United Electronics Co. (eXtra) reported a net profit after Zakat and tax of SAR 34.7 million for the first quarter of 2020, surging 3% year-on-year (YoY), compared to SAR 33.8 million in the same period last year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 1,057.51 | 1,232.25 | 16.5 % |
| Gross Income | 187.98 | 220.77 | 17.4 % |
| Operating Income | 47.41 | 53.24 | 12.3 % |
| Net Income | 33.83 | 34.68 | 2.5 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.42 | 0.43 | 2.5 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 1,881.04 | 1,232.25 | (34.5 %) |
| Gross Income | 300.93 | 220.77 | (26.6 %) |
| Operating Income | 89.88 | 53.24 | (40.8 %) |
| Net Income | 72.09 | 34.68 | (51.9 %) |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.90 | 0.43 | (51.9 %) |
The company attributed the increase to higher showrooms and e-commerce sales, higher revenues from consumer finance services, as well as higher gross profit by 17.4%.
This was despite higher selling, general and administrative expenses, booking non-recurring income worth SAR 3.4 million, and early booking of SAR 5.4 million in consumer finance services revenue on the securitization deal with Al Rajhi Bank.
When compared to the previous quarter, net profit dropped by 52%, on mega sale season.
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