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.