eXtra’s profit jumps 35% to SAR 356.7M in 9M 2024; Q3 at SAR 156.2M

United Electronics Co. (eXtra) generated a net profit of SAR 356.7 million in the first nine months of 2024, a rise of 35% from SAR 264.4 million in the year-earlier period.

The company's revenues increased by 10% year-on-year (YoY) in 9M 2024 to SAR 5.10 billion, driven by the growth in the retail segment sales on stable demand in the Saudi market, and a rise in consumer finance segment’s revenues.

In addition, the gross profit grew 13.9% YoY. Excluding the non-recurring losses due to the company's decision to halt expansion plans in Egypt during the same period last year and the reversal of provisions for potential obligations related to the retail segment amounting to SAR 16.3 million during the current period, the adjusted net profit growth rate would be 12.6%.

The net profit of United International Holding Co., the parent company of United Company for Financial Services (Tasheel), amounted to SAR 158.1 million during the current period, compared to SAR 156.8 million a year ago.

This was despite an increase in financing, selling, distribution, general, and administrative expenses compared with 9M 2023.

The third-quarter net earnings leapt 32% to SAR 156.2 million, compared with SAR 118.27 million a year earlier, as revenues rose 10.4% YoY to SAR 1.60 billion.

Meanwhile, Q3 2024 net earnings jumped 46.6% from SAR 106.60 million in Q2 2024, on high profit margin and reversal of provisions worth SAR 16.3 million for potential obligations no longer needed.

Total shareholders' equity, with no minority interest, reached SAR 1.35 billion as of Sept. 30, 2024, up from SAR 1.13 billion a year before.

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