eXtra’s net profits took an 11.3% dip in 2023, revenues up 2.8%

United Electronics Company (eXtra)’s net income fell 11.3% y-o-y to SAR 390.5 mn in FY 2023, it said in a disclosure to Tadawul yesterday. Its revenues were up 2.8% y-o-y in the same period to SAR 6.2 bn. The company said the drop in net income came as it put on pause its expansion in Egypt and spent more on sales, marketing, and administrative expenses.

Revenues were up last year on the back of a slight uptick in retail sales and higher revenues from eXtra services and consumer finance.