Riyadh – Mubasher: United Electronics Co. (eXtra) on Thursday announced launching a commercial partnership with Dubai-based Noon.com.

Under the deal, eXtra will become an exclusive supplier of home and electrical appliances for the e-commerce website in Saudi Arabia.

The financial impact of this agreement is expected to appear in the company’s financial results starting the first quarter of 2018, eXtra added in its statement to the Saudi Stock Exchange (Tadawul).

This deal with Noon comes as part of eXtra’s attempts to increase its market share by reaching a wider range of customers and providing integrated services round the clock.

Noon.com is 50% owned by the Saudi Public Investment Fund (PIF) in partnership with a number of investors led by UAE businessman Mohamed Alabbar. Initial investments in Noon.com amounted to $1 billion.

Last month, eXtra reported a 320.97% year-on-year surge in profits to SAR 26.1 million ($6.96 million) in the third quarter ended 30 September 2017 from SAR 6.2 million ($1.65 million).

It’s nine-month results showed eXtra turning a profit with SAR 82.5 million against SAR 28.6 million in losses in the corresponding period of 2016.