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eXtra’s profit slid by 12% in Q3-19 estimated financials

eXtra’s profit slid by 12% in Q3-19 estimated financials
eXtra’s profits hiked to SAR 72.5 million in Q2-19
EXTRA
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0.21% 95.30 0.20

Riyadh – Mubasher: The estimated financial statements of the United Electronics Company (eXtra) showed an 11.97% decline in profits during the third quarter of 2019, compared to the corresponding period in 2018.

Year-on-year, the net profit after tax and zakat slumped to SAR 27.2 million in Q3-19 from SAR 30.9 million, the company said in a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The firm ascribed the decline in profits to higher operating costs due to commencing business activity of eXtra’s subsidiary, United Company for Financial Services.

In addition, the company noted that the net profits included non-recurring income worth SAR 4.5 million from realising differences in insurance claims related to a fire that broke out in Jeddah store.

During the nine-month period, the company’s net profits after zakat and tax soared by 36% year-on-year to SAR 133.5 million, compared to SAR 98.1 million.

It is worth pointing out that during the second quarter of 2019, eXtra’s profits hiked to SAR 72.5 million from SAR 45.6 million, a 59% year-on-year rise.