Extra’s profit margin in Q3 hits record high on higher sales, says CEO

09/10/2017 Argaam Special

 

United Electronics Co. (Extra) achieved the highest-ever gross profit margin in the third quarter of 2017 of 19.31 percent, Chief Executive Mohamed Galal Ali Fahmy told Argaam.

 

He attributed this achievement to improvement in the sales mix, sales of services and sales by installments. “Sales rose 4.3 percent in Q3,” he added. 

 

The company’s market share rose above the 12 percent previously recorded for the first seven months of the year, he added.

 

Extra’s net profit in Q3 more than quadrupled to SAR 26.1 million from SAR 6.2 million in the same quarter last year.

 

The company is currently upgrading its e-commerce platform, which will see sales double this year compared to 2016, Fahmy said.

 

While Extra does not plan to open new showrooms this year, it will announce new store launches for next year after the board meeting, he added. 

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