United Electronics Co. (eXtra) reported an 18% rise year-on-year (YoY) in net profit after Zakat and tax to SAR 125.1 million for H1 2020, backed by higher sales from all segments, especially in early June ahead of the VAT hike.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 2,219.01 | 2,783.11 | 25.4 % |
| Gross Income | 414.44 | 496.89 | 19.9 % |
| Operating Income | 120.49 | 171.71 | 42.5 % |
| Net Income | 106.29 | 125.06 | 17.7 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 1.33 | 1.56 | 17.7 % |
Moreover, eXtra’s services and consumer finance revenues increased in the same period, leading to a rise in gross profit.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,161.50 | 1,550.86 | 33.5 % |
| Gross Income | 226.46 | 276.12 | 21.9 % |
| Operating Income | 73.08 | 118.47 | 62.1 % |
| Net Income | 72.46 | 90.38 | 24.7 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.91 | 1.13 | 24.7 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,232.25 | 1,550.86 | 25.9 % |
| Gross Income | 220.77 | 276.12 | 25.1 % |
| Operating Income | 53.24 | 118.47 | 122.5 % |
| Net Income | 34.68 | 90.38 | 160.6 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.43 | 1.13 | 160.6 % |
The second quarter net profit after Zakat and tax rose by 25% YoY to SAR 90.4 million, thanks to higher sales from all segments, especially in early June ahead of the VAT hike.
It is worth noting that, Q2 2019 net profit included SAR 17.4 million non-recurring income against the securitization deal of a portion of the installment sales receivable.
When compared to the previous quarter, the home appliance retailer’s net profit more than doubled from SAR 34.7 million.
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