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United Electronics Company (eXtra) reported a 32.1% y-o-y increase in net income to SAR 156.2 mn in 3Q 2024, as un uptick in revenues offset increases in selling, distribution, and general and administrative expenses due to expansions, it said in a disclosure to Tadawul. Revenues rose 10.4% during the period to SAR 1.6 bn, buoyed by national day and back to school promotions, a boost in online sales, and portfolio gains.
On a 9M basis: The company’s bottom line grew 34.9% y-o-y to SAR 356.7, with higher sales offsetting an increase in expenses and non-recurring losses due to a decision to scrap expansion programs in Egypt, as well as other one-off costs. Meanwhile, the firm’s top line increased 10% to 5.1 bn on the back of steady demand in the local market as well as a boost in consumer finance income.
