eXtra distributes rewards to 5 senior execs, SAR 115 mln bonus shares

Logo of United Electronics Co. (eXtra)

United Electronics Co. (eXtra) said that rewards were paid to five senior executives rather than only one in 2022.

In a statement to Argaam, eXtra said these rewards were divided into short-term cash bonuses related to salaries and allowances, as well as long-term bonuses in the form of shares granted in consideration of certain strategies achieved.

The home appliance retailer added that senior executives received SAR 20 million in salaries and allowances. Further, the company distributed SAR 115 million worth of bonus shares in 2022 in consideration of the results achieved by the company’s management from 2019-2021.

The market value of these shares was estimated at nearly SAR 45.7 million on the distribution date, noting that the increase in market value was driven by the company’s outstanding performance in the last three years.

eXtra added that this statement aligns with the company’s keenness on clarifying all issues and enhancing transparency with all related parties.