United Electronics Company (eXtra) [4003.SE] announced the opening of its ninth branch in Riyadh, marking the company's 43rd location in the GCC. The new store, which covers a retail area of 1,550sqm, was established at a total investment cost of SAR12mn and is expected to start affecting the company's results as of 4Q17. This is the only store the company had opened since 2017 as the company had plans to rationalise expansions and opted for working to enhance yield and margins.
eXtra: SAR44.68 as of 26 Sep 2017, Rating: Buy, TP: SAR50.00/share, MCap: USD500mn, EXTRA AB/4003.SE
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