The company reported a net profit of SR132 million for the 12 months ending Dec. 31, 2011.
This is an increase of 34.7 percent compared to the same period of 2010, according to a press release.
Looking at the fourth quarter ending Dec. 31, 2011, eXtra reported a net profit of SR41 million, an increase of 10.8 percent compared to the same period of 2010.
The statement said eXtra reported operating income during the twelve months ending Dec. 31, 2011, reached SR136 million, an increase of 37.4 percent compared to the same period in 2010.
It said operating income for the fourth quarter of 2011 amounted to SR42 million, an increase of 7.7 percent compared to the same period of 2010.
According to the statement, eXtra reported that total sales during 2011 reached SR2,462 million, a year-on-year increase of 38.5 percent.
The significant increase is attributed to the expansion of eXtra's Kingdomwide network from 17 to 24 branches in 2011, as well as intensive promotions which helped to increase eXtra's market share.
Total sales for the fourth quarter of 2011 were estimated at SR724 million, an increase of 36.3 percent compared to the same quarter in 2010, driven in part by steady growth in sales of electronic devices and smart phones, as well as opening of four new stores in Dammam, Jeddah Jubail and Al-Kharj.
Earnings per share (EPS) for the 12 months ending Dec. 31, 2011, amounted to SR 5.50, compared to SR4.07 for the 12 months ending Dec. 31, 2010.
"2011 was an outstanding year for eXtra with the company consolidating its position as the Kingdom's largest consumer electronics retailer," said Abdullah Abdulatif Al-Fozan, chairman of eXtra.
“These results demonstrate the strength of our position in the market as well as the trust we have built within our customers and we are glad to share our success with our investors. Our recent public offering clearly demonstrated the value of the company and its future prospects and we will continue to ensure the public trust remains and grows with us more as we continue our rapid growth,” he said.
"Our focus on meeting the needs of our customers — wherever they are and whenever they need us — has enabled eXtra to continue to lead the Kingdom's consumer electronics sector,” said the chairman.
With our public offering now successfully completed, eXtra is perfectly positioned to deliver our long-term strategy of expand our exceptional brand promise and becoming one of the Kingdom's most admired brands," said Al-Fozan.
Founded in 2003, eXtra says it is by far the largest consumer electronics retailer in Saudi Arabia.
Currently, eXtra provides the more than nine million customers it serves annually with more than 12,000 products across its 24 stores — serving 90 percent of the population of Saudi Arabia.
