Extra posts net profit of SAR 82.5 mln in 9M 2017

08/10/2017 Argaam Exclusive

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United Electronics Co.’s (Extra) reported a net profit of SAR 82.5 million for the first nine months of 2017, compared to a net loss of SAR 28.6 million a year earlier, due to an increase in sales, higher gross profit, an increase in margins of some products and services, and lower selling, general and administrative expenses.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	2,369.63	2,596.53	9.6 %
Gross Income	375.90	457.29	21.7 %
Operating Income	(20.62)	86.22	518.2 %
Net Income	(28.70)	82.49	387.4 %
Average Shares	80.00	80.00	-
EPS (Riyals)	(0.36)	1.03	387.4 %

The company’s net profit in the third quarter this year more than quadrupled to SAR 26.1 million from the same quarter last year on the back of higher sales, higher gross profit and increased margins of some products and services.

Net profit in Q3 dropped by around 40 percent quarter-on-quarter on a decrease in sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	745.45	777.96	4.4 %
Gross Income	133.06	150.59	13.2 %
Operating Income	11.94	28.11	135.5 %
Net Income	6.16	26.13	324.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.08	0.33	324.1 %

Item	Q2 2017	Q3 2017	Change‬
Revenues	1,013.91	777.96	(23.3 %)
Gross Income	172.29	150.59	(12.6 %)
Operating Income	44.08	28.11	(36.2 %)
Net Income	43.37	26.13	(39.8 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	0.54	0.33	(39.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	1,262.14	20.9 %	177.67	26.7 %	18.32	76.5 %
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	1,439.86	14.1 %	225.57	27.0 %	40.91	123.3 %
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	455.43	-	80.77	-	24.58	-
Q4 2010	531.23	-	101.02	-	38.72	-
2010	1,778.38	23.5 %	322.09	42.8 %	99.43	143.1 %
Q1 2011	476.68	-	91.62	-	20.16	-
Q2 2011	650.72	-	119.43	-	46.71	-
Q3 2011	610.26	34.0 %	103.99	28.7 %	27.12	10.3 %
Q4 2011	723.86	36.3 %	120.23	19.0 %	41.92	8.3 %
2011	2,461.51	38.4 %	435.27	35.1 %	135.91	36.7 %
Q1 2012	626.03	31.3 %	111.95	22.2 %	24.34	20.7 %
Q2 2012	726.27	11.6 %	131.05	9.7 %	49.66	6.3 %
Q3 2012	698.82	14.5 %	120.95	16.3 %	29.34	8.2 %
Q4 2012	963.92	33.2 %	166.56	38.5 %	60.20	43.6 %
2012	3,015.04	22.5 %	530.51	21.9 %	163.54	20.3 %
Q1 2013	723.40	15.6 %	126.65	13.1 %	26.90	10.5 %
Q2 2013	971.21	33.7 %	160.30	22.3 %	54.90	10.5 %
Q3 2013	778.64	11.4 %	141.10	16.7 %	30.30	3.2 %
Q4 2013	914.43	(5.1 %)	173.54	4.2 %	60.30	0.2 %
2013	3,387.67	12.4 %	601.59	13.4 %	172.35	5.4 %
Q1 2014	807.33	11.6 %	144.84	14.4 %	30.64	13.9 %
Q2 2014	984.29	1.3 %	167.96	4.8 %	56.14	2.3 %
Q3 2014	809.06	3.9 %	144.06	2.1 %	30.30	0.0 %
Q4 2014	1,088.69	19.1 %	163.90	(5.6 %)	8.71	(85.6 %)
2014	3,689.36	8.9 %	620.76	3.2 %	125.79	(27.0 %)
Q1 2015	871.71	8.0 %	134.11	(7.4 %)	17.45	(43.1 %)
Q2 2015	879.50	(10.6 %)	138.51	(17.5 %)	13.12	(76.6 %)
Q3 2015	719.66	(11.0 %)	128.60	(10.7 %)	11.99	(60.4 %)
Q4 2015	1,273.91	17.0 %	176.00	7.4 %	12.59	44.5 %
2015	3,744.79	1.5 %	577.54	(7.0 %)	55.14	(56.2 %)
Q1 2016	742.91	(14.8 %)	97.51	(27.3 %)	(44.71)	(356.3 %)
Q2 2016	881.27	0.2 %	145.33	4.9 %	12.16	(7.3 %)
Q3 2016	745.45	3.6 %	133.06	3.5 %	11.94	(0.4 %)
Q4 2016	1,387.04	8.9 %	213.39	21.2 %	44.13	250.6 %
2016	3,756.67	0.3 %	589.29	2.0 %	23.51	(57.4 %)
Q1 2017	804.67	8.3 %	134.40	37.8 %	14.03	131.4 %
Q2 2017	1,013.91	15.1 %	172.29	18.6 %	44.08	262.5 %
Q3 2017	777.96	4.4 %	150.59	13.2 %	28.11	135.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2007	1,043.58	-	140.25	-	10.38	-
2008	1,262.14	20.9 %	177.67	26.7 %	18.32	76.5 %
2009	1,439.86	14.1 %	225.57	27.0 %	40.91	123.3 %
2010	1,778.38	23.5 %	322.09	42.8 %	99.43	143.1 %
2011	2,461.51	38.4 %	435.27	35.1 %	135.91	36.7 %
2012	3,015.04	22.5 %	530.51	21.9 %	163.54	20.3 %
2013	3,387.67	12.4 %	601.59	13.4 %	172.35	5.4 %
2014	3,689.36	8.9 %	620.76	3.2 %	125.79	(27.0 %)
2015	3,744.79	1.5 %	577.54	(7.0 %)	55.14	(56.2 %)
2016	3,756.67	0.3 %	589.29	2.0 %	23.51	(57.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	15.75	1496.1 %	0.20	-	15.75	0.20
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	41.05	160.6 %	0.51	-	41.05	0.51
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	24.52	-	0.31	-	24.52	0.31
Q4 2010	37.36	-	0.47	-	37.36	0.47
2010	97.73	138.1 %	1.22	-	97.73	1.22
Q1 2011	19.05	-	0.24	-	19.05	0.24
Q2 2011	45.46	-	0.57	-	45.46	0.57
Q3 2011	26.36	7.5 %	0.33	-	26.36	0.33
Q4 2011	41.21	10.3 %	0.52	-	41.21	0.52
2011	132.08	35.1 %	1.65	-	132.08	1.65
Q1 2012	23.78	24.8 %	0.30	-	23.78	0.30
Q2 2012	48.37	6.4 %	0.60	-	48.37	0.60
Q3 2012	28.37	7.6 %	0.35	-	28.37	0.35
Q4 2012	58.08	40.9 %	0.73	-	58.08	0.73
2012	158.59	20.1 %	1.98	-	158.59	1.98
Q1 2013	26.22	10.3 %	0.33	-	26.22	0.33
Q2 2013	53.30	10.2 %	0.67	-	53.30	0.67
Q3 2013	29.44	3.8 %	0.37	-	29.44	0.37
Q4 2013	58.37	0.5 %	0.73	-	58.37	0.73
2013	167.33	5.5 %	2.09	-	167.33	2.09
Q1 2014	29.25	11.6 %	0.37	-	29.25	0.37
Q2 2014	53.77	0.9 %	0.67	-	53.77	0.67
Q3 2014	29.75	1.0 %	0.37	-	29.75	0.37
Q4 2014	8.28	(85.8 %)	0.10	-	8.28	0.10
2014	121.04	(27.7 %)	1.51	-	121.04	1.51
Q1 2015	16.08	(45.0 %)	0.20	-	16.08	0.20
Q2 2015	11.83	(78.0 %)	0.15	-	11.83	0.15
Q3 2015	12.20	(59.0 %)	0.15	-	12.20	0.15
Q4 2015	9.07	9.7 %	0.11	-	9.07	0.11
2015	49.18	(59.4 %)	0.61	-	49.18	0.61
Q1 2016	(45.89)	(385.4 %)	(0.57)	-	(45.89)	(0.57)
Q2 2016	11.02	(6.8 %)	0.14	-	11.02	0.14
Q3 2016	6.16	(49.5 %)	0.08	(5.20)	11.36	0.14
Q4 2016	26.34	190.2 %	0.33	(15.62)	41.96	0.52
2016	(2.36)	(104.8 %)	(0.03)	(20.82)	18.46	0.23
Q1 2017	12.99	128.3 %	0.16	-	12.99	0.16
Q2 2017	43.37	293.4 %	0.54	-	43.37	0.54
Q3 2017	26.13	324.1 %	0.33	-	26.13	0.33

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2007	0.99	-	0.01	-	0.99	0.01
2008	15.75	1496.1 %	0.20	-	15.75	0.20
2009	41.05	160.6 %	0.51	-	41.05	0.51
2010	97.73	138.1 %	1.22	-	97.73	1.22
2011	132.08	35.1 %	1.65	-	132.08	1.65
2012	158.59	20.1 %	1.98	-	158.59	1.98
2013	167.33	5.5 %	2.09	-	167.33	2.09
2014	121.04	(27.7 %)	1.51	-	121.04	1.51
2015	49.18	(59.4 %)	0.61	-	49.18	0.61
2016	(2.36)	(104.8 %)	(0.03)	(20.82)	18.46	0.23

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	14.08 %	2.81 %	1.25 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	15.67 %	4.22 %	2.85 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	13.44 %	2.48 %	0.09 %
2008	14.08 %	2.81 %	1.25 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	80.00	0.01	0.01	0.42
2008	80.00	0.20	0.20	1.31
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
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	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

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
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	51.15	1.79

Analysts Estimates (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change‬
Average	28.00	26.13	(6.7 %)

Estimates vs Actual (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change
SNB Capital	24.00	26.13	8.9 %
Al Rajhi Capital	29.00	26.13	(9.9) %
Albilad Capital	31.00	26.13	(15.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,896.00
Enterprise Value (EV) (M)	9,130.89
Shares Outstanding ((M))	80.00
EPS ( Riyal) (TTM)	6.04
Book Value (BV) ( Riyal)	16.97
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	16.92
P/E (TTM)	16.35
Price/book	5.82
Return on Average Assets (%) (TTM)	10.6
Return on Average Equity (%) (TTM)	38.7

United Electronics Co. (EXTRA)

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Extra posts net profit of SAR 82.5 mln in 9M 2017

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

United Electronics Co. (EXTRA)

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Extra posts net profit of SAR 82.5 mln in 9M 2017

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

United Electronics Co. (EXTRA)

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