Saudi Arabia's Extra shares rally after rise in Q2 estimated profit | ZAWYA MENA Edition:
Saudi Arabia’s United Electronics Company (Extra) reported a rise in Q2 2019 earnings, triggering a surge in the company’s shares.
Extra’s estimated net Q2 profit after zakat and tax amounted to 72.5 million Saudi riyals ($19.3 million), compared to 45.6 million riyals in Q2 2018, a 58.99 percent increase.
Extra had also announced earlier this week that it has securitised 166 million riyals of its receivables from the sales of its Tasheel Installment Program”. The receivables were sold to Al Rajhi Bank in exchange for the cash inflow.
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