Extra’s Q3 Profits Rise 32% to SAR 156 Million

United Electronics Company (Extra) announced on Tuesday the increasing of the net profit to 156 million riyals during the third quarter, compared to 118 million riyals in the same quarter of the previous year by 32%, following the announcement today of the preliminary financial results for the period ending September 30, 2024 (9 months).

Operating profit amounted to 166 million riyals in the third quarter, compared to 143 million riyals in the same quarter of the previous year, an increase of 16%.

Net profit in the 9-month period amounted to 357 million riyals, compared to 264 million riyals in the same period of the previous year, an increase of 35%.

Earnings per share in the current period amounted to 4.46 riyals, compared to 3.3 riyals in the same period of the previous year.

The Company said in a statement on Tuesday that its revenues continued to grow during the current quarter, compared to the same quarter of the previous year, as revenues amounted to 1,603.4 million riyals compared to 1,452.2 million riyals, an increase of 10.4%. This growth is due to revenues generated from sales of National Day offers and the Back-to-School season, as the Company’s retail sector witnessed an increase in sales volume, supported by a 20.8% growth in sales through the e-commerce sector during this quarter compared to the same quarter of the previous year. The Company’s consumer finance sector also witnessed an increase in revenues during the current quarter by 22.3% compared to the same quarter of the previous year, as a result of a 25% growth in the consumer finance portfolio.