Financial Results : eXtra H1 2021 net profit rises 45% to SAR 181.7 mln

eXtra H1 2021 net profit rises 45% to SAR 181.7 mln

12/07/2021 Argaam Exclusive

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United Electronics Co. (eXtra) reported a 45% rise in net profit after Zakat and tax to SAR 181.7 million for H1 2021, compared to SAR 125.1 million in the same period last year.

 

The company attributed the profit rise to a significant increase in consumer electronics demand, especially in April and June last year.

 

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

 

This was marginally offset by a drop in revenues.

 

Meanwhile, eXtra’s fully-owned subsidiary, United Company for Financial Services (Tas'heel Finance) achieved a net profit of SAR 45.6 million in H1 2021 compared to SAR 200,000 for same period last year.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 2,783.11 2,693.11 (3.2 %)
Gross Income 496.89 550.00 10.7 %
Operating Income 171.71 204.27 19.0 %
Net Income 125.06 181.70 45.3 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.56 2.27 45.3 %

The second quarter net profit after Zakat and tax rose by 11% year-on-year (YoY) to SAR 100.5 million, backed by a significant increase in last year’s demand in consumer electronics, especially during the curfew in April and ahead of value-added tax (VAT) hike in July.

 

When compared to the previous quarter, the home appliance retailer’s net profit increased 23.7% on growth in consumer finance revenues.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 1,550.86 1,328.79 (14.3 %)
Gross Income 276.12 289.79 5.0 %
Operating Income 118.47 108.12 (8.7 %)
Net Income 90.38 100.50 11.2 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.13 1.26 11.2 %

 

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 626.03 31.3 % 111.95 22.2 % 24.34 20.7 %
Q2 2012 726.27 11.6 % 131.05 9.7 % 49.66 6.3 %
Q3 2012 698.82 14.5 % 120.95 16.3 % 29.34 8.2 %
Q4 2012 963.92 33.2 % 166.56 38.5 % 60.20 43.6 %
Q1 2013 723.40 15.6 % 126.65 13.1 % 26.90 10.5 %
Q2 2013 971.21 33.7 % 160.30 22.3 % 54.90 10.5 %
Q3 2013 778.64 11.4 % 141.10 16.7 % 30.30 3.2 %
Q4 2013 914.43 (5.1 %) 173.54 4.2 % 60.30 0.2 %
Q1 2014 807.33 11.6 % 144.84 14.4 % 30.64 13.9 %
Q2 2014 984.29 1.3 % 167.96 4.8 % 56.14 2.3 %
Q3 2014 809.06 3.9 % 144.06 2.1 % 30.30 0.0 %
Q4 2014 1,088.69 19.1 % 163.90 (5.6 %) 8.71 (85.6 %)
Q1 2015 871.71 8.0 % 134.11 (7.4 %) 17.45 (43.1 %)
Q2 2015 879.50 (10.6 %) 138.51 (17.5 %) 13.12 (76.6 %)
Q3 2015 719.66 (11.0 %) 128.60 (10.7 %) 11.99 (60.4 %)
Q4 2015 1,273.91 17.0 % 176.00 7.4 % 12.59 44.5 %
Q1 2016 742.91 (14.8 %) 97.51 (27.3 %) (44.71) (356.3 %)
Q2 2016 881.27 0.2 % 145.33 4.9 % 12.16 (7.3 %)
Q3 2016 745.45 3.6 % 133.06 3.5 % 11.94 (0.4 %)
Q4 2016 1,387.04 8.9 % 213.39 21.2 % 44.13 250.6 %
Q1 2017 804.67 8.3 % 134.40 37.8 % 14.03 131.4 %
Q2 2017 1,013.91 15.1 % 172.29 18.6 % 44.08 262.5 %
Q3 2017 777.96 4.4 % 150.59 13.2 % 28.11 135.5 %
Q4 2017 1,613.25 16.3 % 253.04 18.6 % 70.08 58.8 %
Q1 2018 864.61 7.4 % 152.75 13.6 % 25.19 79.5 %
Q2 2018 1,015.36 0.1 % 185.12 7.4 % 51.47 16.8 %
Q3 2018 894.82 15.0 % 172.16 14.3 % 34.07 21.2 %
Q4 2018 1,619.28 0.4 % 269.38 6.5 % 69.27 (1.2 %)
Q1 2019 1,057.51 22.3 % 187.98 23.1 % 47.41 88.2 %
Q2 2019 1,161.50 14.4 % 226.46 22.3 % 73.08 42.0 %
Q3 2019 1,034.56 15.6 % 185.82 7.9 % 38.40 12.7 %
Q4 2019 1,881.04 16.2 % 300.93 11.7 % 89.88 29.8 %
Q1 2020 1,232.25 16.5 % 220.77 17.4 % 53.24 12.3 %
Q2 2020 1,550.86 33.5 % 276.12 21.9 % 118.47 62.1 %
Q3 2020 1,224.52 18.4 % 225.59 21.4 % 70.32 83.1 %
Q4 2020 1,954.69 3.9 % 316.83 5.3 % 112.10 24.7 %
Q1 2021 1,364.33 10.7 % 260.21 17.9 % 96.15 80.6 %
Q2 2021 1,328.79 (14.3 %) 289.79 5.0 % 108.12 (8.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 23.78 24.8 % 0.30 - 23.78 0.30
Q2 2012 48.37 6.4 % 0.60 - 48.37 0.60
Q3 2012 28.37 7.6 % 0.35 - 28.37 0.35
Q4 2012 58.08 40.9 % 0.73 - 58.08 0.73
Q1 2013 26.22 10.3 % 0.33 - 26.22 0.33
Q2 2013 53.30 10.2 % 0.67 - 53.30 0.67
Q3 2013 29.44 3.8 % 0.37 - 29.44 0.37
Q4 2013 58.37 0.5 % 0.73 - 58.37 0.73
Q1 2014 29.25 11.6 % 0.37 - 29.25 0.37
Q2 2014 53.77 0.9 % 0.67 - 53.77 0.67
Q3 2014 29.75 1.0 % 0.37 - 29.75 0.37
Q4 2014 8.28 (85.8 %) 0.10 - 8.28 0.10
Q1 2015 16.08 (45.0 %) 0.20 - 16.08 0.20
Q2 2015 11.83 (78.0 %) 0.15 - 11.83 0.15
Q3 2015 12.20 (59.0 %) 0.15 - 12.20 0.15
Q4 2015 9.07 9.7 % 0.11 - 9.07 0.11
Q1 2016 (45.89) (385.4 %) (0.57) - (45.89) (0.57)
Q2 2016 11.02 (6.8 %) 0.14 - 11.02 0.14
Q3 2016 6.16 (49.5 %) 0.08 (5.20) 11.36 0.14
Q4 2016 26.34 190.2 % 0.33 (15.62) 41.96 0.52
Q1 2017 12.99 128.3 % 0.16 - 12.99 0.16
Q2 2017 43.37 293.4 % 0.54 - 43.37 0.54
Q3 2017 26.13 324.1 % 0.33 - 26.13 0.33
Q4 2017 57.65 118.9 % 0.72 (9.60) 67.25 0.84
Q1 2018 21.57 66.0 % 0.27 - 21.57 0.27
Q2 2018 45.59 5.1 % 0.57 - 45.59 0.57
Q3 2018 30.95 18.5 % 0.39 - 30.95 0.39
Q4 2018 63.08 9.4 % 0.79 - 63.08 0.79
Q1 2019 33.83 56.8 % 0.42 - 33.83 0.42
Q2 2019 72.46 58.9 % 0.91 17.47 54.99 0.69
Q3 2019 27.23 (12.0 %) 0.34 4.50 22.73 0.28
Q4 2019 72.09 14.3 % 0.90 - 72.09 0.90
Q1 2020 34.68 2.5 % 0.43 - 34.68 0.43
Q2 2020 90.38 24.7 % 1.13 - 90.38 1.13
Q3 2020 53.44 96.2 % 0.67 - 53.44 0.67
Q4 2020 101.64 41.0 % 1.27 - 101.64 1.27
Q1 2021 81.20 134.1 % 1.01 - 81.20 1.01
Q2 2021 100.50 11.2 % 1.26 - 100.50 1.26

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 17.45 % 6.27 % 5.24 %
Q2 2012 17.39 % 6.25 % 5.20 %
Q3 2012 17.45 % 6.19 % 5.11 %
Q4 2012 17.60 % 6.36 % 5.26 %
Q1 2013 17.52 % 6.29 % 5.17 %
Q2 2013 17.11 % 6.06 % 4.94 %
Q3 2013 17.30 % 6.04 % 4.86 %
Q4 2013 17.76 % 6.21 % 4.94 %
Q1 2014 17.85 % 6.24 % 4.91 %
Q2 2014 18.01 % 6.30 % 4.90 %
Q3 2014 17.93 % 6.28 % 4.87 %
Q4 2014 16.83 % 4.60 % 3.28 %
Q1 2015 16.25 % 4.19 % 2.87 %
Q2 2015 15.91 % 3.15 % 1.81 %
Q3 2015 15.88 % 2.72 % 1.36 %
Q4 2015 15.41 % 2.71 % 1.31 %
Q1 2016 14.95 % 1.10 % (0.35 %)
Q2 2016 15.13 % 1.00 % (0.38 %)
Q3 2016 15.15 % 1.01 % (0.40 %)
Q4 2016 15.69 % 1.78 % 0.49 %
Q1 2017 16.40 % 3.25 % 2.03 %
Q2 2017 16.53 % 4.02 % 2.78 %
Q3 2017 16.84 % 4.36 % 3.12 %
Q4 2017 16.87 % 4.76 % 3.56 %
Q1 2018 17.07 % 4.96 % 3.71 %
Q2 2018 17.36 % 5.09 % 3.76 %
Q3 2018 17.39 % 5.08 % 3.77 %
Q4 2018 17.74 % 5.02 % 3.67 %
Q1 2019 17.76 % 5.57 % 3.78 %
Q2 2019 18.08 % 6.11 % 3.86 %
Q3 2019 17.85 % 6.32 % 3.58 %
Q4 2019 17.55 % 6.79 % 3.58 %
Q1 2020 17.59 % 6.76 % 3.47 %
Q2 2020 17.26 % 7.19 % 3.86 %
Q3 2020 17.38 % 7.55 % 4.26 %
Q4 2020 17.43 % 7.76 % 4.70 %
Q1 2021 17.70 % 8.25 % 5.36 %
Q2 2021 18.60 % 8.34 % 5.73 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 80.00 1.71 1.71 4.22
Q2 2012 80.00 1.75 1.75 4.83
Q3 2012 80.00 1.77 1.77 5.18
Q4 2012 80.00 1.98 1.98 5.91
Q1 2013 80.00 2.01 2.01 6.23
Q2 2013 80.00 2.07 2.07 6.13
Q3 2013 80.00 2.09 2.09 6.03
Q4 2013 80.00 2.09 2.09 6.10
Q1 2014 80.00 2.13 2.13 6.47
Q2 2014 80.00 2.14 2.14 6.74
Q3 2014 80.00 2.14 2.14 6.74
Q4 2014 80.00 1.51 1.51 6.47
Q1 2015 80.00 1.35 1.35 6.67
Q2 2015 80.00 0.82 0.82 6.61
Q3 2015 80.00 0.60 0.60 6.53
Q4 2015 80.00 0.61 0.61 6.65
Q1 2016 80.00 (0.16) (0.16) 6.09
Q2 2016 80.00 (0.17) (0.17) 6.22
Q3 2016 80.00 (0.25) (0.18) 6.31
Q4 2016 80.00 (0.03) 0.23 6.60
Q1 2017 80.00 0.71 0.97 5.87
Q2 2017 80.00 1.11 1.37 6.41
Q3 2017 80.00 1.36 1.56 6.35
Q4 2017 80.00 1.75 1.87 7.08
Q1 2018 80.00 1.86 1.98 6.68
Q2 2018 80.00 1.89 2.01 7.25
Q3 2018 80.00 1.95 2.07 7.25
Q4 2018 80.00 2.01 2.01 8.07
Q1 2019 80.00 2.17 2.17 7.46
Q2 2019 80.00 2.50 2.29 7.61
Q3 2019 80.00 2.46 2.18 7.34
Q4 2019 80.00 2.57 2.30 8.25
Q1 2020 80.00 2.58 2.31 7.91
Q2 2020 80.00 2.80 2.75 9.14
Q3 2020 80.00 3.13 3.13 9.11
Q4 2020 80.00 3.50 3.50 10.32
Q1 2021 80.00 4.08 4.08 9.77
Q2 2021 80.00 4.21 4.21 11.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 16.05 16.05 6.50
Q2 2012 14.82 14.82 5.36
Q3 2012 15.79 15.79 5.40
Q4 2012 15.62 15.62 5.24
Q1 2013 18.05 18.05 5.83
Q2 2013 17.58 17.58 5.95
Q3 2013 21.35 21.35 7.40
Q4 2013 17.61 17.61 6.04
Q1 2014 20.14 20.14 6.63
Q2 2014 21.37 21.37 6.77
Q3 2014 20.58 20.58 6.53
Q4 2014 19.84 19.84 4.64
Q1 2015 26.44 26.44 5.35
Q2 2015 45.96 45.96 5.73
Q3 2015 34.06 34.06 3.15
Q4 2015 29.17 29.17 2.70
Q1 2016 NEG NEG 1.91
Q2 2016 NEG NEG 1.89
Q3 2016 NEG NEG 1.28
Q4 2016 NEG 51.15 1.79
Q1 2017 21.61 15.79 2.60
Q2 2017 14.89 12.06 2.58
Q3 2017 17.41 15.22 3.73
Q4 2017 14.12 13.21 3.49
Q1 2018 19.10 17.94 5.31
Q2 2018 17.35 16.32 4.51
Q3 2018 17.30 16.30 4.65
Q4 2018 19.85 19.85 4.96
Q1 2019 17.32 17.32 5.03
Q2 2019 16.85 18.46 5.55
Q3 2019 18.56 20.90 6.21
Q4 2019 18.21 20.39 5.67
Q1 2020 13.88 15.53 4.53
Q2 2020 14.71 15.01 4.51
Q3 2020 16.69 16.69 5.74
Q4 2020 18.53 18.53 6.28
Q1 2021 19.29 19.29 8.06
Q2 2021 23.70 23.70 8.98

Business Segments (Million)

Compared With The
Period Retail / Wholesale Consumer Finance Other activities Consolidation adjustments & eliminations
Q1 2020 1,214.34 18.75 2.48 (3.32)
Q2 2020 1,525.80 25.91 2.19 (3.04)
Q3 2020 1,189.03 36.33 3.38 (4.59)
Q4 2020 1,898.20 49.64 10.72 (3.51)
Q1 2021 1,304.32 61.38 3.79 (5.16)
Q2 2021 1,257.45 71.70 3.80 (4.16)

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 94.67 100.50 6.16 %

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
OSOOL AND BAKHEET 109.00 100.50 (7.8) %
SNB Capital 91.00 100.50 10.4 %
Al Rajhi Capital 84.00 100.50 19.6 %


Financial Ratios
Current
Market Cap (M Riyal) 7,504.00
Enterprise Value (EV) (M) 8,738.89
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 6.04
Book Value (BV) ( Riyal) 16.97
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.08
P/E (TTM) 15.54
Price/book 5.53
Return on Average Assets (%) (TTM) 10.6
Return on Average Equity (%) (TTM) 38.7
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Share Price

United Electronics Co.
93.80
(0.20) (0.21 %)

United Electronics Co. (EXTRA)

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