eXtra net profit rises 34% to SAR 178.5 mln in 9M 2020

11/10/2020 Argaam Exclusive

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United Electronics Co. (eXtra) reported a net profit after Zakat and tax of SAR 178.5 million for the first nine months of 2020, a 33.6% year-on-year (YoY) increase, compared to SAR 133.5 million in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	3,253.57	4,007.62	23.2 %
Gross Income	600.26	722.47	20.4 %
Operating Income	158.89	242.03	52.3 %
Net Income	133.53	178.50	33.7 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.67	2.23	33.7 %

The growth was driven by higher sales across all divisions, in addition to an increase in revenues from services and consumer finance, leading to an increase in gross profit.

This was despite an increase in selling, general and administrative (SG&A) expenses, the company said in a bourse filing.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	1,034.56	1,224.52	18.4 %
Gross Income	185.82	225.59	21.4 %
Operating Income	38.40	70.32	83.1 %
Net Income	27.23	53.44	96.2 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.34	0.67	96.2 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	1,550.86	1,224.52	(21.0 %)
Gross Income	276.12	225.59	(18.3 %)
Operating Income	118.47	70.32	(40.6 %)
Net Income	90.38	53.44	(40.9 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.13	0.67	(40.9 %)

eXtra’s net profit after Zakat and tax for Q3 2020 surged 96.2% YoY to SAR 53.44 million, due to higher sales across all divisions, in addition to an increase in revenues from services and consumer finance.

On a sequential basis, Q3 2020 net profit slid by 41% compared to the previous quarter, due to lower revenues as a result of issuance of hike in value-added tax (VAT), and seasonality of sales.

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