The estimated net profit of United Electronics Company (eXtra) reached 118.2 million Saudi riyals ($31.51 million) in the third quarter of 2023, rising 25.5% from SAR 94.16 million a year earlier.

Revenue grew by 5.7% year-on-year (YoY), driven by higher retail sales, services revenue and higher revenue from its consumer finance unit, the retailer said in its estimated earnings statement published on the Saudi stock exchange on Monday.

Net profit fell in the first nine months of 2023, down 17% YoY to an estimated SAR 264.3 million due to higher interest rates.

In August, eXtra announced a cash dividend of SAR 120 million riyals for the first half of 2023.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)