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Saudi eXtra reports USD42m profit in 2012

27 Jan 2013

(MENAFN) Saudi consumer electronics retailer giant United Electronics Company, or eXtra, reported a 20.1 percent increase in yearly profits on higher sales, Arabian Business reported.

The company said it made USD42.23 million net profit in 2012 compared to 2011.

The company also reported a 22.5 percent increase in last year’s sales to over USD800 million from the previous year.

eXtra attributed the improvement in performance to higher sales across all of its stores. The company opened additional 5 stores last year, bringing the total to 29.

Earlier this year, eXtra expanded its presence with the launch of operations in Bahrain, its first store outside of Saudi Arabia.

In December, the company unveiled plans to increase its capital to USD79.9 million. The plan is subject to regulatory approval.

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