The United Electronics Company (Extra) achieved an 11% growth in annual profits to reach 440.2 million riyals by the end of 2022, recording the highest profits in its history, compared to profits of 396.8 million riyals in 2021.
According to Arabia Net, the company attributed the increase in profits to an increase in revenues by 3.4%, and explained that, supported by the increase in revenues from consumer financing services and extra services, the total profit grew by 6.6% over the same period of the previous year, to record a total profit of 1,261.3 million riyals, compared to 1,183.7 million riyals. riyals for the same period of the previous year, which had an impact on the net profit growth by 10.9% compared to the same period of the previous year.
This came despite the increase in selling, operating, general and administrative expenses.
The net profit of the company during the fourth quarter of last year amounted to 121.3 million riyals, compared to 126.1 million riyals for the same quarter of 2021, a decrease of 4%.
The company attributed the reason for the decrease in profits during the fourth quarter of 2022 compared to the same quarter of the year 2021 to the decrease in sales in the fourth quarter by 12.5%, affected by the transfer of the sales festival to the second quarter during the past year compared to the fourth quarter of the year 2021.
However, supported by the growth in revenues from consumer financing services and the change in the sales mix in the retail sector, the total profit for the fourth quarter of 2022 decreased by only 0.7% compared to the fourth quarter of 2021, to record 350.8 million compared to 353.5 million riyals for the same quarter of 2021. This had an impact on the decrease in net profit only by 3.8%.
This came despite the increase in selling, operating, general and administrative expenses.
The company attributed the reason for the increase in profits during the current quarter compared to the previous quarter to the increase in sales of all departments during the fourth quarter in general, as well as the increase in revenues from extra services and consumer financing services compared to the previous quarter, which led to an increase in gross profit, which had an impact on increasing the net profit for the quarter. current compared to the previous quarter.
The company said that shareholders' equity (there are no minority rights) at the end of the period amounted to 1139.31 million riyals, compared to 992.56 million riyals at the end of the same period of the previous year.
