United Electronics Company (eXtra) announces estimated financial results for the third quarter of 2013

10/08/2013

• Third quarter 2013 estimated net profit reaches SAR 29.44 million, up 3.77 per cent year-on-year
• Estimated total sales in third quarter reach SAR 779 million, up 11.4 per cent

Khobar, Saudi Arabia; October 8, 2013: United Electronics Company (eXtra), Saudi Arabia’s fastest-growing big box consumer electronics and home appliance retailer, today announced its estimated financial results for the third quarter of 2013, demonstrating steady growth and solid financial performance.

For the nine months ending September 30, 2013, eXtra reported that estimated total sales reached SAR 2,473 million, up from 2,051 million for the same period of 2012, an increase of 20.6 per cent. Total estimated sales in the third quarter of 2013 reached SAR 779 million, compared with SAR 699 million for the same quarter of 2012, an increase of 11.4 per cent.

Estimated earnings Per Share during the nine months ending September 30, 2013, were SAR 3.63, compared with SAR 3.35 per share for the same period last year. For the third quarter of 2013, eXtra reported an estimated net profit of SAR 29.44 million, compared to 28.37 million for the same quarter in 2012, an increase of 3.77 per cent. Estimated net profit during the nine months ending September 30, 2013, reached SAR 109 million, compared to SAR 100.5 million for the corresponding period in the last year, an increase of 8.46 per cent.

Abdullah Abdulatif Al Fozan, Chairman, United Electronics Company (eXtra), said: “the results demonstrate eXtra’s investment in growing its market share inside the kingdom and building a strong base in Bahrain and Oman, all while placing millions of customers at the centre of its business and providing them with outstanding products and services.”

The increase in estimated net profit and estimated total sales in the third quarter of 2013 compared to the same period of last year was due to the increase in all categories sales, coupled with the increase in the number of the stores from 29 to 36.

Last week, eXtra announced distribution of a cash dividend of SAR 1.25 for the first half of 2013. The cash dividend is equivalent to SAR 37.5 million or 12.5 per cent of the company’s current capital of SAR 300 million. The General Assembly also passed a resolution authorising the Board of Directors to distribute half yearly dividend payments starting 2013.