RIYADH: Saudi Arabia’s United Electronics Co., known as eXtra, achieved a 24 percent profit boost in the first half of 2022, driven by a surge in retail sales.
Net profit jumped to SR224.7 million ($60 million) compared to SR181.6 million the same period last year, it said in a bourse statement.
The profit hike was coupled with an increase in revenue of 16 percent to SR3 billion compared to the same period of last year.
The giant retailer attributed the results to the launch of the eXtra Mega Sale festival in the second quarter this year, leading to a boost in retail sector sales.