March 30, 2017

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HOME NEWS Retailer › Extra sales reach US$1 billion in 2016

Extra sales reach US$1 billion in 2016

by Stuart Wilson, Tuesday 14 March 2017

Extra operates 42 branches
Extra operates 42 branches

Saudi retail giant Extra’s sales for full year 2016 were flat at US$1 billion. The company’s operating income fell 57% year-on-year to US$6.29m, with after-tax profits dropping to just US$560,000 compared to US$13.1m in 2015. Extra’s financial report showed that selling and marketing expenses were US$9.1m higher in 2016 compared to 2015, hitting US$120.9m.

Digging down into the retailer’s financial report, Extra made a net profit of US$6.75m from its operation in Saudi Arabia, which contributed sales of US$939.3m. In contrast, Extra’s operations outside Saudi Arabia made a net loss of US$6.19m on sales of US$62m. At the end of 2016, Extra had a total of 42 branches, with 39 of these inside Saudi Arabia.

The board of United Electronics – the parent company of Extra - proposed raising the company’s capital this February by 16.66% to US$112m from US$96m by issuing one bonus share for every six shares held. The retailer said it would use US$16m from its retained earnings and general reserves to fund the capital hike.

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