United Electronics Company (eXtra) announces initial interim financial results for the third quarter of 2012
- Saudi Arabia: Tuesday, October 09 - 2012 at 10:55
- PRESS RELEASE
United Electronics Company (eXtra), Saudi Arabia's fastest-growing big box consumer electronics and home appliance retailer, announced its initial financial results for the third quarter of 2012, demonstrating the ongoing success of the company's branch expansion strategy.
For the third quarter of 2012, eXtra reported an estimated net profit of SR28.4m, compared to 26.4 million for the same quarter in 2011, an increase of 7.5%. Net profit during the nine months ending September 30, 2012, reached an estimated SR100.5m, compared to SR90.9m for the same period of last year, an increase of 10.6%.
Earnings Per Share during the nine months ending September 30, 2012, were estimated at SR4.18, compared with SR3.79 per share for the same period last year.
Abdullah Abdulatif Al Fozan, Chairman, United Electronics Company (eXtra), said: "The positive impact of our aggressive expansion strategy, which has seen eXtra's Kingdom-wide branch network grow by more than a third in just one year, continues to be reflected in our financial results. We have also increased our presence to 20 cities, with five new cities having eXtra stores within. Added to innovative marketing campaigns, unbeatable prices and an unrelenting focus on customer service, our proven business model has helped establish eXtra as the undisputed leader of the Kingdom's consumer electronics sector."
eXtra was recently voted by one of the Kingdom's leading economic newspapers as offering the "Best Retail Working Environment in the Kingdom." The company 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.
Currently, eXtra provides the over 10 million customers it serves annually with more than 12,000 world-leading products. The company ranks first in the Saudi Arabia consumer electronics sector in terms of the number of stores and products it offers.
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