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Company News, Business

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

eXtra net profit down 17%

The company's 9M profit fell by 17 percent.
By Hilal Mir
October 9, 2023 5:32 pm
  • The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.
  • The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt.

Riyadh, Saudi Arabia — United Electronics Company (eXtra) has posted an estimated net profit of SAR 264.3 million in the first nine months of 2023, down 17 percent from SAR 318.8 million a year earlier.

The nine-month earnings were negatively impacted by higher interest rates, which led to finance cost rising by SAR 39.6 million year-on-year (YoY), Argaam reported.

The company recognized non-recurring losses of SAR 38 million as it discontinued its expansion plans in Egypt. Further, selling and marketing, as well as general and administrative expenses increased during the first nine months of 2023.

On the other hand, revenue grew 3.4 percent YoY, backed by higher topline in the consumer finance segment and retail segment’s sales mix enhancement, Argaam reported.

Gross profit increased by 8.3 percent YoY to SAR 987 million.

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