United Electronics Company (eXtra) confirms distribution of SAR 60 million to investors

05/01/2012

Khobar, Saudi Arabia; April 30, 2012: United Electronics Company (eXtra) today confirmed the distribution of cash dividends of SAR 2.5 per share with total amount SAR 60 million equivalent to 25 per cent of the company’s share capital. The dividends will be distributed to Shareholders registered in eXtra’s books at the end of the trading day of March 18, 2012. Banque Saudi Fransi will begin distributing dividends on May 1, 2012, directly to the bank accounts of shareholders.

United Electronics Company (UEC) recently reported their financial results for the 1st quarter of 2012 where total sales during the first quarter of reached SAR 626 million, an increase of 31.3 per cent compared to the same quarter of 2011. For the three months ending March 31, 2012, eXtra reported a net profit of SAR 23.8 million, an increase of 25 per cent compared to the same period of 2011. eXtra reported a gross margin during the same period of SAR 111.9 million, an increase of 22 per cent compared to the first quarter of 2011.

“We are pleased to be able to share our success in 2011 with our investors. We look forward to greater success as we press ahead with our aggressive expansion strategy, while maintaining a clear focus on offering the best products at outstanding prices,” said Abdullah A. Al Fozan, Chairman, United Electronics Company “eXtra” Al Fozan added “that the company opened its first store in Jizan this year which marks the 25th Kingdom wide and plans remain to open four more stores by the end of this year bringing the toal to 29.”

Currently, eXtra provides the over 10 million customers it serves annually with more than 12,000 products across its 25 stores in Saudi Arabia. In addition, eXtra recently introduced its online shopping portal (www.extra.com), the first fully fledged electronics and home appliance website of its kind in the Kingdom.

In both 2010 and 2011, eXtra was cited by the Saudi Arabian General Investment Authority (SAGIA) as one of the Kingdom’s fastest-growing companies. In addition, eXtra was recently named, for the second consecutive year, as one of the top 50 brands in the Kingdom in recognition of its exceptional growth and sustained commercial success. In 2010, eXtra was also announced as the Best Working Environment in Saudi Arabia by a leading economic newspaper.