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

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 %

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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