Financial Results : eXtra’s Q1 net profit rises 66% on higher sales

eXtra’s Q1 net profit rises 66% on higher sales

09/04/2018 Argaam Exclusive

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United Electronics Company (eXtra) reported a net profit of SAR 21.6 million for the first quarter of 2018, a 66.2 percent year-on-year (YoY) increase due to higher sales, along with a rise in margins of some products and services.

Q1 net profit fell 62.6 percent compared to the previous quarter on lower sales.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 804.67 864.61 7.4 %
Gross Income 134.40 152.75 13.6 %
Operating Income 14.03 25.19 79.5 %
Net Income 12.99 21.57 66.0 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.16 0.27 66.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 455.43 - 80.77 - 24.58 -
Q4 2010 531.23 - 101.02 - 38.72 -
Q1 2011 476.68 - 91.62 - 20.16 -
Q2 2011 650.72 - 119.43 - 46.71 -
Q3 2011 610.26 34.0 % 103.99 28.7 % 27.12 10.3 %
Q4 2011 723.86 36.3 % 120.23 19.0 % 41.92 8.3 %
Q1 2012 626.03 31.3 % 111.95 22.2 % 24.34 20.7 %
Q2 2012 726.27 11.6 % 131.05 9.7 % 49.66 6.3 %
Q3 2012 698.82 14.5 % 120.95 16.3 % 29.34 8.2 %
Q4 2012 963.92 33.2 % 166.56 38.5 % 60.20 43.6 %
Q1 2013 723.40 15.6 % 126.65 13.1 % 26.90 10.5 %
Q2 2013 971.21 33.7 % 160.30 22.3 % 54.90 10.5 %
Q3 2013 778.64 11.4 % 141.10 16.7 % 30.30 3.2 %
Q4 2013 914.43 (5.1 %) 173.54 4.2 % 60.30 0.2 %
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 %)
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 %
Q1 2016 742.91 (14.8 %) 97.51 (27.3 %) (44.71) (356.3 %)
Q2 2016 881.27 0.2 % 145.33 4.9 % 12.16 (7.3 %)
Q3 2016 745.45 3.6 % 133.06 3.5 % 11.94 (0.4 %)
Q4 2016 1,387.04 8.9 % 213.39 21.2 % 44.13 250.6 %
Q1 2017 804.67 8.3 % 134.40 37.8 % 14.03 131.4 %
Q2 2017 1,013.91 15.1 % 172.29 18.6 % 44.08 262.5 %
Q3 2017 777.96 4.4 % 150.59 13.2 % 28.11 135.5 %
Q4 2017 1,613.25 16.3 % 253.04 18.6 % 70.08 58.8 %
Q1 2018 864.61 7.4 % 152.75 13.6 % 25.19 79.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 24.52 - 0.31 - 24.52 0.31
Q4 2010 37.36 - 0.47 - 37.36 0.47
Q1 2011 19.05 - 0.24 - 19.05 0.24
Q2 2011 45.46 - 0.57 - 45.46 0.57
Q3 2011 26.36 7.5 % 0.33 - 26.36 0.33
Q4 2011 41.21 10.3 % 0.52 - 41.21 0.52
Q1 2012 23.78 24.8 % 0.30 - 23.78 0.30
Q2 2012 48.37 6.4 % 0.60 - 48.37 0.60
Q3 2012 28.37 7.6 % 0.35 - 28.37 0.35
Q4 2012 58.08 40.9 % 0.73 - 58.08 0.73
Q1 2013 26.22 10.3 % 0.33 - 26.22 0.33
Q2 2013 53.30 10.2 % 0.67 - 53.30 0.67
Q3 2013 29.44 3.8 % 0.37 - 29.44 0.37
Q4 2013 58.37 0.5 % 0.73 - 58.37 0.73
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
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
Q1 2016 (45.89) (385.4 %) (0.57) - (45.89) (0.57)
Q2 2016 11.02 (6.8 %) 0.14 - 11.02 0.14
Q3 2016 6.16 (49.5 %) 0.08 (5.20) 11.36 0.14
Q4 2016 26.34 190.2 % 0.33 (15.62) 41.96 0.52
Q1 2017 12.99 128.3 % 0.16 - 12.99 0.16
Q2 2017 43.37 293.4 % 0.54 - 43.37 0.54
Q3 2017 26.13 324.1 % 0.33 - 26.13 0.33
Q4 2017 57.65 118.9 % 0.72 (9.60) 67.25 0.84
Q1 2018 21.57 66.0 % 0.27 - 21.57 0.27

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 %


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

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 51.15 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

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average 18.67 21.57 15.56 %

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
Al Rajhi Capital 20.00 21.57 7.9 %
Albilad Capital 18.00 21.57 19.8 %
SNB Capital 18.00 21.57 19.8 %


Financial Ratios
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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Share Price

United Electronics Co.
96.00
(0.50) (0.52 %)

United Electronics Co. (EXTRA)

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