United Electronics Co. (eXtra) has reported strong set of results in Q4 2018, generating a net profit of SAR 34 million, beating NCB Capital’s estimates and consensus forecasts of SAR 29 million and SAR 30 million, NCB Capital said in a report.
This profit rise was driven by higher-than-expected sales, boosted by its branch network.
eXtra’s expansion plans will likely boost revenue in 2019; it is forecast to report higher profit margins, backed by operating cost efficiency, NCB Cap said.
eXtra was rated at “Neutral” by NCB Capital, with a target price of SAR 59.7.
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