eXtra earns SAR 200.4M in H1 2024; Q2 at SAR 106.5M

09/07/2024 Argaam Exclusive

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United Electronics Co. (eXtra) reported a net profit of SAR 200.4 million in the first half of 2024, compared to SAR 146.1 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 3,187.87 3,499.20 9.8 %
Gross Income 653.91 733.00 12.1 %
Operating Income 204.26 246.30 20.6 %
Net Income 146.12 200.40 37.2 %
Average Shares 80.00 80.00 -
EPS (Riyals) 1.83 2.51 37.2 %

eXtra H1 revenues increased by 9.8% year-on-year (YoY) to SAR 3.49 billion as the retail segment sales grew due to the stable demand in the Saudi market and the growth of consumer financing services.

 

Gross profit of H1 2024 inched up 12.1% YoY. 

 

On the other hand, selling, distribution, general and administrative expenses rose as a result of a SAR 19 million increase in the expected credit loss provision and SAR 8 million growth in financing expenses YoY.  

 

When removing the non-recurring losses provision of SAR 38.1 million, as eXtra discontinued its expansion plans in Egypt, the net profit would grow 8.8% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,749.73 1,919.10 9.7 %
Gross Income 340.02 388.60 14.3 %
Operating Income 95.56 127.70 33.6 %
Net Income 61.67 106.50 72.7 %
Average Shares 80.00 80.00 -
EPS (Riyals) 0.77 1.33 72.7 %

United International Holding Co., owner of United Company for Financial Services (Tasheel Finance), posted a net profit of SAR 99.2 million in H1 2024, compared to SAR 103.7 million in the previous year.

 

The second-quarter net profit rose 73% YoY to SAR 106.5 million due to the success of the major sales season.

 

The company's retail segment witnessed an increase in sales volume, driven by 53% growth in online sales during Q2 2024, compared to Q2 2023.

 

Sequentially, Q2 net profit edged up 13.5% from SAR 93.86 million in Q1 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 1.34 billion as of June 30, 2024, from SAR 1.13 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 871.71 8.0 % 134.11 (7.4 %) 16.08 (45.0 %) 0.20
Q2 2015 879.50 (10.6 %) 138.51 (17.5 %) 11.83 (78.0 %) 0.15
Q3 2015 719.66 (11.0 %) 128.60 (10.7 %) 12.20 (59.0 %) 0.15
Q4 2015 1,273.91 17.0 % 176.00 7.4 % 9.07 9.7 % 0.11
Q1 2016 742.91 (14.8 %) 97.51 (27.3 %) (45.89) (385.4 %) (0.57)
Q2 2016 881.27 0.2 % 145.33 4.9 % 11.02 (6.8 %) 0.14
Q3 2016 745.45 3.6 % 133.06 3.5 % 6.16 (49.5 %) 0.08
Q4 2016 1,387.04 8.9 % 213.39 21.2 % 26.34 190.2 % 0.33
Q1 2017 804.67 8.3 % 134.40 37.8 % 12.99 128.3 % 0.16
Q2 2017 1,013.91 15.1 % 172.29 18.6 % 43.37 293.4 % 0.54
Q3 2017 777.96 4.4 % 150.59 13.2 % 26.13 324.1 % 0.33
Q4 2017 1,613.25 16.3 % 253.04 18.6 % 57.65 118.9 % 0.72
Q1 2018 864.61 7.4 % 152.75 13.6 % 21.57 66.0 % 0.27
Q2 2018 1,015.36 0.1 % 185.12 7.4 % 45.59 5.1 % 0.57
Q3 2018 894.82 15.0 % 172.16 14.3 % 30.95 18.5 % 0.39
Q4 2018 1,619.28 0.4 % 269.38 6.5 % 63.08 9.4 % 0.79
Q1 2019 1,057.51 22.3 % 187.98 23.1 % 33.83 56.8 % 0.42
Q2 2019 1,161.50 14.4 % 226.46 22.3 % 72.46 58.9 % 0.91
Q3 2019 1,034.56 15.6 % 185.82 7.9 % 27.23 (12.0 %) 0.34
Q4 2019 1,881.04 16.2 % 300.93 11.7 % 72.09 14.3 % 0.90
Q1 2020 1,232.25 16.5 % 220.77 17.4 % 34.68 2.5 % 0.43
Q2 2020 1,550.86 33.5 % 276.12 21.9 % 90.38 24.7 % 1.13
Q3 2020 1,224.52 18.4 % 225.59 21.4 % 53.44 96.2 % 0.67
Q4 2020 1,954.69 3.9 % 316.83 5.3 % 101.64 41.0 % 1.27
Q1 2021 1,364.33 10.7 % 260.21 17.9 % 81.20 134.1 % 1.01
Q2 2021 1,328.79 (14.3 %) 289.79 5.0 % 100.50 11.2 % 1.26
Q3 2021 1,373.10 12.1 % 280.17 24.2 % 89.00 66.6 % 1.11
Q4 2021 1,767.41 (9.6 %) 353.48 11.6 % 126.14 24.1 % 1.58
Q1 2022 1,411.98 3.5 % 290.17 11.5 % 97.51 20.1 % 1.22
Q2 2022 1,700.41 28.0 % 320.90 10.7 % 127.12 26.5 % 1.59
Q3 2022 1,372.71 0.0 % 300.21 7.2 % 94.16 5.8 % 1.18
Q4 2022 1,545.96 (12.5 %) 353.78 0.1 % 121.39 (3.8 %) 1.52
Q1 2023 1,438.14 1.9 % 313.88 8.2 % 84.44 (13.4 %) 1.06
Q2 2023 1,749.73 2.9 % 340.02 6.0 % 61.67 (51.5 %) 0.77
Q3 2023 1,452.18 5.8 % 334.21 11.3 % 118.27 25.6 % 1.48
Q4 2023 1,559.66 0.9 % 372.78 5.4 % 126.08 3.9 % 1.58
Q1 2024 1,581.42 10.0 % 345.66 10.1 % 93.86 11.2 % 1.17
Q2 2024 1,919.10 9.7 % 388.60 14.3 % 106.50 72.7 % 1.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 20.23 % 9.58 % 6.79 %
Q4 2022 20.98 % 9.83 % 6.96 %
Q1 2023 21.28 % 9.74 % 6.72 %
Q2 2023 21.42 % 9.18 % 6.50 %
Q3 2023 21.69 % 9.69 % 6.85 %
Q4 2023 21.95 % 9.58 % 6.91 %
Q1 2024 21.96 % 9.53 % 6.90 %
Q2 2024 22.13 % - 6.83 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 80.00 5.56 5.31 12.78
Q4 2022 80.00 5.50 5.25 14.24
Q1 2023 80.00 5.34 5.09 15.31
Q2 2023 80.00 4.52 4.96 14.18
Q3 2023 80.00 4.82 5.30 14.22
Q4 2023 80.00 4.88 5.36 16.05
Q1 2024 80.00 5.00 5.47 15.37
Q2 2024 80.00 5.56 5.56 16.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 14.83 15.54 6.46
Q4 2022 12.56 13.16 4.85
Q1 2023 14.55 15.27 5.08
Q2 2023 16.24 14.80 5.18
Q3 2023 15.66 14.25 5.31
Q4 2023 18.38 16.75 5.59
Q1 2024 19.01 17.36 6.18
Q2 2024 17.09 17.09 5.67

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)
Q3 2022 1,265.96 107.01 4.99 (5.24)
Q4 2022 1,429.17 118.59 5.41 (7.21)
Q1 2023 1,316.48 122.63 5.73 (6.70)
Q2 2023 1,623.39 127.34 5.84 (6.83)
Q3 2023 1,320.90 133.25 4.54 (5.53)
Q4 2023 1,420.00 140.64 5.95 (6.93)
Q1 2024 1,442.98 139.44 6.44 (7.43)

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 101.07 106.50 5.37 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
SNB Capital 107.00 106.50 (0.5) %
Bank of America 108.00 106.50 (1.4) %
Al Rajhi Capital 104.00 106.50 2.4 %
YAQEEN 113.00 106.50 (5.8) %
Value Capital 90.13 106.50 18.2 %
AlJazira Capital 84.30 106.50 26.3 %

Current
Market Cap (M Riyal) 7,376.00
Enterprise Value (EV) (M) 8,385.25
Shares Outstanding ((M)) 80.00
EPS ( Riyal) (TTM) 5.56
Book Value (BV) ( Riyal) 16.76
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.59
P/E (TTM) 16.59
Price/book 5.50
Return on Average Assets (%) (TTM) 9.9
Return on Average Equity (%) (TTM) 35.9

Share Price

92.20
(0.50) (0.54 %)

United Electronics Co. (EXTRA)

Quarterly Actuals vs Estimates 09/07/2024


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