profits during the current quarter compared to the same quarter of the previous year to the increase in sales in the second quarter by 27.9% compared to the same quarter of last year as a result of the launch of the Big Sale Festival during the second quarter, which led to an increase in retail sector sales compared to The same quarter of the previous year.
In addition to the increase in the revenues of consumer finance services through the United Financial Services Company, which led to a growth in gross profit by 10.5% over the same quarter of last year. The company achieved a total profit of 320.3 million riyals, compared to 289.8 million riyals for the same quarter of the year last year, which had an impact on the net profit growth of 26.5% compared to the same quarter of last year.
The company indicated that this came, despite the increase in selling and operating expenses and general and administrative expenses.
The company attributed the reason for the increase in profits during the current quarter compared to the previous quarter to the increase in sales of the current quarter due to the launch of the major sales season during the second quarter, which led to an increase in gross profit and net profit compared to the previous quarter.
