16 Hrs
Source:
الاقتصادية
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Weak Consumer Credit Lowers Extra Profits 27
The profits of Extra, the United Electronics Company, declined by 27% in the third quarter of the year, reaching 105 million Riyals compared to 143 million Riyals a year earlier. The company attributed this to an 82.4% decrease in consumer finance sector profits, resulting from an increase in impairment losses on financial assets amounting to 70.1 million Riyals, as part of a cautious approach to credit risk management. This included additional provisions and updates to valuation models. On the other hand, the retail sector experienced a 10.6% rise in profits, supported by a 5.5% increase in revenues to 1.89 billion Riyals, driven by improved profit margins and growth in both sectors.
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