United Electronics Company (eXtra), Saudi Arabia's fastest-growing big box consumer electronics and home appliance retailer, reported Saturday that total sales for 2012 reached SR 3,015 million, registering a year-on-year increase of 22.5 percent, due to increased sales in all of the company's departments and across all of its stores. The significant increase is attributed to the expansion of eXtra's strong network from 24 to 29 branches in 2012. eXtra's net profit for the year reached SR158.6 million, an increase of 20.1 percent compared to 2011. For the 12 months ending Dec. 31, 2012, eXtra reported an operating profit of SR163.5 million, an increase of 20.2 percent compared to 2011. Total sales for the fourth quarter of 2012 were SR964 million, an increase of 33.2 percent compared to corresponding quarter in 2011, driven in part by steady growth in sales across product categories, as well as opening of five new stores in Jizan, Onaiza, Yanbu, Skaka, and Hail. eXtra's net profit for the fourth quarter ending Dec. 31, 2012 stood at SR58 million, an increase of 41 percent as compared to the corresponding period in 2011. The operating profit for the fourth quarter of 2012 amounted to SR 60.2 million, an increase of 43.3 percent compared to the same period last year. On Jan.3, 2013, eXtra expanded its presence with the launch of operations in Bahrain, its first store outside Saudi Arabia. This was rapidly followed with the opening of eXtra's first store in Oman. “As the results demonstrate, 2012 proved to be an outstanding year for eXtra as it further consolidated its market leadership position in the electronics retail space in the Kingdom,” said Abdullah Abdulatif Al Fozan, Chairman, United Electronics Company (eXtra). “Our network expansion strategy, coupled with our strong ability to meet the burgeoning customer demands, has enabled eXtra to continue to lead the Kingdom's consumer electronics sector. As we expand our operations in other GCC States, we are confident that 2013 will prove to be yet another successful year that will mark the next phase of the growth journey for eXtra. For 2013, we anticipate to register growth in sales and profit of approximately 20 percent.” Earnings per share (EPS) for the 12 months ending Dec. 31, 2012 amounted to SR6.6, compared to SR5.5 in the previous year. — SG
