(MENAFN - Arab News) Following the conclusion of its annual general meeting (AGM), United Electronics Company (eXtra), Saudi Arabia's largest and fastest-growing consumer electronics and home appliances retailer, has announced that the assembly had approved the distribution of a cash dividend of 25 percent of the paid-up capital equivalent to SR2.50 per share.
The dividend will be distributed on May 1, 2012 to shareholders of record as of end of trading on Sunday (March 18).
During the AGM, the assembly approved the report of the company's auditors and the financial statements for the financial year ending Dec. 31, 2011.
Additionally, the assembly also approved the appointment of Abdul Mohsen Abdul Latif Al-Issa as an independent member of the board of directors.
For the 12 months ending Dec. 31, 2011, eXtra reported a net profit of SR132 million, an increase of 35.1 percent compared to the same period of 2010.
Total sales reported by extra during the twelve months ending Dec. 31, 2011, reached SR2,461million, an increase of 38.4 percent compared to the same period in 2010.
Abdullah A. Al Fozan, chairman, United Electronics Company (eXtra), said: "2011 was an outstanding year for eXtra, with the company consolidating its position as the Kingdom's largest consumer electronics retailer. We are delighted to share this success with our investors and look forward to sustained growth as we continue to expand in the Saudi market and on a regional level."
Currently, eXtra provides the over 10 million customers it serves annually with more than 12,000 products across its 25 stores in Saudi Arabia.
In addition, eXtra recently introduced its online shopping portal, the first fully-fledged electronics and home appliance website of its kind in the Kingdom.
In both 2010 and 2011, eXtra was cited by the Saudi Arabian General Investment Authority (SAGIA) as one of the Kingdom's fastest-growing companies.