Saudi electronics retailer eXtra shares soar after reporting a 24% boost in H1 profit

Update Saudi electronics retailer eXtra shares soar after reporting a 24% boost in H1 profit
The giant retailer attributed the results to the launch of the eXtra Mega Sale festival in the second quarter this year, leading to a boost in retail sector sales. (supplied)
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Updated 18 July 2022
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Saudi electronics retailer eXtra shares soar after reporting a 24% boost in H1 profit

Saudi electronics retailer eXtra shares soar after reporting a 24% boost in H1 profit

RIYADH: Shares of Saudi Arabia’s United Electronics Co., known as eXtra, surged 5.46 percent at Monday’s closing bell, following a jump in first-half profits.

Shares of eXtra rose to SR112 ($30), compared to its previous closing price of SR106.20.

The retailer of consumer electronics and home appliances said it achieved a 24 percent profit boost in the first half of 2022, driven by a surge in retail sales.

Its net profit jumped to SR224.7 million compared to SR181.6 million in the same period last year, it said in a bourse statement.

The profit hike was coupled with an increase in revenue of 16 percent to SR3 billion compared to the same period of last year.

The company attributed the results to the launch of the eXtra Mega Sale festival in the second quarter of this year, leading to a boost in retail sector sales.