United Electronics Company (eXtra)’s actual net income was up 36.9% y-o-y at SAR 534.4 mn in 2024, according to a disclosure to Tadawul. The growth was driven by higher revenues on the back of a better sales mix and expansion in the consumer finance portfolio. Excluding non-recurring events — such as the discontinuation of expansion in Egypt, a SAR 16.3 mn provisions reversal, and debt recovery — adjusted net income growth stood at 18.5% y-o-y. Revenues were up 9.4% during the same period at SAR 6.8 bn.

MEANWHILE- eXtra subsidiary United International Holding (UIHC) — which owns and operates Tas’heel Finance — saw a 4.8% y-o-y increase in net income at SAR 222.4 mn in 2024, according to a separate disclosure. The uptick is attributed to a 28.4% y-o-y expansion in the firm’s consumer finance portfolio, supported by Sharia-compliant financing solutions. Meanwhile, an increase in expected credit loss provisions and higher expenses offset some of the gains. UIHC’s revenues grew 19.1% to SAR 623.7 mn over the same period.

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