eXtra 2022 net profit rises 11% to SAR 440.2 mln, Q4 at SAR 121.3 mln

10/01/2023 Argaam Exclusive

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United Electronics Co. (eXtra) posted an 11% increase in net profit after Zakat and tax to SAR 440.2 million for 2022, compared to SAR 396.8 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 5,833.63 6,031.07 3.4 %
Gross Income 1,183.65 1,265.06 6.9 %
Operating Income 452.83 484.15 6.9 %
Net Income 396.83 440.17 10.9 %
Average Shares 80.00 80.00 -
EPS (Riyals) 4.96 5.50 10.9 %

The profit growth was spurred by higher revenues from consumer finance and eXtra services. Gross profit also grew by 6.9% year-on-year (YoY) to SAR 1.26 billion, which impacted the company’s net profit growth. 

 

On the other hand, eXtra reported an increase in selling, general and administrative expenses (SG&A). United Company for Financial Services (Tas’heel) recorded net profit growth of 50.4% to SAR 193.6 million from SAR 128.7 million in 2021.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 1,767.41 1,545.96 (12.5 %)
Gross Income 353.48 353.78 0.1 %
Operating Income 146.65 143.41 (2.2 %)
Net Income 126.14 121.39 (3.8 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 1.58 1.52 (3.8 %)

In Q4 2022, the home appliance retailer’s net profit after Zakat and tax dropped 4% to SAR 121.3 million, from SAR 126.14 million in the prior-year period. 

 

The fourth-quarter bottom line was mainly hit by the shifting of the annual "mega sale" discount festival to Q2 2022 instead of Q4.

 

Further, the company's gross profit inched down only 0.7% YoY to SAR 353.7 million, backed by higher consumer finance revenue and better sales mix in the retail sector. 

 

Tas’heel made a net profit of SAR 49.5 million, compared to SAR 47.7 million in Q4 2021.

 

Compared to the previous quarter, the home appliance retailer’s net profit leapt 28.9% from SAR 94.16 million, driven by higher sales across the board.

 

Total shareholders’ equity, no minority interest, rose to SAR 1.139 billion as of Dec. 31, 2022, from SAR 992.56 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
2022 6,031.07 3.4 % 1,265.06 6.9 % 440.17 10.9 % 5.50

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 %
Q3 2022 20.23 % 9.58 % 6.79 %
Q4 2022 20.98 % 9.83 % 6.96 %
2022 20.98 % 9.83 % 6.96 %


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
Q3 2022 80.00 5.56 5.31 12.78
Q4 2022 80.00 5.50 5.25 14.24

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
Q3 2022 14.83 15.54 6.46
Q4 2022 12.56 13.16 4.85

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)

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 101.93 121.39 19.10 %

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
Hermes 126.00 121.39 (3.7) %
Al Rajhi Capital 104.00 121.39 16.7 %
SNB Capital 96.90 121.39 25.3 %
Goldman Sachs 80.80 121.39 50.2 %

Current
Market Cap (M Riyal) 7,504.00
Enterprise Value (EV) (M) 8,513.25
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) 17.14
P/E (TTM) 18.77
Price/book 6.10
Return on Average Assets (%) (TTM) 9.0
Return on Average Equity (%) (TTM) 32.6

Share Price

93.80
1.10 1.19 %

United Electronics Co. (EXTRA)


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