Financial Results : eXtra profit rises 35% to SAR 527.9M in 2024; Q4 at SAR 171.1M

eXtra profit rises 35% to SAR 527.9M in 2024; Q4 at SAR 171.1M

08/01/2025 Argaam Exclusive

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United Electronics Company (eXtra) reported a net profit of SAR 527.9 million for 2024, an increase of 35% from SAR 390.5 million in the year earlier period.



Financials (M)

Item 2023 2024 Change‬
Revenues 6,200.69 6,781.20 9.4 %
Gross Income 1,366.58 1,558.97 14.1 %
Operating Income 509.94 609.24 19.5 %
Net Income 390.46 527.90 35.2 %
Average Shares 80.00 80.00 -
Earnings Per Share before unusual items (Riyals) 5.36 6.29 17.4 %
EPS (Riyal) 4.88 6.60 35.2 %

Higher sales from the retail segment in 2024 were driven by a notable improvement in the customers’ shopping experience and the growth of the e-commerce segment.

 

It also cited growth in consumer finance income, supported by a 28.4% increase in the consumer finance portfolio during the same period, in addition to the enhanced sales mix, despite higher selling, distribution, and general and administrative expenses.

 

When excluding the impact of non-recurring events, including the discontinuation of the company's expansion plans in Egypt during the last year, the reversal of SAR 16.3 million provisions related to potential obligations no longer needed in the current year, and a SAR 10.5 million debt recovery, adjusted net profit growth rate would have become 18.5%.

 

The Q4 2024 net earnings jumped 36% to SAR 171.1 million, compared to SAR 126.08 million in the year-earlier period.

 

The fourth-quarter revenues grew 7.4% year-on-year to SAR 1.67 billion due to an increase in sales volume in the retail and the e-commerce segments.

 

It is worth noting that the net profit for the current quarter included SAR 10.5 million from the reversal of provisions after recovering amounts previously associated with debts granted by United Electronics Company in the retail sector.

 

Excluding the financial impact of this reversal, the adjusted net profit growth would be 32.6%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 1,559.66 1,675.07 7.4 %
Gross Income 372.78 432.36 16.0 %
Operating Income 132.75 197.43 48.7 %
Net Income 126.08 171.10 35.7 %
Average Shares 80.00 80.00 -
Earnings Per Share before unusual items (Riyal) 1.58 2.03 28.9 %
EPS (Riyal) 1.58 2.14 35.7 %

On a quarterly basis, net profit rose 9.5% from SAR 156.3 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.71 billion by Dec. 31, 2024, compared to SAR 1.28 billion a year earlier.

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