The comprehensive fundamental financial analysis report on United Electronics Company (Extra) examines the financial statements for 2021–2025. It documents revenue growth to SAR 7,446.1 million and net profit of SAR 576.0 million in 2025, alongside a sustained improvement in gross margin to 24.05%. The most significant development, however, is a structural shift in the business model: the Islamic financing portfolio rose to SAR 3,046.2 million from SAR 1,213.0 million in 2021, accounting for 51.4% of total assets, up from 33.2%. This shifted the risk profile from inventory obsolescence to credit risk under International Financial Reporting Standard 9.

The report tracks the cost of this expansion through three indicators: total financing costs nearly tripled, from SAR 49.0 million to SAR 143.1 million, reducing interest coverage from 11.79x to 6.23x; asset turnover declined from 1.58x to 1.31x, and return on equity fell from 41.29% to 27.95%; and free cash flow contracted to SAR 14.2 million in 2025 as SAR 763.9 million was deployed into the portfolio, while distributions since 2024 have included payments to non-controlling interests. The report concludes that the group grew while shareholders’ share declined: earnings per share fell from SAR 6.99 to SAR 6.57, and equity attributable to owners declined to SAR 1,635.7 million.