Financial Results : eXtra’s Q1 2020 net profit rises 3% to SAR 34.7 mln

eXtra’s Q1 2020 net profit rises 3% to SAR 34.7 mln

31/05/2020 Argaam Exclusive

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United Electronics Co. (eXtra) reported a net profit after Zakat and tax of SAR 34.7 million for the first quarter of 2020, surging 3% year-on-year (YoY), compared to SAR 33.8 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 1,057.51 1,232.25 16.5 %
Gross Income 187.98 220.77 17.4 %
Operating Income 47.41 53.24 12.3 %
Net Income 33.83 34.68 2.5 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.42 0.43 2.5 %

The company attributed the increase to higher showrooms and e-commerce sales, higher revenues from consumer finance services, as well as higher gross profit by 17.4%. 

 

This was despite higher selling, general and administrative expenses, booking non-recurring income worth SAR 3.4 million, and early booking of SAR 5.4 million in consumer finance services revenue on the securitization deal with Al Rajhi Bank. 

 

When compared to the previous quarter, net profit dropped by 52%, on mega sale season.

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