eXtra’s market share continues to rise, reaches 16.9% in 7M19
United Electronics Co. (eXtra) [4003.SE] increased its market share to 16.9% during the first seven months of 2019, from c14%, according to the company’s CEO, Mohamed Galal. The company’s sales growth was driven by: i) improved performance of its operating segments (added four stores in 2019 and boosted sales at existing stores); ii) the new e-platform, which accounted for more than 10% of sales; and iii) growth in instalment sales. Moreover, the company is looking to tap into new business industries through the wholly owned consumer finance via partnerships with large retailers in the Kingdom.
United Electronics Company: SAR72.40 as of 9 Oct. 2019, Rating: Buy, TP: SAR90.00/share, MCap: USD965mn, EXTRA AB/4003.SE
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