eXtra profit up at SAR 534.5M in 2024; Q4 at SAR 177.7M

08/01/2025 Argaam Exclusive

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United Electronics Company (eXtra) reported SAR 534.5 million in net profit in 2024, an increase of 37% from SAR 390.5 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	6,200.69	6,780.89	9.4 %
Gross Income	1,361.88	1,559.14	14.5 %
Operating Income	480.64	595.11	23.8 %
Net Income	390.46	534.53	36.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	4.88	6.68	36.9 %

This was spurred by the rise in eXtra’s revenue. In addition, the company noted an increase in retail sector sales driven by improved shopping experience and growth in e-commerce segment, which contributed to higher sales volumes.

Consumer finance income grew, supported by a 28.4% increase in the consumer finance portfolio.

This came despite higher selling, distribution, and general and administrative expenses.

Excluding the impact of non-recurring events — discontinuation Egypt expansion plans, reversal of SAR 16.3 million in provisions, and debt recovery of SAR 10.5 million resulting in the reversal of provisions for previously granted debts by United Electronics Company in the retail sector — net profit grew 18.5%.

Q4 2024 net earnings jumped 41% to SAR 177.7 million, compared to SAR 126.08 million in the year-earlier period.

Revenue grew 7.4% year-on-year to SAR 1.67 billion due to an increase in sales volume in retail and e-commerce segments.

It is worth noting that the net profit for the current quarter included SAR 10.5 million from the reversal of provisions after recovering amounts previously associated with debts granted by United Electronics Company in the retail sector.

Excluding the financial impact of this reversal, the adjusted net profit growth would be 32.6%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	1,559.66	1,674.76	7.4 %
Gross Income	372.78	432.52	16.0 %
Operating Income	132.75	183.30	38.1 %
Net Income	126.08	177.74	41.0 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.58	2.22	41.0 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	1,603.39	1,674.76	4.5 %
Gross Income	390.20	432.52	10.8 %
Operating Income	165.64	183.30	10.7 %
Net Income	156.33	177.74	13.7 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.95	2.22	13.7 %

On a quarterly basis, net profit rose 13.7% from SAR 156.3 million.

Total shareholders’ equity, no minority interest, stood at SAR 1.68 billion, by Dec. 31, 2024, compared to SAR 1.28 billion a year earlier.

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Quarterly Actuals vs Estimates 08/01/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
EXTRA	139.55	177.74	27.4 %

Company	Estimated	Actual	Change
EXTRA	139.55	177.74	27.4 %

Company	Estimated	Actual	Change
No data available

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