Extra posts lower net profit at SAR 121mn for FY2014
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United Electronics Company, active in retail selling of electronic and household devices, reported SAR 121.1mn net profit at the end of 2014, a 27.6% decrease compared to the same period last year, as shown in the following table:
Financials (M)
| Item | 2013 | 2014 | Change |
|---|---|---|---|
| Revenues | 3,387.67 | 3,689.36 | 8.9 % |
| Gross Income | 601.59 | 620.76 | 3.2 % |
| Operating Income | 172.35 | 125.79 | (27.0 %) |
| Net Income | 167.33 | 121.04 | (27.7 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 2.09 | 1.51 | (27.7 %) |
A net profit of SAR 8.4 million was reported for the fourth quarter of 2014 compared to SAR 29.7 million during the third quarter, the company said.
The decline in the company's net profit during 2014 compared to the same time last year was attributed to a drop in its mega sale target by SAR 150 million.
Profits were also heavily impacted by SAR 27 million losses in gross profit during fourth quarter, with another SAR 14 million in provisions going towards high inventory closing balances— particularly for cell phones and computer products.
The company also saw an increase in salaries, as well as in the costs of its selling and marketing departments, which were greater than the growth of gross profit compared to 2013
Current Quarter Comparison (M)
| Item | Q4 2013 | Q4 2014 | Change |
|---|---|---|---|
| Revenues | 914.43 | 1,088.69 | 19.1 % |
| Gross Income | 173.54 | 163.90 | (5.6 %) |
| Operating Income | 60.30 | 8.71 | (85.6 %) |
| Net Income | 58.37 | 8.28 | (85.8 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.73 | 0.10 | (85.8 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2014 | 807.33 | 11.6 % | 144.84 | 14.4 % | 30.64 | 13.9 % |
| Q2 2014 | 984.29 | 1.3 % | 167.96 | 4.8 % | 56.14 | 2.3 % |
| Q3 2014 | 809.06 | 3.9 % | 144.06 | 2.1 % | 30.30 | 0.0 % |
| Q4 2014 | 1,088.69 | 19.1 % | 163.90 | (5.6 %) | 8.71 | (85.6 %) |
| 2014 | 3,689.36 | 8.9 % | 620.76 | 3.2 % | 125.79 | (27.0 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2014 | 29.25 | 11.6 % | 0.37 | - | 29.25 | 0.37 |
| Q2 2014 | 53.77 | 0.9 % | 0.67 | - | 53.77 | 0.67 |
| Q3 2014 | 29.75 | 1.0 % | 0.37 | - | 29.75 | 0.37 |
| Q4 2014 | 8.28 | (85.8 %) | 0.10 | - | 8.28 | 0.10 |
| 2014 | 121.04 | (27.7 %) | 1.51 | - | 121.04 | 1.51 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 2014 | 16.83 % | 4.60 % | 3.28 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
| Current | |
| Market Cap (M Riyal) | 7,680.00 |
| Enterprise Value (EV) (M) | 8,914.89 |
| Shares Outstanding ((M)) | 80.00 |
| EPS ( Riyal) (TTM) | 6.04 |
| Book Value (BV) ( Riyal) | 16.97 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 16.46 |
| P/E (TTM) | 15.90 |
| Price/book | 5.66 |
| Return on Average Assets (%) (TTM) | 10.6 |
| Return on Average Equity (%) (TTM) | 38.7 |
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