Extra interim full year net profit rises 20% for the period ending December 31, 2012

Further underscoring the company's success in the past year, Extra reported that total sales for 2012 reached SAR3,015m, registering a year-on-year increase of 22.5%, due to increased sales in all of the company's departments and across all of its stores. The significant increase is attributed to the expansion of Extra's strong network from 24 to 29 branches in 2012.

Extra's net profit for the year reached SAR158.6m, an increase of 20.1% compared to 2011.For the twelve months ending December 31, 2012, Extra reported an operating profit of SAR163.5m, an increase of 20.2% as compared to 2011.

Total sales for the fourth quarter of 2012 were SAR964m, an increase of 33.2% compared to the corresponding quarter in 2011, driven in part by steady growth in sales across product categories, as well as opening of five new stores in Jizan, Onaiza, Yanbu, Skaka, and Hail.

Extra's net profit for the fourth quarter ending December 31, 2012, stood at SAR58m, an increase of 41per cent as compared to the corresponding period in2011.The operating profit for the fourth quarter of 2012 amounted to SAR60.2million, an increase of 43.3per cent compared to the same period last year.

On January3, 2013, Extra expanded its presence with the launch of operations in the Kingdom of Bahrain, its first store outside of Saudi Arabia.This was rapidly followed with the opening of Extra's first store in the Sultanate of Oman.

"As the results demonstrate, 2012proved to be an outstanding year for Extra as it further consolidated its market leadership position in the electronics retail space in the Kingdom," said Abdullah Abdulatif Al Fozan, Chairman, United Electronics Company (Extra).

"Our network expansion strategy, coupled with our strong ability to meet the burgeoning customer demands, has enabled Extra to continue to lead the Kingdom's consumer electronics sector. As we expand our operations in other GCC States, we are confident that 2013 will prove to be yet another successful year that will mark the next phase of the growth journey for Extra. For 2013, we anticipate to register growth in sales and profit of approximately 20%."

The Earnings Per Share (EPS) for the twelve months ending December 31, 2012, amounted to SAR6.6, compared to SAR5.5in the previous year.

Extra was recently named as one of "The Top 200 Companies in the GCC" by Forbes Middle East, and also ranked as one of the Top 5 Services companies in the Kingdom of Saudi Arabia. In both 2010 and 2011, Extra was cited by the Saudi Arabian General Investment Authority (SAGIA) as one of the Kingdom's fastest-growing companies. In addition, Extra was also recently named as one of the Arabia 500 top companies in recognition of its exceptional growth and sustained commercial success.