Riyadh - Mubasher: United Electronics Company (eXtra) on Monday said its board of directors has approved a cash dividend for the first half of 2017.

The board nodded to a dividend of SAR 0.75 per share, representing 7.5% of the share’s nominal value and totalling SAR 31.5 million for the six-month period ended 30 June 2017, according to a filing to the Saudi Stock Exchange (Tadawul).

Dividends will be distributed among shareholders on Sunday, 30 July, by way of direct transfer to shareholders’ bank accounts via Riyad Bank, eXtra added.

Earlier on Monday, the Saudi-listed electronics company reported a year-on-year net profit increase of 287.5% to SAR 43.4 million ($11.53 million) in Q2-17, up from SAR 11.2 million ($2.98 million) in Q2-16.

In terms of the first half of the year, eXtra turned profitable with SAR 56.4 million against losses of SAR 34.7 million in the corresponding period of 2016.

United Electronics Company had previously reported profits of SAR 12.9 million in Q1-17, against losses of SAR 45.9 million in the year-ago period.

By 1:58 pm Saudi time on Monday, eXtra’s share grew 9.95% to SAR 36.90.