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eXtra net profit jumps 52% to SAR 270.7 mln in 9M 2021
United Electronics Co. reported a net profit after Zakat and tax of SAR 270.7 million for the first nine months of 2021, a 52% increase compared to SAR 178.5 million in the same period last year.
The company attributed the profit increase to higher revenue from extra service and consumer finance sectors, in addition to higher other income.
Financials (M)
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 4,007.62 | 4,066.22 | 1.5 % |
| Gross Income | 722.47 | 830.17 | 14.9 % |
| Operating Income | 242.03 | 327.42 | 35.3 % |
| Net Income | 178.50 | 270.69 | 51.6 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 2.98 | 4.51 | 51.6 % |
The company reported a net profit after Zakat and tax of SAR 89 million for Q3 2021, a 66.6% year-on-year (YoY) increase, on higher sales in the retail sector.
Current Quarter Comparison (M)
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 1,224.52 | 1,373.10 | 12.1 % |
| Gross Income | 225.59 | 280.17 | 24.2 % |
| Operating Income | 70.32 | 110.72 | 57.5 % |
| Net Income | 53.44 | 89.00 | 66.6 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.89 | 1.48 | 66.6 % |
On a sequential basis, net profit fell 11.4% from SAR 100.5 million in Q2 2021 due to seasonal changes in the sales mix.
Shareholders’ equity, excluding minority interest, increased 18.5% to SAR 863.77 million as of Sept. 30, 2021, from SAR 728.64 million a year earlier.
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Share Price
United Electronics Co. (Extra)
| Current | |
| Market Cap (M Riyal) | 7,104.00 |
| Enterprise Value (EV) (M) | 7,701.99 |
| Shares Outstanding ((M)) | 60.00 |
| EPS ( Riyal) (TTM) | 6.89 |
| Book Value (BV) ( Riyal) | 15.75 |
| Adjusted P/E (Last12) | 17.19 |
| P/E (TTM) | 17.19 |
| Price/book | 7.52 |
| Return on Average Assets (%) (TTM) | 11.4 |
| Return on Average Equity (%) (TTM) | 47.9 |
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