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Company News, Business

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

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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