eXtra’s net profit falls 59% to SAR 49 mln in FY15
21/01/2016
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United Electronics Co. (eXtra), an electronics and home appliance retailer, reported a 59.4 percent year-on-year (YoY) drop in net profit to SAR 49.2 million for fiscal year 2015, attributed to sales of low-margin inventory carried forward from 2014 during its annual Mega Sale.
Higher sales of low-margin mobile and electronic devices, along with higher zakat provisions, also pushed profit down.
Financials (M)
| Item | 2014 | 2015 | Change |
|---|---|---|---|
| Revenues | 3,689.36 | 3,744.79 | 1.5 % |
| Gross Income | 620.76 | 577.54 | (7.0 %) |
| Operating Income | 125.79 | 55.14 | (56.2 %) |
| Net Income | 121.04 | 49.18 | (59.4 %) |
| Average Shares | 80.00 | 80.00 | - |
| Earnings Per Share before unusual items (Riyals) | 1.51 | 0.61 | (59.4 %) |
| EPS (Riyal) | 1.51 | 0.61 | (59.4 %) |
The company’s fourth-quarter net profit grew by 10 percent YoY to SAR 9.1 million, backed by higher sales across the board and eXtra’s branch expansion to 41 stores in 2015 compared to 38 a year earlier.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2014 | Q4 2015 | Change |
|---|---|---|---|
| Revenues | 1,088.69 | 1,273.91 | 17.0 % |
| Gross Income | 163.90 | 176.00 | 7.4 % |
| Operating Income | 8.71 | 12.59 | 44.5 % |
| Net Income | 8.28 | 9.07 | 9.7 % |
| Average Shares | 80.00 | 80.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.10 | 0.11 | 9.7 % |
| EPS (Riyal) | 0.10 | 0.11 | 9.7 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2015 | 871.71 | 8.0 % | 134.11 | (7.4 %) | 17.45 | (43.1 %) |
| Q2 2015 | 879.50 | (10.6 %) | 138.51 | (17.5 %) | 13.12 | (76.6 %) |
| Q3 2015 | 719.66 | (11.0 %) | 128.60 | (10.7 %) | 11.99 | (60.4 %) |
| Q4 2015 | 1,273.91 | 17.0 % | 176.00 | 7.4 % | 12.59 | 44.5 % |
| 2015 | 3,744.79 | 1.5 % | 577.54 | (7.0 %) | 55.14 | (56.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2015 | 16.08 | (45.0 %) | 0.20 | - | 16.08 | 0.20 |
| Q2 2015 | 11.83 | (78.0 %) | 0.15 | - | 11.83 | 0.15 |
| Q3 2015 | 12.20 | (59.0 %) | 0.15 | - | 12.20 | 0.15 |
| Q4 2015 | 9.07 | 9.7 % | 0.11 | - | 9.07 | 0.11 |
| 2015 | 49.18 | (59.4 %) | 0.61 | - | 49.18 | 0.61 |
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 % |
| 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 % |
| 2015 | 15.42 % | 2.71 % | 1.31 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 29.84 | 9.07 | (69.6 %) |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Value Capital | 14.70 | 9.07 | (62.0) % |
| SFC | 27.00 | 9.07 | (197.6) % |
| SNB Capital | 35.70 | 9.07 | (293.4) % |
| Al Rajhi Capital | 35.80 | 9.07 | (294.5) % |
| Albilad Capital | 36.00 | 9.07 | (296.7) % |
| Current | |
| Market Cap (M Riyal) | 7,172.01 |
| Enterprise Value (EV) (M) | 8,414.47 |
| Shares Outstanding ((M)) | 80.00 |
| EPS ( Riyal) (TTM) | 6.51 |
| Book Value (BV) ( Riyal) | 20.72 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 14.47 |
| P/E (TTM) | 13.78 |
| Price/book | 4.33 |
| Return on Average Assets (%) (TTM) | 9.8 |
| Return on Average Equity (%) (TTM) | 34.7 |
| EV/adj EBITDA | - |
| EV/Revenues | 1.18 |
Share Price
United Electronics Co. (EXTRA)
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