eXtra named one of the GCC’s top 200 companies by Forbes Middle East

05/07/2012

Khobar, Saudi Arabia; May 08, 2012: eXtra, Saudi Arabia’s largest and fastest-growing consumer electronics and home appliances retailer, announced today that it has been named as one of “The Top 200 Companies in the GCC” by Forbes Middle East. As well as being ranked among the top companies in the region, eXtra was also ranked as one of the Top 5 Services companies in the Kingdom of Saudi Arabia.

The Forbes Middle East rankings are based on the 2011 disclosed financial statements of companies across the GCC. Four criteria – revenues, profits, assets and market value – were considered to establish a unique list of the biggest and most important GCC companies listed on the stock and financial markets.

Abdullah Abdulatif Al Fozan, Chairman, United Electronics Company (eXtra), said: “The recognition by Forbes Middle East signals an important milestone in our journey to become one of the Kingdom’s most admired listed companies. In less than ten years, eXtra has gone from a single store in KSA to being ranked among the top companies in the region. By any measure, eXtra is a true retail success story and, following our listing on the Tadawul, the company is superbly positioned to enter its next growth phase.”

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 also recently named as one of the Arabia 500 top companies in recognition of its exceptional growth and sustained commercial success. The company was also voted by one of the Kingdom’s leading economic newspapers as offering the “Best Retail Working Environment in the Kingdom.”

For the three months ending March 31, 2012, eXtra reported estimated sales of SAR626 million with an increase of 31.3% on the same quarter of 2011, eXtra also reported an estimated net profit of SAR23.8 million an increase of 25 per cent compared to the same period of 2011. Total estimated profit for the quarter was SAR111.9 million, an increase of 22% on the same quarter for the previous year.

Founded in 2003 and headquartered in Khobar, eXtra is by far the largest consumer electronics and home appliances retailer in Saudi Arabia – at more than three times the size of its nearest competitor in terms of number of stores. eXtra’s aggressive expansion strategy, as well as its market leading promotions, enabled the company to deliver strong financial results in 2011.