‎eXtra posts highest lifetime earnings in 2022 on retail, finance segments: CEO

‎eXtra posts highest lifetime earnings in 2022 on retail, finance segments: CEO

United Electronics Co. (eXtra) reported the highest lifetime earnings in 2022, backed by the strong performance of retail and consumer finance segments, despite the challenging conditions, including higher inflation levels and unprecedented borrowing rates, Mohamed Galal, CEO and Managing Director, told Argaam.

eXtra sales exceeded the SAR 6 billion mark for the first time in the company’s history, while its results included SAR 10 million in primary operating expenses pertaining to eXtra Egypt, which will launch operations in 2023.

These results mark a breakthrough considering the shrinking spending on the electronics sector in 2022, which dropped 8% year-on-year (YoY), underscoring eXtra’s market share gains.

Despite a slump YoY in Q4 2022 sales, eXtra reported higher gross sales for 2022, primarily on changing the date of its annual mega sale from Q4 to Q2. The decision was taken due to several factors, including a state of instability at the beginning of the year due to geopolitical turmoil, higher oil prices and talks about global interest rate hikes to temper soaring inflation.

Additionally, the fourth quarter witnessed several events that may have weighed electronics and household appliances spending, including Qatar World Cup 2022, as well as growing household spending on entertainment, hotels, food and beverages.

Accordingly, such