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.
| 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.
| 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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