Logo of United Electronics Co. (eXtra)
Investors are most upbeat about United Electronics Co. (eXtra) in the consumer discretionary distribution and retail sector in Q1 2024, a recent investor poll by Argaam showed.
eXtra received 77.97% of optimistic votes in the first quarter of 2024, compared to listed peers.
The company's Q4 2023 results beat analyst's forecasts, with revenues of SAR 1.56 billion. Net earnings exceeded SAR 126 million, buoyed by a change in the selling mix for the retail sector as well as growth in revenues and consumer financing. In late 2023, eXtra announced its intention to float a portion of the capital of its subsidiary, United International Holding Co., which owns United Company for Financial Services (Tasheel Finance), Argaam earlier reported.
eXtra Managing Director Mohamed Galal said the IPO aims to help the company continue to offer real added value and distribute exceptional dividends to shareholders. On Dec. 5, eXtra signed a 10-year commercial alliance agreement with Panda Retail Co. (Panda), whereby the former will manage Panda’s electronics and home appliances unit. The relevant financial impact is expected to start showing in the first quarter of 2024.
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