United Electronics Company Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013
For the year, total sales were SAR 3,015 million, registering a year-on-year increase of 22.5%, due to increased sales in all of the company's departments and across all of its stores. The significant increase is attributed to the expansion of Extra's strong network from 24 to 29 branches in 2012. Net profit for the year reached SAR 158.6 million, an increase of 20.1% compared to 2011. Operating profit was SAR 163.5 million, an increase of 20.2% as compared to 2011. Earnings Per share were SAR 6.6, compared to SAR 5.5 in the previous year.
For 2013, the company anticipates to register growth in sales and profit of approximately 20%.