53 Days
Source:
الاقتصادية
Financial arm pressures 'Extra's' profits to fall below expectations
Extra, the leading electronics retail company in the Gulf region, reported financial results for the second quarter of 2026 that fell below expectations. Net profit declined by 3.7% to reach 102.6 million riyals, despite revenues increasing to 2.24 billion riyals, a growth of 5.5%. The slowdown in sales growth, along with a 20.3% decrease in profits from the consumer finance unit "Tashil," were among the factors that pressured the company's performance, amid rising shipping costs and market challenges. Following the announcement, Extra's stock price dropped by approximately 6%, with forecasts indicating that rising transportation costs will impact profits in the second half of the year.
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