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.
| 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 | - |
| EPS (Riyals) | 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.
| 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 | - |
| EPS (Riyals) | 0.10 | 0.11 | 9.7 % |
| 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 %) |
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (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 |
| 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 |
| Item | Q4 2015 (e) | Q4 2015 (a) | Change |
|---|---|---|---|
| Average | 29.84 | 9.07 | (69.6 %) |
| Item | Q4 2015 (e) | Q4 2015 (a) | Change |
|---|---|---|---|
| Value Capital | 14.70 | 9.07 | (38.3) % |
| SFC | 27.00 | 9.07 | (66.4) % |
| SNB Capital | 35.70 | 9.07 | (74.6) % |
| Al Rajhi Capital | 35.80 | 9.07 | (74.7) % |
| Albilad Capital | 36.00 | 9.07 | (74.8) % |
| Current | |
| Market Cap (M Riyal) | 7,520.00 |
| Enterprise Value (EV) (M) | 8,592.33 |
| Shares Outstanding ((M)) | 80.00 |
| EPS ( Riyal) (TTM) | 5.56 |
| Book Value (BV) ( Riyal) | 16.77 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 16.91 |
| P/E (TTM) | 16.91 |
| Price/book | 5.60 |
| Return on Average Assets (%) (TTM) | 9.7 |
| Return on Average Equity (%) (TTM) | 35.9 |
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