eXtra’s net profit rises 15% in FY18

13/01/2019 Argaam Exclusive

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Share Price

91.70
0.30 0.33 %

United Electronics Co. (EXTRA)

United Electronics Co.’s (eXtra) net profit after zakat and tax jumped 14.9 percent year-on-year (YoY) to SAR 161 million in fiscal year (FY) 2018, driven by higher sales across the board on the end-of-year mega sale.



Financials (M)

Item 2017 2018 Change‬
Revenues 4,209.78 4,394.08 4.4 %
Gross Income 710.33 779.61 9.8 %
Operating Income 156.30 180.00 15.2 %
Net Income 140.14 161.19 15.0 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.75 2.01 15.0 %

The fourth-quarter net profit after zakat and tax rose 9 percent YoY to SAR 62.9 million, thanks to improved margins of some products and services.

 

When compared to the previous quarter, Q4 net profit more than doubled due to higher sales across all departments.



Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 1,613.25 1,619.28 0.4 %
Gross Income 253.04 269.38 6.5 %
Operating Income 70.08 69.27 (1.2 %)
Net Income 57.65 63.08 9.4 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.72 0.79 9.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 455.43 - 80.77 - 24.52 - 0.31
Q4 2010 531.23 - 101.02 - 37.36 - 0.47
Q1 2011 476.68 - 91.62 - 19.05 - 0.24
Q2 2011 650.72 - 119.43 - 45.46 - 0.57
Q3 2011 610.26 34.0 % 103.99 28.7 % 26.36 7.5 % 0.33
Q4 2011 723.86 36.3 % 120.23 19.0 % 41.21 10.3 % 0.52
Q1 2012 626.03 31.3 % 111.95 22.2 % 23.78 24.8 % 0.30
Q2 2012 726.27 11.6 % 131.05 9.7 % 48.37 6.4 % 0.60
Q3 2012 698.82 14.5 % 120.95 16.3 % 28.37 7.6 % 0.35
Q4 2012 963.92 33.2 % 166.56 38.5 % 58.08 40.9 % 0.73
Q1 2013 723.40 15.6 % 126.65 13.1 % 26.22 10.3 % 0.33
Q2 2013 971.21 33.7 % 160.30 22.3 % 53.30 10.2 % 0.67
Q3 2013 778.64 11.4 % 141.10 16.7 % 29.44 3.8 % 0.37
Q4 2013 914.43 (5.1 %) 173.54 4.2 % 58.37 0.5 % 0.73
Q1 2014 807.33 11.6 % 144.84 14.4 % 29.25 11.6 % 0.37
Q2 2014 984.29 1.3 % 167.96 4.8 % 53.77 0.9 % 0.67
Q3 2014 809.06 3.9 % 144.06 2.1 % 29.75 1.0 % 0.37
Q4 2014 1,088.69 19.1 % 163.90 (5.6 %) 8.28 (85.8 %) 0.10
Q1 2015 871.71 8.0 % 134.11 (7.4 %) 16.08 (45.0 %) 0.20
Q2 2015 879.50 (10.6 %) 138.51 (17.5 %) 11.83 (78.0 %) 0.15
Q3 2015 719.66 (11.0 %) 128.60 (10.7 %) 12.20 (59.0 %) 0.15
Q4 2015 1,273.91 17.0 % 176.00 7.4 % 9.07 9.7 % 0.11
Q1 2016 742.91 (14.8 %) 97.51 (27.3 %) (45.89) (385.4 %) (0.57)
Q2 2016 881.27 0.2 % 145.33 4.9 % 11.02 (6.8 %) 0.14
Q3 2016 745.45 3.6 % 133.06 3.5 % 6.16 (49.5 %) 0.08
Q4 2016 1,387.04 8.9 % 213.39 21.2 % 26.34 190.2 % 0.33
Q1 2017 804.67 8.3 % 134.40 37.8 % 12.99 128.3 % 0.16
Q2 2017 1,013.91 15.1 % 172.29 18.6 % 43.37 293.4 % 0.54
Q3 2017 777.96 4.4 % 150.59 13.2 % 26.13 324.1 % 0.33
Q4 2017 1,613.25 16.3 % 253.04 18.6 % 57.65 118.9 % 0.72
Q1 2018 864.61 7.4 % 152.75 13.6 % 21.57 66.0 % 0.27
Q2 2018 1,015.36 0.1 % 185.12 7.4 % 45.59 5.1 % 0.57
Q3 2018 894.82 15.0 % 172.16 14.3 % 30.95 18.5 % 0.39
Q4 2018 1,619.28 0.4 % 269.38 6.5 % 63.08 9.4 % 0.79
2018 4,394.08 4.4 % 779.61 9.8 % 161.19 15.0 % 2.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 18.58 % 6.91 % 5.98 %
Q3 2011 18.34 % 6.79 % 5.65 %
Q4 2011 17.68 % 6.42 % 5.37 %
Q1 2012 17.45 % 6.27 % 5.24 %
Q2 2012 17.39 % 6.25 % 5.20 %
Q3 2012 17.45 % 6.19 % 5.11 %
Q4 2012 17.60 % 6.36 % 5.26 %
Q1 2013 17.52 % 6.29 % 5.17 %
Q2 2013 17.11 % 6.06 % 4.94 %
Q3 2013 17.30 % 6.04 % 4.86 %
Q4 2013 17.76 % 6.21 % 4.94 %
Q1 2014 17.85 % 6.24 % 4.91 %
Q2 2014 18.01 % 6.30 % 4.90 %
Q3 2014 17.93 % 6.28 % 4.87 %
Q4 2014 16.83 % 4.60 % 3.28 %
Q1 2015 16.25 % 4.19 % 2.87 %
Q2 2015 15.91 % 3.15 % 1.81 %
Q3 2015 15.88 % 2.72 % 1.36 %
Q4 2015 15.41 % 2.71 % 1.31 %
Q1 2016 14.95 % 1.10 % (0.35 %)
Q2 2016 15.13 % 1.00 % (0.38 %)
Q3 2016 15.15 % 1.01 % (0.40 %)
Q4 2016 15.69 % 1.78 % 0.49 %
Q1 2017 16.40 % 3.25 % 2.03 %
Q2 2017 16.53 % 4.02 % 2.78 %
Q3 2017 16.84 % 4.36 % 3.12 %
Q4 2017 16.87 % 4.76 % 3.56 %
Q1 2018 17.07 % 4.96 % 3.71 %
Q2 2018 17.36 % 5.09 % 3.76 %
Q3 2018 17.39 % 5.08 % 3.77 %
Q4 2018 17.74 % 5.02 % 3.67 %
2018 17.74 % 5.02 % 3.67 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 80.00 - - 2.57
Q4 2010 80.00 - - 3.04
Q1 2011 80.00 - - 3.28
Q2 2011 80.00 1.58 1.58 3.85
Q3 2011 80.00 1.60 1.60 4.18
Q4 2011 80.00 1.65 1.65 4.69
Q1 2012 80.00 1.71 1.71 4.22
Q2 2012 80.00 1.75 1.75 4.83
Q3 2012 80.00 1.77 1.77 5.18
Q4 2012 80.00 1.98 1.98 5.91
Q1 2013 80.00 2.01 2.01 6.23
Q2 2013 80.00 2.07 2.07 6.13
Q3 2013 80.00 2.09 2.09 6.03
Q4 2013 80.00 2.09 2.09 6.10
Q1 2014 80.00 2.13 2.13 6.47
Q2 2014 80.00 2.14 2.14 6.74
Q3 2014 80.00 2.14 2.14 6.74
Q4 2014 80.00 1.51 1.51 6.47
Q1 2015 80.00 1.35 1.35 6.67
Q2 2015 80.00 0.82 0.82 6.61
Q3 2015 80.00 0.60 0.60 6.53
Q4 2015 80.00 0.61 0.61 6.65
Q1 2016 80.00 (0.16) (0.16) 6.09
Q2 2016 80.00 (0.17) (0.17) 6.22
Q3 2016 80.00 (0.25) (0.18) 6.31
Q4 2016 80.00 (0.03) 0.23 6.60
Q1 2017 80.00 0.71 0.97 5.87
Q2 2017 80.00 1.11 1.37 6.41
Q3 2017 80.00 1.36 1.56 6.35
Q4 2017 80.00 1.75 1.87 7.08
Q1 2018 80.00 1.86 1.98 6.68
Q2 2018 80.00 1.89 2.01 7.25
Q3 2018 80.00 1.95 2.07 7.25
Q4 2018 80.00 2.01 2.01 8.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 13.96 13.96 4.91
Q1 2012 16.05 16.05 6.50
Q2 2012 14.82 14.82 5.36
Q3 2012 15.79 15.79 5.40
Q4 2012 15.62 15.62 5.24
Q1 2013 18.05 18.05 5.83
Q2 2013 17.58 17.58 5.95
Q3 2013 21.35 21.35 7.40
Q4 2013 17.61 17.61 6.04
Q1 2014 20.14 20.14 6.63
Q2 2014 21.37 21.37 6.77
Q3 2014 20.58 20.58 6.53
Q4 2014 19.84 19.84 4.64
Q1 2015 26.44 26.44 5.35
Q2 2015 45.96 45.96 5.73
Q3 2015 34.06 34.06 3.15
Q4 2015 29.17 29.17 2.70
Q1 2016 NEG NEG 1.91
Q2 2016 NEG NEG 1.89
Q3 2016 NEG NEG 1.28
Q4 2016 NEG More than 50 1.79
Q1 2017 21.61 15.79 2.60
Q2 2017 14.89 12.06 2.58
Q3 2017 17.41 15.22 3.73
Q4 2017 14.12 13.21 3.49
Q1 2018 19.10 17.94 5.31
Q2 2018 17.35 16.32 4.51
Q3 2018 17.30 16.30 4.65
Q4 2018 19.85 19.85 4.96

Analysts Estimates (Million)

Item Q4 2018 (e) Q4 2018 (a) Change‬
Average 66.00 63.08 (4.4 %)

Estimates vs Actual (Million)

Item Q4 2018 (e) Q4 2018 (a) Change
Al Rajhi Capital 65.00 63.08 (3.0) %
SNB Capital 67.00 63.08 (5.9) %

Current
Market Cap (M Riyal) 7,336.00
Enterprise Value (EV) (M) 8,345.25
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 5.00
Book Value (BV) ( Riyal) 15.37
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.75
P/E (TTM) 18.35
Price/book 5.97
Return on Average Assets (%) (TTM) 9.0
Return on Average Equity (%) (TTM) 32.6

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