Albilad Capital issued a report on United Electronics Co. (eXtra), maintaining its 'Overweight' rating, with a fair value SAR 108.7 per share. eXtra reported SAR 58.8 million net earnings for the fourth quarter of 2013, with a rise of 1.38% compared with SAR 58 million a year earlier. FY13 net profit reached SAR 167.3 million , growing 5.49% year-over-year from SAR 158.6 million . The company's preliminary results for Q4 and FY13 showed positive, but weak growth rates compared to 2012, according to the report. Moreover, the company could not maintain its profit margins but Albilad thinks eXtra will continue to log profit growth. Latest Developments At the end of December, the company opened the forth branch in Jeddah . It plans to increase the number of local stores to 40. In October, eXtra distributed 12.5% cash dividend for the first half of 2013 at SAR 1.25 per share. In September, the company established two new branches in Riyadh and Mecca .; All Rights Reserved - Mubasher Info
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