{"id":585931,"date":"2023-05-02T00:00:00","date_gmt":"2023-05-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/saudi-electronics-retailer-extra-shelves-egypt-expansion-plans\/"},"modified":"2023-05-02T00:00:00","modified_gmt":"2023-05-02T00:00:00","slug":"saudi-electronics-retailer-extra-shelves-egypt-expansion-plans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/saudi-electronics-retailer-extra-shelves-egypt-expansion-plans\/","title":{"rendered":"Saudi electronics retailer Extra shelves Egypt expansion plans"},"content":{"rendered":"

<\/span>Saudi retailer scraps plans to set up shop in Egypt:<\/span> Saudi electronics retailer <\/span>Extra<\/a><\/span>, formally known as United Electronics Company, has shelved plans to establish a <\/span>subsidiary in Egypt, it said in <\/span>a disclosure<\/a><\/span> to the Saudi stock exchange yesterday. The board of directors made the decision on Sunday after reviewing a feasibility study, the statement reads, without giving color or detail on the <\/span>rationale<\/span> behind the decision. \u201cFurther announcements will be made to explain any material developments in this regard,\u201d the statement says.<\/span><\/p>\n

Background:<\/span> Extra <\/span>said<\/a><\/span> in December 2021 that it would <\/span>spend some EGP 1 bn to launch a fully-owned <\/span>subsidiary<\/a><\/span> in Egypt, a move that would have marked its first expansion outside the GCC. The Tadawul-listed company sought to acquire a 10% market share within a decade as it looked to tap the biggest consumer market in the Middle East. <\/span><\/p>\n

The losses? <\/span>\u201cThe expected negative financial impact of discontinuing the company's expansion plans in Egypt is about SAR 38 mn,\u201d according to the statement. That\u2019s the equivalent of c. EGP 314.6 mn. <\/span>The company\u2019s net income slipped 13% y-o-y in 1Q 2023 despite rising sales, according to <\/span>preliminary figures<\/a><\/span> released by the company last month.<\/span><\/p>\n

The news got ink internationally:<\/span>Reuters<\/a><\/span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The decision will hit the company with c. EGP 314 mn in sunk costs<\/p>\n","protected":false},"author":1,"featured_media":585932,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[6681,72,10591,125,338],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-egypt-saudi-relations","tag-enterpriseam","tag-extra","tag-investment-watch","tag-retail","wpautop","entry"],"acf":{"mongo_id":"8068c0a1-426f-48b1-8644-ce30e487a0aa","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/63.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi electronics retailer Extra shelves Egypt expansion plans","related_issue":[585923],"teaser":"The decision will hit the company with c. EGP 314 mn in sunk costs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.95575361-bf6a-4074-ac13-6619bf408076.mp3"},"yoast_head":"\nSaudi electronics retailer Extra shelves Egypt expansion plans - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/02\/saudi-electronics-retailer-extra-shelves-egypt-expansion-plans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi electronics retailer Extra shelves Egypt expansion plans\" \/>\n<meta property=\"og:description\" content=\"The decision will hit the company with c. 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