eXtra’s net profit jumps 18% to SAR 125.1 mln in H1 2020

20/07/2020 Argaam Exclusive

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United Electronics Co. (eXtra) reported an 18% rise year-on-year (YoY) in net profit after Zakat and tax to SAR 125.1 million for H1 2020, backed by higher sales from all segments, especially in early June ahead of the VAT hike.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	2,219.01	2,783.11	25.4 %
Gross Income	414.44	496.89	19.9 %
Operating Income	120.49	171.71	42.5 %
Net Income	106.29	125.06	17.7 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.33	1.56	17.7 %

Moreover, eXtra’s services and consumer finance revenues increased in the same period, leading to a rise in gross profit.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	1,161.50	1,550.86	33.5 %
Gross Income	226.46	276.12	21.9 %
Operating Income	73.08	118.47	62.1 %
Net Income	72.46	90.38	24.7 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.91	1.13	24.7 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	1,232.25	1,550.86	25.9 %
Gross Income	220.77	276.12	25.1 %
Operating Income	53.24	118.47	122.5 %
Net Income	34.68	90.38	160.6 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.43	1.13	160.6 %

The second quarter net profit after Zakat and tax rose by 25% YoY to SAR 90.4 million, thanks to higher sales from all segments, especially in early June ahead of the VAT hike.

It is worth noting that, Q2 2019 net profit included SAR 17.4 million non-recurring income against the securitization deal of a portion of the installment sales receivable.

When compared to the previous quarter, the home appliance retailer’s net profit more than doubled from SAR 34.7 million.

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