Saudi Arabia's eXtra reports higher net profit
- Saudi Arabia: Thursday, February 07 - 2013 at 07:28
The Tadawul All-Share Index slipped 0.14% to 6,982.89 points. Sabic lost another fell by a percentage point, the fourth day-loss in a row. United Electronic Company, known as eXtra, dived 3.18% to SR106.50. After the market closed, the IT and consumer electronics retailer said it earned in 2012 a net profit of SR158.6 m, representing an increase of 20.1 % compared to 2011. The surge in profits was mainly driven by the increase in all categories sales, the same stores positive growth, coupled with the increase in the number of the stores from 24 to 29, said eXtra. The company expects growth around of 20% in sales and profits in 2013. For the last month, eXtra shares have been trading in a narrow range between SR105 and SR112.
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