Extra Announces Historic Financial Results and Dividends Distribution in Q4 2024
In a groundbreaking move that underscores its remarkable success,United Electronics Company (Extra),a leading name in the electronics and home appliances sector in Saudi Arabia,has unveiled its historic financial results for the fourth quarter of 2024. The company’s unprecedented performance has led to the announcement of ample cash dividends for the first time in its history, sparking significant interest among investors and financial markets.
A Journey of Growth and Expansion
Founded in 2003 in Riyadh, Extra began as a modest venture aiming to tap into the burgeoning electronics market in the Kingdom.Just a year later, the company relocated its headquarters to Al-Khobar, marking the start of its ambitious expansion plans. by 2011, Extra had transformed into a joint stock company, listing on the Saudi Stock exchange (Tadawul) and opening doors for investors to share in its success.
Fast forward to 2021, and extra had established an extensive network of 47 showrooms across Saudi Arabia and 52 showrooms in Gulf countries. This growth reflects the company’s commitment to meeting the rising demand for consumer electronics and home appliances, solidifying its position as a market leader.
Record-Breaking Financial Performance
Extra’s fourth-quarter results for 2024 have set new benchmarks. The company reported a 40.9% surge in profits, reaching 177.74 million Saudi riyals, compared to 126.08 million riyals in the same period the previous year. Sales also saw a notable increase of 7.3%, totaling 1.67 billion riyals.
One of the standout achievements was the 25.8% gross profit margin, the highest in Extra’s history. These results are attributed to a meticulously crafted strategy focused on boosting sales and enhancing operational efficiency, further cementing the company’s competitive edge.
Key Highlights of Extra’s Q4 2024 Performance
| Metric | Q4 2024 | Q4 2023 | Change |
|————————–|———————|———————|——————|
| Profit | 177.74 million SAR | 126.08 million SAR | +40.9% |
| Sales | 1.67 billion SAR | 1.56 billion SAR | +7.3% |
| Gross Profit Margin | 25.8% | 23.5% | +2.3% |
A New era for Investors
The announcement of cash dividends marks a significant milestone for Extra, reflecting its robust financial health and commitment to rewarding its shareholders. This move has not only bolstered investor confidence but also highlighted the company’s ability to navigate market challenges and deliver consistent growth.
as extra continues to expand its footprint and innovate its offerings, its latest financial achievements serve as a testament to its strategic vision and operational excellence. For investors and consumers alike, Extra remains a beacon of success in the electronics and home appliances industry.
Stay tuned for more updates on Extra’s journey and explore their latest offerings at their official website.
Human Resources Mandates Compensation for Workers in Specific Cases
In a significant move to protect workers’ rights, Human Resources has issued a directive obligating sponsors and employers to compensate workers with substantial financial sums in specific cases. This decision aims to ensure fair treatment and financial security for employees,notably in situations where their rights might potentially be compromised.According to the new regulations, employers and sponsors must provide compensation in cases such as wrongful termination, unpaid wages, or failure to meet contractual obligations. This step underscores the government’s commitment to safeguarding workers’ interests and promoting a balanced employer-employee relationship.
Key Scenarios Requiring Compensation
The directive outlines several scenarios where compensation is mandatory:
- Wrongful Termination: If a worker is dismissed without valid reasons, the employer must pay a significant financial settlement.
- Unpaid Wages: employers failing to pay salaries on time or in full are required to compensate workers for the owed amount, plus additional penalties.
- Contractual Breaches: Any violation of the employment contract, such as denying agreed-upon benefits, will result in compensation.
| Scenario | Compensation Requirement |
|—————————-|————————————————-|
| Wrongful Termination | Financial settlement based on tenure and salary |
| Unpaid Wages | Owed amount + penalties |
| Contractual Breaches | Compensation for denied benefits |
Impact on Employers and Sponsors
This directive places a greater responsibility on employers and sponsors to adhere to labor laws and treat workers fairly. Failure to comply could result in hefty fines and legal consequences. Employers are encouraged to review their policies and ensure they meet the new standards to avoid penalties.
Worker Rights and protections
The move has been welcomed by labor rights advocates, who see it as a step toward reducing exploitation and ensuring workers receive their due. “This directive empowers workers and holds employers accountable,” said a spokesperson from the Saudi Forces Platform, wich has been actively involved in clarifying labor regulations.
For workers, this means greater financial security and the assurance that their rights will be protected. Those facing issues such as unpaid wages or wrongful termination can now seek redress through official channels.
Call to Action
Workers are encouraged to familiarize themselves with their rights and report any violations to the relevant authorities. Employers, conversely, must ensure compliance with the new regulations to avoid legal repercussions.
This advancement is part of broader efforts to enhance labor laws and create a more equitable work environment in the region. For more details on the directive, visit the official Human resources portal.
By prioritizing workers’ rights, this initiative sets a precedent for fair labor practices and underscores the importance of accountability in the workplace.Expatriates Prepare to Leave Saudi Arabia Following New Residency Fee Decision
In a move that has sent ripples through the expatriate community, Saudi Arabia’s Ministry of Interior has announced a significant increase in residency renewal fees, prompting many foreign workers to reconsider their stay in the Kingdom.The decision, which comes as part of the government’s broader economic reforms under Vision 2030, has sparked widespread concern among expatriates who now face higher financial burdens.
the new fee structure,which applies to both individuals and their dependents,has been described as a “game-changer” for the expatriate population.Many long-term residents, who have called Saudi arabia home for decades, are now weighing their options. “The fees are simply too high for many families to afford,” said one expatriate, who wished to remain anonymous. “We’re left with no choice but to leave.”
The decision is part of Saudi Arabia’s ongoing efforts to diversify its economy and reduce its reliance on foreign labor. By increasing residency fees, the government aims to encourage the hiring of Saudi nationals and create more job opportunities for its citizens. However, the move has also raised questions about its potential impact on the Kingdom’s economy, which has long depended on the contributions of expatriates.
Key Points of the New Residency Fee Decision
| Aspect | Details |
|————————–|—————————————————————————–|
| Fee Increase | Significant rise in residency renewal fees for expatriates and dependents. |
| Objective | Encourage the hiring of Saudi nationals and reduce reliance on foreign labor. |
| impact | Many expatriates are considering leaving the Kingdom due to financial strain. |
| Economic Context | Part of broader economic reforms under Vision 2030. |
The announcement has also led to a surge in discussions on social media, with many expatriates sharing their concerns and plans to relocate. “This decision will have a profound impact on the expatriate community,” said another resident. “It’s not just about the fees; it’s about the uncertainty it creates for our future.”
While the government has emphasized the long-term benefits of the policy, including increased employment opportunities for Saudis, the immediate consequences for expatriates cannot be ignored. Many families are now faced with the arduous decision of whether to stay and absorb the higher costs or leave the Kingdom altogether.
As the deadline for residency renewal approaches, the expatriate community is bracing for what could be a significant exodus. the decision underscores the challenges of balancing economic reform with the needs of a diverse population. For now, the future remains uncertain for many who have built their lives in Saudi Arabia.
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