eXtra posts 58% profit jump in H1 2019

09/07/2019 Argaam Exclusive

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Share Price

United Electronics Co. (EXTRA)

United Electronics Co.’s (eXtra) net profit after zakat and tax leapfrogged 58.18 percent year-on-year (YoY) to SAR 106.3 million in the first half of 2019 due to higher sales revenue.

Second quarter earnings jumped 58.99 percent YoY to SAR 72.5 million on higher sales, increased gross profit, and higher profit margins.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	1,879.98	2,219.01	18.0 %
Gross Income	338.08	414.44	22.6 %
Operating Income	76.66	120.49	57.2 %
Net Income	67.16	106.29	58.3 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.84	1.33	58.3 %

The company also cited the impact of the Murabaha agreement signed with Al Rajhi Bank at SAR 17.4 million.

On a quarterly basis, net profit more than doubled, driven by higher sales, increased gross profit and higher operating profit.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	1,015.36	1,161.50	14.4 %
Gross Income	185.12	226.46	22.3 %
Operating Income	51.47	73.08	42.0 %
Net Income	45.59	72.46	58.9 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.57	0.91	58.9 %

Item	Q1 2019	Q2 2019	Change‬
Revenues	1,057.51	1,161.50	9.8 %
Gross Income	187.98	226.46	20.5 %
Operating Income	47.41	73.08	54.2 %
Net Income	33.83	72.46	114.2 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.42	0.91	114.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	455.43	-	80.77	-	24.52	-	0.31
Q4 2010	531.23	-	101.02	-	37.36	-	0.47
2010	1,778.38	23.5 %	322.09	42.8 %	97.73	138.1 %	1.22
Q1 2011	476.68	-	91.62	-	19.05	-	0.24
Q2 2011	650.72	-	119.43	-	45.46	-	0.57
Q3 2011	610.26	34.0 %	103.99	28.7 %	26.36	7.5 %	0.33
Q4 2011	723.86	36.3 %	120.23	19.0 %	41.21	10.3 %	0.52
2011	2,461.51	38.4 %	435.27	35.1 %	132.08	35.1 %	1.65
Q1 2012	626.03	31.3 %	111.95	22.2 %	23.78	24.8 %	0.30
Q2 2012	726.27	11.6 %	131.05	9.7 %	48.37	6.4 %	0.60
Q3 2012	698.82	14.5 %	120.95	16.3 %	28.37	7.6 %	0.35
Q4 2012	963.92	33.2 %	166.56	38.5 %	58.08	40.9 %	0.73
2012	3,015.04	22.5 %	530.51	21.9 %	158.59	20.1 %	1.98
Q1 2013	723.40	15.6 %	126.65	13.1 %	26.22	10.3 %	0.33
Q2 2013	971.21	33.7 %	160.30	22.3 %	53.30	10.2 %	0.67
Q3 2013	778.64	11.4 %	141.10	16.7 %	29.44	3.8 %	0.37
Q4 2013	914.43	(5.1 %)	173.54	4.2 %	58.37	0.5 %	0.73
2013	3,387.67	12.4 %	601.59	13.4 %	167.33	5.5 %	2.09
Q1 2014	807.33	11.6 %	144.84	14.4 %	29.25	11.6 %	0.37
Q2 2014	984.29	1.3 %	167.96	4.8 %	53.77	0.9 %	0.67
Q3 2014	809.06	3.9 %	144.06	2.1 %	29.75	1.0 %	0.37
Q4 2014	1,088.69	19.1 %	163.90	(5.6 %)	8.28	(85.8 %)	0.10
2014	3,689.36	8.9 %	620.76	3.2 %	121.04	(27.7 %)	1.51
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
2015	3,744.79	1.5 %	577.54	(7.0 %)	49.18	(59.4 %)	0.61
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
2016	3,756.67	0.3 %	589.29	2.0 %	(2.36)	(104.8 %)	(0.03)
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
2017	4,209.78	12.1 %	710.33	20.5 %	140.14	6028.0 %	1.75
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
2018	4,394.08	4.4 %	779.61	9.8 %	161.19	15.0 %	2.01
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	1,439.86	14.1 %	225.57	27.0 %	41.05	160.6 %	0.51
2010	1,778.38	23.5 %	322.09	42.8 %	97.73	138.1 %	1.22
2011	2,461.51	38.4 %	435.27	35.1 %	132.08	35.1 %	1.65
2012	3,015.04	22.5 %	530.51	21.9 %	158.59	20.1 %	1.98
2013	3,387.67	12.4 %	601.59	13.4 %	167.33	5.5 %	2.09
2014	3,689.36	8.9 %	620.76	3.2 %	121.04	(27.7 %)	1.51
2015	3,744.79	1.5 %	577.54	(7.0 %)	49.18	(59.4 %)	0.61
2016	3,756.67	0.3 %	589.29	2.0 %	(2.36)	(104.8 %)	(0.03)
2017	4,209.78	12.1 %	710.33	20.5 %	140.14	6028.0 %	1.75
2018	4,394.08	4.4 %	779.61	9.8 %	161.19	15.0 %	2.01

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	18.11 %	6.65 %	5.50 %
Q1 2011	-	-	-
Q2 2011	18.58 %	6.91 %	5.98 %
Q3 2011	18.34 %	6.79 %	5.65 %
Q4 2011	17.68 %	6.42 %	5.37 %
2011	17.68 %	6.42 %	5.37 %
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 %
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 %
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 %
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 %
2015	15.42 %	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 %
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 %
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 %
2018	17.74 %	5.02 %	3.67 %
Q1 2019	17.76 %	5.57 %	3.78 %
Q2 2019	18.08 %	6.11 %	3.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	15.67 %	4.22 %	2.85 %
2010	18.11 %	6.65 %	5.50 %
2011	17.68 %	6.42 %	5.37 %
2012	17.60 %	6.36 %	5.26 %
2013	17.76 %	6.21 %	4.94 %
2014	16.83 %	4.60 %	3.28 %
2015	15.42 %	2.71 %	1.31 %
2016	15.69 %	1.78 %	0.49 %
2017	16.87 %	4.76 %	3.56 %
2018	17.74 %	5.02 %	3.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	17.74 %	5.40 %	5.38 %
Q4 2010	19.02 %	8.28 %	7.03 %
Q1 2011	19.22 %	5.32 %	4.00 %
Q2 2011	18.35 %	8.02 %	6.99 %
Q3 2011	17.04 %	5.34 %	4.32 %
Q4 2011	16.61 %	6.61 %	5.69 %
Q1 2012	17.88 %	4.97 %	3.80 %
Q2 2012	18.04 %	7.77 %	6.66 %
Q3 2012	17.31 %	5.22 %	4.06 %
Q4 2012	17.28 %	7.02 %	6.03 %
Q1 2013	17.51 %	4.88 %	3.62 %
Q2 2013	16.51 %	6.60 %	5.49 %
Q3 2013	18.12 %	5.20 %	3.78 %
Q4 2013	18.98 %	7.72 %	6.38 %
Q1 2014	17.94 %	5.12 %	3.62 %
Q2 2014	17.06 %	6.83 %	5.46 %
Q3 2014	17.81 %	5.14 %	3.68 %
Q4 2014	15.05 %	1.80 %	0.76 %
Q1 2015	15.38 %	3.32 %	1.84 %
Q2 2015	15.75 %	2.81 %	1.34 %
Q3 2015	17.87 %	3.27 %	1.70 %
Q4 2015	13.82 %	1.91 %	0.71 %
Q1 2016	13.13 %	(4.41 %)	(6.18 %)
Q2 2016	16.49 %	2.38 %	1.25 %
Q3 2016	17.85 %	3.23 %	1.52 %
Q4 2016	15.38 %	3.94 %	3.02 %
Q1 2017	16.70 %	3.02 %	1.61 %
Q2 2017	16.99 %	5.50 %	4.28 %
Q3 2017	19.36 %	5.01 %	3.36 %
Q4 2017	15.69 %	5.06 %	4.17 %
Q1 2018	17.67 %	4.11 %	2.50 %
Q2 2018	18.23 %	6.04 %	4.49 %
Q3 2018	19.24 %	4.94 %	3.46 %
Q4 2018	16.64 %	4.91 %	3.90 %
Q1 2019	17.78 %	6.64 %	3.20 %
Q2 2019	19.50 %	8.21 %	4.73 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	80.00	-	-	2.57
Q4 2010	80.00	-	-	3.04
Q1 2011	80.00	-	-	3.28
Q2 2011	80.00	1.58	1.58	3.85
Q3 2011	80.00	1.60	1.60	4.18
Q4 2011	80.00	1.65	1.65	4.69
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	80.00	0.51	0.51	1.82
2010	80.00	1.22	1.22	3.04
2011	80.00	1.65	1.65	4.69
2012	80.00	1.98	1.98	5.91
2013	80.00	2.09	2.09	6.10
2014	80.00	1.51	1.51	6.47
2015	80.00	0.61	0.61	6.65
2016	80.00	(0.03)	0.23	6.60
2017	80.00	1.75	1.87	7.08
2018	80.00	2.01	2.01	8.07

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	13.96	13.96	4.91
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	More than 50	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

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	13.96	13.96	4.91
2012	15.62	15.62	5.24
2013	17.61	17.61	6.04
2014	19.84	19.84	4.64
2015	29.17	29.17	2.70
2016	NEG	More than 50	1.79
2017	14.12	13.21	3.49
2018	19.85	19.85	4.96

Business Segments (Million)

Compared With The

Period	Retail / Wholesale	Consumer Finance	Other activities	Consolidation adjustments & eliminations

Analysts Estimates (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change‬
Average	64.57	72.46	12.23 %

Estimates vs Actual (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change
Al Rajhi Capital	75.00	72.46	(3.4) %
SNB Capital	64.00	72.46	13.2 %
OSOOL AND BAKHEET	54.70	72.46	32.5 %

Financial Ratios

	Current
Market Cap (M Riyal)	7,704.00
Enterprise Value (EV) (M)	8,713.25
Shares Outstanding ((M))	80.00
EPS ( Riyal) (TTM)	5.00
Book Value (BV) ( Riyal)	15.37
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	17.59
P/E (TTM)	19.27
Price/book	6.27
Return on Average Assets (%) (TTM)	9.0
Return on Average Equity (%) (TTM)	32.6

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eXtra posts 58% profit jump in H1 2019

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Share Price

United Electronics Co. (EXTRA)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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eXtra posts 58% profit jump in H1 2019

View other reports

Share Price

United Electronics Co. (EXTRA)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2019

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)