Extra (United Electronics)إكسترا
- Price
- 75.20 SAR
- Fair value
- 56.72 SAR
- Discount to fair value
- −33%
- Mkt cap
- 6.02B
- P/E
- 12.1×
- P/B
- 3.68×
- EV
- 8.09B
- Div yield
- 6.33%
- ROE
- 30.4%
- Net margin
- 6.7%
Current price75.2SAR
Fair value (est., median)56.72SAR
UndervaluedFair valueOvervalued
+32.6% above fair valueWould need to fall ~24.6% to reach fair value.
Median ofDDM 69.03Graham 52.83Residual Income 60.6Earnings Power 50.56
Health Check
55.1
Overall / 100
Good (66+)Caution (40–65)Risk (<40)
Rewards
- Strong return on equity (30.4%).
Risks
- Trades 32.6% above estimated fair value.
Scores are computed automatically from the real financial statements (Value from fair value; the rest from growth, profitability, balance sheet and dividends). A decision aid, not investment advice.
Price, corporate actions & news
Demo series
D — DividendS — Split▲ good · ▼ bad newstap a marker for detailsDemo series
Deep dive — eXtra
United Electronics Company (eXtra) is Saudi Arabia's largest specialist retailer of consumer electronics and home appliances, operating a national network of eXtra big-box stores alongside a leading e-commerce platform, complemented by a consumer-finance arm (Tas'heel / United Installment Sales). Listed on the Saudi Exchange (Tadawul: 4003).
Two engines: the eXtra retail electronics business and the consumer-finance arm (United Installment Sales / Tas'heel, under UIH which listed in 2024). FY2024 net profit was SAR 527.9M attributable (SAR 534.4M including the UIH/Tas'heel non-controlling interest).
Captured annual figures (all years)
Hand-extracted from audited annual reports — curated for this company
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,394 | 5,135 | 5,963 | 5,833.6 | 6,031.1 | 6,200.7 | 6,781.2 | 7,446.1 |
| Gross profit | — | — | — | 1,183 | 1,265.1 | 1,366.6 | 1,559 | — |
| Operating profit | — | — | — | 452.8 | 484.1 | 509.9 | 609.2 | — |
| Net profit | 161 | 206 | 280 | 396.8 | 440.2 | 390.5 | 527.9 | — |
| EPS (SAR) | — | — | — | — | — | 4.88 | 6.60 | — |
| Total assets | 1,966 | 2,635 | 2,929 | 3,648 | 3,970 | — | — | — |
| Total equity | 646 | — | — | — | 1,139 | 1,280 | 1,710 | — |
| Operating cash flow | 26 | 69 | 312 | -17 | -68 | — | — | — |
All figures in millions of riyal; EPS in riyal per share. FY2018–FY2021 from the eXtra 2022 annual report 5-year charts; FY2021 onward from Argaam. Blank = not separately disclosed in our sources.
Recent quarters
| Period | Revenue | Gross | Op. | Net | EPS |
|---|---|---|---|---|---|
| Q4 2023 | 1,559.7 | 372.8 | 132.8 | 126.1 | 1.58 |
| Q3 2024 | 1,603.4 | 390.2 | 165.6 | 156.3 | 1.95 |
| Q4 2024 | 1,675.1 | 432.4 | 197.4 | 171.1 | 2.14 |
Recent quarters (SAR millions; EPS in SAR/share) — Argaam.
Reconciliation: Yahoo vs as-reported (Argaam / annual report)
| Period | Metric | Yahoo | Reported | Status |
|---|---|---|---|---|
| FY2022 | Revenue | 6,031.1 | 6,031.1 | confirmed |
| FY2023 | Revenue | 6,200.7 | 6,200.7 | confirmed |
| FY2024 | Revenue | 6,781.2 | 6,781.2 | confirmed |
| FY2025 | Revenue | 7,446.1 | 7,446.1 | confirmed |
| FY2022 | Net profit | 440.2 | 440.2 | confirmed |
| FY2023 | Net profit | 390.5 | 390.5 | confirmed |
| FY2024 | Net profit | 527.9 | 527.9 | confirmed |
| current | Shares outstanding (M) | 77.4 | 80 | flag |
| FY2018 | Revenue | — | 4,394 | 1 source |
| FY2019 | Revenue | — | 5,135 | 1 source |
| FY2020 | Revenue | — | 5,963 | 1 source |
| FY2021 | Revenue | — | 5,833.6 | 1 source |
Confirmed = the as-reported (Argaam/annual report) figure and Yahoo agree within 2%. Single-source = only the annual report carries it (pre-2022). Full balance-sheet & cash-flow line items are subscription-gated, so only disclosed summaries are shown — never inferred. (millions of )
Leadership & integrity
- 2022Mohamed Galal Ali Fahmy — Managing Director & CEO
Listed as MD & CEO in the FY2022 annual report; still commenting on the record FY2024 results (net profit first crossed SAR 500M) in 2025.
- 2026-02-16 → 02-28Board accepts Fahmy's resignation (personal reasons)
Resignation as MD & CEO effective 28 Feb; he retains a non-executive board seat and chairs the Strategy & Future Projects committee.
Saudi Exchange announcement - 2026-03-01Ali Ahmed Mansour appointed Group CEO
Group CEO from 1 March. He had been CEO of the RETAIL SEGMENT since 2019 (joined 2004, 20+ yrs in consumer electronics, AUB marketing) — so the Nov-2025 Oman store-opening 'CEO Ali Mansour' was his segment role, not the group seat.
Argaam
Source filings (statements & reports)
Sources
Figures are confirmed where the as-reported source agrees with Yahoo; mismatches are flagged, not hidden. Not financial advice.
Growth & profitability
Revenue, net income and margin.
RevenueNet incomeNet margin %tap a bar for figures
Key figures
Covers 8 years · FY2018–FY2025
| Metric | FY'22 | FY'23 | FY'24 | FY'25 | TTM'26 |
|---|---|---|---|---|---|
| Revenue | 6.03B | 6.20B | 6.78B | 7.45B | — |
| Net Income | 440.19M | 390.46M | 527.90M | 497.00M | 548.06M |
| Net Margin | 7.3% | 6.3% | 7.8% | 6.7% | — |
| Operating Cash Flow | -68.13M | 195.82M | 277.98M | 92.23M | — |
| OCF Margin | -1.1% | 3.2% | 4.1% | 1.2% | — |
| Capital Expenditure | 104.63M | 64.75M | 61.86M | 77.98M | — |
| Free Cash Flow | -172.76M | 131.07M | 216.12M | 14.25M | — |
| FCF Margin | -2.9% | 2.1% | 3.2% | 0.2% | — |
| FCF Conversion | -39.2% | 33.6% | 40.9% | 2.9% | — |
| EPS (Diluted) | 5.50/sh | 4.88/sh | 6.60/sh | 6.21/sh | 6.85/sh |
| Dividend / Share | 3.67/sh | 3.33/sh | 8.60/sh | 4.76/sh | — |
Dividend return (if you buy today)if you buy today
Dividend yield6.33%
Dividend / share4.76
If you invest
Shares (≈)132
Est. annual income628.60
At this rate, dividends alone return your capital in ~15.8 years.
Dividend history
Dividend / share & historical yield (SAR).
Dividend / share yield %tap a bar for figures
Quarterly dividends & yield
Per-share dividends by quarter, full-year total, and yield on the year's average price · SAR
| Year | Q1 | Q2 | Q3 | Q4 | Full year | Yield (avg) |
|---|---|---|---|---|---|---|
| 2026 | — | — | — | — | — | — |
| 2025 | — | — | — | — | 4.76 | — |
| 2024 | — | — | — | — | 8.60 | — |
| 2023 | — | — | — | — | 3.33 | — |
| 2022 | — | — | — | — | 3.67 | — |
Valuation breakdown
Fair value = median of the applicable methods (DDM، Graham، Residual Income، Earnings Power).
Each method below is a different lens on the same company — no single method dominates the result.
Discounted Cash Flow
Excluded — non-positive free cash flow
N/A
Dividend Discount Model
Values the share from the dividends it's expected to keep paying. · Tap to adjust assumptions
69.03
Graham Number
A conservative benchmark built from earnings and book value. · Tap to adjust assumptions
52.83
Residual Income (justified P/B)
Values the profit the company earns above the cost of its equity. · Tap to adjust assumptions
60.60
Earnings Power Value
Values today's earning power as-is, assuming no growth. · Tap to adjust assumptions
50.56
DCF only is anchored on FY2025 — the latest year with positive cash flow that supports a value. The other methods (DDM, Graham, RIM, EPV) use current / normalized figures.
Fair Value (median)56.72
▸ Show assumptions▾ Assumptions
- Effective discount rate
- 10.11%
- CAPM cost of equity
- 12.00%
- Risk-free rate
- 4.50%
- Equity risk premium
- 7.50%
- DCF growth (stage 1)
- 8.00%
- DCF terminal growth
- 3.00%
- DCF forecast years
- 10
- DDM dividend growth
- 3.00%
Tune these per company in the Hajras Odoo backend; values recompute automatically.
Analyst Price Targets
1 houseHistorical — last published analyst views, not a current target.
Hajras fair value: 56.72
Aljazira Capital
as of 2023-10-10 · United Electronics Co. (Extra) - Results Flash Note Q3-23
Overweight
94.00
—
Forward guidance & context
No explicit company-wide growth target; ~7% consolidated revenue CAGR reasoned from disclosed plans: Clix/Panda JV target of 1bn sales in ~3 years, ~1 new store/yr, e-commerce migration, plus 20%+ Tasheel loan-book growth (cross-checks vs Aljazira 7.1% 2024-28e revenue CAGR).
- 2024-12-18
eXtra declared an exceptional cash dividend of 5/share (400mn, 50% of capital) for Q4 2024, funded by returns from the IPO of subsidiary United International Holding (UIH/Tasheel), which raised 990mn by listing 30% at 132/share on Dec 3, 2024. eXtra retains ~69% of UIH (note: it listed 30%, it did not retain 30%). One-off, not recurring.
Argaam - eXtra declares 5/share exceptional dividend for Q4 2024 - 2023-05-01
eXtra's board decided to discontinue (shelve) its planned expansion into Egypt - its first subsidiary outside the GCC, announced in 2021 with a ~EGP 1bn investment - after a feasibility study citing macro-economic instability. Expected negative financial impact ~38mn ($10.1mn). These were expansion plans; eXtra had no operating Egyptian branches to close.
Arab News - United Electronics Co. shelves plans for Egypt expansion - 2025-08-17
Growth engine is the 10-year Panda alliance: eXtra-run 'Clix' departments are live in 50 hypermarkets and 130 supermarkets (~90% of planned rollout). Management targets 1bn of Clix sales within ~3 years (Aljazira models 844mn by 2027), with limited cannibalisation as ~50% of Clix SKUs are not sold in eXtra. Brick-and-mortar expansion is deliberately slow (~1 new store/yr); e-commerce keeps migrating up (eXtra online since 2011).
Aljazira Capital - United Electronics Co. Investment Update (Aug 2025) - 2026-04-08
Q1 2026: net profit +10% YoY to 94.74mn; revenue +5% to 1,828mn; gross margin +1.6pp to 24.6%. Retail grew 3.6% on higher online and Clix sales; consumer finance (Tasheel) grew 17.5% on ~21% loan-portfolio expansion - confirming consumer finance as the faster growth driver and validating the omnichannel/Clix narrative.
Sahm Capital - United Electronics reports 94.74M net profit in Q1 2026
Sources
Aljazira Capital - United Electronics Co. Investment Update (Aug 2025): 2025 normalized rev/earnings +9.5%/+9.4%, 2024-28e CAGR 7.1%/10.3%, Clix 1bn target, ~1 store/yr, PT 107.4 Aljazira Capital - United Electronics Co. Results Flash Note Q3-25 (Oct 2025): Q3-25 revenue +11.8% YoY, Tasheel net income +38.4%, ~30% Tasheel stake sold via IPO Argaam - eXtra declares 5/share exceptional dividend for Q4 2024 (UIH IPO proceeds, retains ~69%) Gulf News - United Electronics (eXtra) to list 30% stake in financial unit UIH (Tasheel, Procco) AGBI - eXtra to pay 'exceptional' dividend of $107m following consumer-finance unit listing Arab News - United Electronics Co. shelves plans for Egypt expansion (May 2023, ~38mn impact) Sahm Capital - United Electronics reports 94.74M net profit in Q1 2026 (revenue +5%, retail +3.6%, consumer finance +17.5%) Smartkarma - United Electronics (EXTRA) Q1 2026 profit +10% to 94.7mn on strong revenue and improved margins
Management guidance is not a promise; shown as context and a separate scenario. Not financial advice.
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