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Mohamed Galal CEO of eXtra and United International Holding Co. (Tasheel)
United Electronics Co.’s (eXtra) retail segment recorded 8.4% growth, outperforming a market that expanded by only 2–3%. The company increased its market share and sales are on the right track, Mohamed Galal, CEO of eXtra and United International Holding Co. (Tasheel) told Al Arabiya Business and Al Ekhbariya TV.
The partnership with Panda contributed around 2.7% to eXtra’s 8.4% retail growth (nearly 30% of the segment’s expansion) though its share of total sales remains limited. The company plans to scale maximize this contribution in the coming years to be a significant segment.
Galal said adjusted net profit rose 13.5% after excluding non-recurring items. The retail segment profit increased by 6.5% in a tough year for the company, while Tasheel’s profit climbed 22%.
Customer footfall at Extra rose 4.7% in 2025 and 8.6% in the fourth quarter, bringing total store visits to about 15 million.
The e-commerce business grew by 22% in 2025, compared with 23% in 2024, Galal elaborated, pointing to more room for faster growth in 2026. Online orders fulfilled through stores surged 34% in 2025.
eXtra ended 2025 with 57 stores, up from 55 in 2024, following the opening of two new outlets—one in Saudi Arabia and one in Oman. The CEO said the company expects to open two to three new stores in 2026, with a focus on enhancing the customer experience and strengthening digital channels.
On Tasheel and its fintech partnership with NowPay, Galal said agreements have been signed with a considerable number of companies, noting that the partnership’s financial performance outpaced budget, though it remains loss-making as it is still in an early stage.
He added that excluding the results of the NowPay partnership, Tasheel’s profits would have been higher, but said the company remains optimistic and focused on making a meaningful impact in Saudi Arabia’s fintech space.
Galal said Tasheel aims to grow its financing portfolio to SAR 4 billion in 2026, stressing that portfolio structuring is a priority, with a strong focus on asset quality, risk management, and profitability.
Regarding Tasheel’s capital increase, he said the company is working to complete the required paperwork, with the transaction expected to be finalized in Q1 2026.
Galal also pointed to a notable shift in consumer behavior toward value-focused purchasing, with customers prioritizing socially visible products such as smartphones—often opting for higher-quality models—while increasingly choosing lower-priced options for less visible items such as refrigerators and washing machines.
In response, he said the company is exploring new channels and products—including partnerships such as Panda—to expand its presence in this segment of the market.
According to Argaam data, eXtra’s net profit rose to SAR 493.8 million in 2025 (excluding minority interests), up from SAR 467.7 million in 2024, while fourth-quarter profit reached SAR 158.4 million.
Tasheel’s profit jumped 23% to SAR 273.6 million in 2025, compared with SAR 222.4 million a year earlier, with the fourth-quarter profit amounting to SAR 25 million.
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