The United Electronics Company “Extra” announced the approval of the company’s board of directors to establish a wholly owned subsidiary in the Arab Republic of Egypt, to make the Arab Republic of Egypt the first expansion station for the company outside the Arabian Gulf region.
Extra stated that these expansions are supported by the company’s experience in pioneering the electronics and home appliances sector in the region for more than 18 years, and through injecting initial direct investments worth one billion Egyptian pounds. By providing the best service to its customers and adding real value to its shareholders.
The company will immediately start obtaining the necessary approvals and permits from the relevant authorities to establish the company and start carrying out its activities.
Extra said that it will finance the expansion plan through self-financing and borrowing, and an announcement will be made later to clarify any fundamental developments as well as the financial impact of that.
In the last announced profits, the net profit of “Extra” increased by 66.7% in the third quarter of 2021, to reach 89.1 million riyals after zakat and tax, compared to 53.44 million riyals in the same quarter of 2020.
On a quarterly basis, “Extra”‘s net profit decreased by 11.34%, compared to a net profit of about 100.5 million riyals in the second quarter of 2021.
The company attributed the increase in net profits for the third quarter of 2021, on an annual basis, to an increase in revenues by 12.1% due to the increase in sales of the retail sector in addition to the increase in revenues from extra services and revenues from consumer finance services, which led to a growth in gross profit by 25.8% to 283.8 million riyals compared to 225.6 million riyals for the same quarter of last year.