eXtra posts SAR 301.9M profit in 9M 2026, SAR 104.6M in Q3

United Electronics Co. (eXtra) reported an estimated net profit of SAR 301.9 million in the first nine months of 2026, a decline of 10% from SAR 335.4 million a year earlier. 

The home appliance retailer attributed the decline to its consumer finance segment, whose net profit fell 36.2% year-on-year (YoY), mainly due to higher net impairment losses on financial assets.

Net impairment losses increased by SAR 83.1 million YoY in the first nine months of 2026, reflecting the company’s proactive approach to credit risk management.

The increase included an additional SAR 33.8 million management provision to strengthen coverage levels and accelerate debt write-offs.

A further SAR 49.3 million stemmed from the annual update of the expected credit loss model and the increasing maturity of the credit portfolio. Excluding a positive one-off impact of SAR 15 million that benefited the year-earlier comparison base, the adjusted YoY increase stood at SAR 34.3 million.

Meanwhile, revenue rose 5.3% YoY to SAR 5.96 billion from SAR 5.66 billion.

The retail segment revenue increased 5%, backed by a higher average basket value, strong business-to-business (B2B) performance and continued growth in online sales.

Consumer finance revenue grew 8.8%, driven by a 7.3% YoY increase in the consumer finance portfolio.

In Q3 2026, eXtra’s net profit fell 26.7% to SAR 104.6 million from SAR 142.7 million in the prior-year period.

On a quarterly basis, net profit grew 2.1% from SAR 102.5 million.

Shareholders’ equity, after minority interest, reached SAR 1.59 billion as of Sept. 30, 2026, up from SAR 1.50 billion a year earlier.

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