Mohamed GalalCEO ofUnited Electronics Co.’s – extra 
United Electronics Co.’s (extra) revenue growth of 10.4% year-on-year in the third quarter of 2024 reflects its robust performance in the retail and consumer finance segments and further strengthens its leading position in the Saudi market, said CEO Mohamed Galal.
In an interview with Argaam, the top executive indicated that net profit of the retail segment recorded an increase of about 49% YoY, backed by sales growth and a rise in profit margin by 0.7% to reach 24.3%, the highest in the company’s history.
Regarding the consumer finance segment, Galal said that Tasheel saw a 22.3% growth in its revenues, driven by a 25% increase in its consumer finance portfolio, thus registering 11% rise in Tasheel’s net profit.
Galal confirmed that the listing of United International Holding Co. (the owner of Tasheel Finance) in Q4 2024 represents a major strategic step that will support eXtra’s financial strength and enable it to continue expanding and growing in the future, while enhancing its ability to provide the best products and services to its customers in the Saudi market.
He indicated that the retail segment saw further growth in Q3 2024, as sales recorded a 9.3% rise YoY, thanks to the success of the promotional offers presented by the company, such as the National Day offers and the back-to-school season.
The increase in sales growth and the retail segment was spurred by improved sales mix, in addition to the reversal of provisions. Excluding the financial impact of the provision reversal, Q3 adjusted net profit growth will be 24%, Galal added.
The retail segment helped provide improved shopping experience, as customers now enjoy a smooth shopping experience that combines the availability of various products, distinguished customer service, and best prices, according to the CEO.
Galal also pointed out that eXtra is continuing with the upgrade of its website and application, as online sales continued to grow by 20.8%, representing 23.1% of sales.
He explained that the site upgrade comes within the framework of eXtra’s strategy to provide a better online shopping experience, by offering multiple payment options and speedy product delivery.
Mohamed GalalCEO ofUnited Electronics Co.’s – extra
United Electronics Co.’s (extra) revenue growth of 10.4% year-on-year in the third quarter of 2024 reflects its robust performance in the retail and consumer finance segments and further strengthens its leading position in the Saudi market, said CEO Mohamed Galal.
In an interview with Argaam, the top executive indicated that net profit of the retail segment recorded an increase of about 49% YoY, backed by sales growth and a rise in profit margin by 0.7% to reach 24.3%, the highest in the company’s history.
Regarding the consumer finance segment, Galal said that Tasheel saw a 22.3% growth in its revenues, driven by a 25% increase in its consumer finance portfolio, thus registering 11% rise in Tasheel’s net profit.
Galal confirmed that the listing of United International Holding Co. (the owner of Tasheel Finance) in Q4 2024 represents a major strategic step that will support eXtra’s financial strength and enable it to continue expanding and growing in the future, while enhancing its ability to provide the best products and services to its customers in the Saudi market.
He indicated that the retail segment saw further growth in Q3 2024, as sales recorded a 9.3% rise YoY, thanks to the success of the promotional offers presented by the company, such as the National Day offers and the back-to-school season.
The increase in sales growth and the retail segment was spurred by improved sales mix, in addition to the reversal of provisions. Excluding the financial impact of the provision reversal, Q3 adjusted net profit growth will be 24%, Galal added.
The retail segment helped provide improved shopping experience, as customers now enjoy a smooth shopping experience that combines the availability of various products, distinguished customer service, and best prices, according to the CEO.
Galal also pointed out that eXtra is continuing with the upgrade of its website and application, as online sales continued to grow by 20.8%, representing 23.1% of sales.
He explained that the site upgrade comes within the framework of eXtra’s strategy to provide a better online shopping experience, by offering multiple payment options and speedy product delivery.
