Financial Results : eXtra H1 2022 net profit rises 24% to SAR 224.6 mln, Q2 up 27% to SAR 127.1 mln

eXtra H1 2022 net profit rises 24% to SAR 224.6 mln, Q2 up 27% to SAR 127.1 mln

18/07/2022 Argaam Exclusive

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United Electronics Co. (eXtra) reported a 24% increase in estimated net profit after Zakat and tax to SAR 224.6 million for H1 2022, compared to SAR 181.7 million in the previous year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 2,693.11 3,112.39 15.6 %
Gross Income 550.00 611.07 11.1 %
Operating Income 204.27 237.86 16.4 %
Net Income 181.70 224.63 23.6 %
Average Shares 80.00 80.00 -
EPS (Riyals) 2.27 2.81 23.6 %

The company’s H1 2022 revenue grew 15.6% year-on-year (YoY) due to the launch of the mega sale campaign in Q2 2022, which boosted retail sales.  

 

In addition, the home appliance retailer reported higher consumer finance revenue from its wholly-owned subsidiary, United Company for Financial Services (Tas’heel Finance), despite a rise in selling, general and administrative expenses.

 

The company’s Q2 2022 net profit after Zakat and tax surged 27% YoY to SAR 127.1 million, as eXtra’s mega sale drove the retail segment's sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 1,328.79 1,700.41 28.0 %
Gross Income 289.79 320.90 10.7 %
Operating Income 108.12 124.24 14.9 %
Net Income 100.50 127.12 26.5 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.26 1.59 26.5 %

Sequentially, eXtra’s Q2 2022 net profit climbed 30% on the back of its mega sale campaign.

 

Total shareholders’ equity, after minority interest, grew to SAR 1.073 billion as of June 30, 2022, from SAR 888.29 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2021 1,373.10 12.1 % 280.17 24.2 % 101.91 44.9 %
Q4 2021 1,767.41 (9.6 %) 353.48 11.6 % 146.65 30.8 %
Q1 2022 1,411.98 3.5 % 290.17 11.5 % 113.62 18.2 %
Q2 2022 1,700.41 28.0 % 320.90 10.7 % 124.24 14.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2021 89.00 66.6 % 1.11 - 89.00 1.11
Q4 2021 126.14 24.1 % 1.58 - 126.14 1.58
Q1 2022 97.51 20.1 % 1.22 - 97.51 1.22
Q2 2022 127.12 26.5 % 1.59 17.36 109.76 1.37

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2021 19.05 % 8.63 % 6.18 %
Q4 2021 20.29 % 9.49 % 6.80 %
Q1 2022 20.64 % 9.76 % 7.02 %
Q2 2022 19.91 % 9.50 % 6.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2021 80.00 4.65 4.65 10.80
Q4 2021 80.00 4.96 4.96 12.41
Q1 2022 80.00 5.16 5.16 11.81
Q2 2022 80.00 5.50 5.28 13.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2021 22.98 22.98 9.91
Q4 2021 20.47 20.47 8.18
Q1 2022 19.32 19.32 8.45
Q2 2022 15.44 16.08 6.33

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)
Q3 2021 1,293.20 80.45 3.87 (4.41)
Q4 2021 1,675.79 87.38 9.53 (5.28)
Q1 2022 1,318.29 94.61 4.64 (5.56)
Q2 2022 1,604.59 96.75 4.99 (5.92)

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 105.47 127.12 20.53 %

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
Hermes 113.00 127.12 12.5 %
OSOOL AND BAKHEET 112.93 127.12 12.6 %
Al Rajhi Capital 108.00 127.12 17.7 %
SNB Capital 101.00 127.12 25.9 %
Goldman Sachs 92.40 127.12 37.6 %


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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