Mohamed Galal, CEO of United Electronics Co. (extra)
United Electronics Co. (extra) posted exceptional financial results for 2024, as profit margins hit an all-time high of 23%. Net profit also surpassed SAR 500 million for the first ever time to reach SAR 534.5 million, growing 37% year-on-year (YoY), CEO Mohamed Galal told Argaam in an interview.
Likewise, revenue soared to a lifetime high at SAR 6.8 billion, up 9.4% YoY. Online sales saw a significant increase of 30.4% YoY, accounting for 23.2% of total revenue from the retail segment, implying continues improvement of the digital platform and enhanced online shopping experience.
The home appliance retailer’s loyalty program demonstrated strong performance in 2024, recording significant growth in its client base.
Galal added that eXtra’s strategic partnership with Panda helped expand the company’s presence in the Kingdom, reach a wider segment of customers, and strengthen its position in the market.
Moreover, United International Holding Co. (UIH) expanded its finance portfolio this year through fintech services and products provided by Tasheel. UIH’s portfolio grew by 28.4% on an annual basis, resulting in a 19.1% YoY rise in the company’s topline.
The CEO explained that Tasheel’s customer base grew by over 50% YoY, reflecting the company’s positive response to the innovative financing solutions provided by the company, such as "baseeta” that allows customers to benefit from flexible financing options.
Among eXtra’s milestones in 2024 was the listing of UIH on the Saudi Exchange (Tadawul). The institutional offering’s coverage hit a record of 132x, reflecting the strong confidence the company enjoys in the Saudi market. Galal went on to say that the listing represents a major strategic step to strengthen the company's financial position and open new opportunities to support its future growth plans.
eXtra is upbeat about its future performance and will proceed with its ambitious plans to enhance customer experience.
The company’s net profit came in at SAR 534.5 million for 2024, compared to SAR 390.5 million a year earlier, Argaam reported.
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