United Electronics Company (eXtra), a major consumer electronics and home appliance retailer in the Kingdom, has announced its initial financial results for the third quarter of 2012, demonstrating the ongoing success of the company’s branch expansion strategy.
For the nine months ending Sept. 30, eXtra reported that total sales reached an estimated SR 2,051 million, up from 1,738 million for the same period of 2011, an increase of 18 percent.
Total estimated sales in the third quarter of 2012 reached SR 699 million, compared with SR 610 million for the same quarter of 2011, an increase of 14.5 percent.
For the third quarter of 2012, eXtra reported an estimated net profit of SR 28.4 million, compared to 26.4 million for the same quarter in 2011, an increase of 7.5 percent.
Net profit during the nine months ending Sept. 30, reached an estimated SR 100.5 million, compared to SR 90.9 million for the same period of last year, an increase of 10.6 percent.
Earnings per share during the nine months ending Sept. 30 were estimated at SR 4.18, compared with SR 3.79 per share for the same period last year.
Abdullah Abdulatif Al-Fozan, chairman, United Electronics Company (eXtra), said: “The positive impact of our aggressive expansion strategy, which has seen eXtra’s Kingdomwide branch network grow by more than a third in just one year, continues to be reflected in our financial results. We have also increased our presence to 20 cities, with five new cities having eXtra stores within. Added to innovative marketing campaigns, unbeatable prices and an unrelenting focus on customer service, our proven business model has helped establish eXtra as the undisputed leader of the Kingdom’s consumer electronics sector.”
eXtra was recently voted by one of the Kingdom’s leading economic newspapers as offering the Best Retail Working Environment in the Kingdom.
