eXtra Q1 2021 net profit surges to SAR 81 mln

12/04/2021 Argaam Exclusive

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United Electronics Co. (EXTRA)

United Electronics Co. (eXtra) reported a net profit after Zakat and tax of SAR 81 million for the first quarter of 2021, rising more than two-fold from SAR 34.7 million in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Revenues	1,232.25	1,364.33	10.7 %
Gross Income	220.77	260.21	17.9 %
Operating Income	53.24	96.15	80.6 %
Net Income	34.68	81.20	134.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.43	1.01	134.1 %

Item	Q4 2020	Q1 2021	Change‬
Revenues	1,954.69	1,364.33	(30.2 %)
Gross Income	316.83	260.21	(17.9 %)
Operating Income	112.10	96.15	(14.2 %)
Net Income	101.64	81.20	(20.1 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.27	1.01	(20.1 %)

The company attributed the increase to higher revenue by 10.8% due to sales increase across divisions, along with rise in revenue from eXtra Services and consumer finance through United Company for Financial Services.

This led to a growth in the company’s gross profit by 18.6% and lower selling, general and administrative expenses by 1.7%.

When compared to the previous quarter, net profit dropped by 20%, on mega sale season.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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
2019	5,134.60	16.9 %	901.18	15.6 %	205.61	27.6 %	2.57
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
2020	5,962.32	16.1 %	1,039.30	15.3 %	280.14	36.2 %	3.50
Q1 2021	1,364.33	10.7 %	260.21	17.9 %	81.20	134.1 %	1.01

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2019	5,134.60	16.9 %	901.18	15.6 %	205.61	27.6 %	2.57
2020	5,962.32	16.1 %	1,039.30	15.3 %	280.14	36.2 %	3.50

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2019	17.85 %	6.32 %	3.58 %
Q4 2019	17.55 %	6.79 %	3.58 %
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 %
2020	17.43 %	7.76 %	4.70 %
Q1 2021	17.70 %	8.25 %	5.36 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2019	17.55 %	6.79 %	3.58 %
2020	17.43 %	7.76 %	4.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2019	17.96 %	6.06 %	2.20 %
Q4 2019	16.00 %	6.39 %	3.83 %
Q1 2020	17.92 %	6.56 %	2.81 %
Q2 2020	17.80 %	9.40 %	5.83 %
Q3 2020	18.42 %	7.97 %	4.36 %
Q4 2020	16.21 %	7.07 %	5.20 %
Q1 2021	19.07 %	8.86 %	5.95 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2019	80.00	2.57	2.30	8.25
2020	80.00	3.50	3.50	10.32

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2019	18.21	20.39	5.67
2020	18.53	18.53	6.28

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)

Period	Retail / Wholesale	Consumer Finance	Other activities	Consolidation adjustments & eliminations
2019	5,120.24	15.58	3.26	(4.48)
2020	5,827.37	130.63	18.78	(14.47)

Analysts Estimates (Million)

Item	Q1 2021 (e)	Q1 2021 (a)	Change‬
Average	42.13	81.20	92.71 %

Estimates vs Actual (Million)

Item	Q1 2021 (e)	Q1 2021 (a)	Change
Al Rajhi Capital	48.00	81.20	69.2 %
SNB Capital	40.00	81.20	103.0 %
OSOOL AND BAKHEET	38.40	81.20	111.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	7,888.00
Enterprise Value (EV) (M)	9,053.75
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)	18.01
P/E (TTM)	19.73
Price/book	6.42
Return on Average Assets (%) (TTM)	9.2
Return on Average Equity (%) (TTM)	32.6

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eXtra Q1 2021 net profit surges to SAR 81 mln

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Share Price

United Electronics Co. (EXTRA)

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) 2021 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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eXtra Q1 2021 net profit surges to SAR 81 mln

View other reports

Share Price

United Electronics Co. (EXTRA)

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) Q1 2021

Revenue by Business Segment (Latest) 2021 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)