eXtra posts 36% profit rise to SAR 280.1 mln in 2020

10/01/2021 Argaam Exclusive

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United Electronics Co. (eXtra) reported an annual net profit after Zakat and tax of SAR 280.1 million for 2020, up 36% year-on-year (YoY), due to higher sales across stores and e-commerce sector.

The company also cited increase in gross profit and rise in revenues from consumer finance services.

Financials (M)

Item	2019	2020	Change‬
Revenues	5,134.60	5,962.32	16.1 %
Gross Income	901.18	1,039.30	15.3 %
Operating Income	248.77	354.14	42.4 %
Net Income	205.61	280.14	36.2 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.57	3.50	36.2 %

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	1,881.04	1,954.69	3.9 %
Gross Income	300.93	316.83	5.3 %
Operating Income	89.88	112.10	24.7 %
Net Income	72.09	101.64	41.0 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.90	1.27	41.0 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	1,224.52	1,954.69	59.6 %
Gross Income	225.59	316.83	40.4 %
Operating Income	70.32	112.10	59.4 %
Net Income	53.44	101.64	90.2 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.67	1.27	90.2 %

The Q4 2020 net profit increased by 41% YoY to SAR 101.8 million on higher sales and increase in revenues from services and consumer finance.

On a sequential basis, Q4 2020 net profit rose by 90.4% on seasonality factors.

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