eXtra’s Q1 2020 net profit rises 3% to SAR 34.7 mln

eXtra’s Q1 2020 net profit rises 3% to SAR 34.7 mln

31/05/2020 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %
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 %
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 %)
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 %
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 %
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 %
Q4 2017 1,613.25 16.3 % 253.04 18.6 % 70.08 58.8 %
Q1 2018 864.61 7.4 % 152.75 13.6 % 25.19 79.5 %
Q2 2018 1,015.36 0.1 % 185.12 7.4 % 51.47 16.8 %
Q3 2018 894.82 15.0 % 172.16 14.3 % 34.07 21.2 %
Q4 2018 1,619.28 0.4 % 269.38 6.5 % 69.27 (1.2 %)
Q1 2019 1,057.51 22.3 % 187.98 23.1 % 47.41 88.2 %
Q2 2019 1,161.50 14.4 % 226.46 22.3 % 73.08 42.0 %
Q3 2019 1,034.56 15.6 % 185.82 7.9 % 38.40 12.7 %
Q4 2019 1,881.04 16.2 % 300.93 11.7 % 89.88 29.8 %
Q1 2020 1,232.25 16.5 % 220.77 17.4 % 53.24 12.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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
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
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
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
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
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
Q4 2017 57.65 118.9 % 0.72 (9.60) 67.25 0.84
Q1 2018 21.57 66.0 % 0.27 - 21.57 0.27
Q2 2018 45.59 5.1 % 0.57 - 45.59 0.57
Q3 2018 30.95 18.5 % 0.39 - 30.95 0.39
Q4 2018 63.08 9.4 % 0.79 - 63.08 0.79
Q1 2019 33.83 56.8 % 0.42 - 33.83 0.42
Q2 2019 72.46 58.9 % 0.91 17.47 54.99 0.69
Q3 2019 27.23 (12.0 %) 0.34 4.50 22.73 0.28
Q4 2019 72.09 14.3 % 0.90 - 72.09 0.90
Q1 2020 34.68 2.5 % 0.43 - 34.68 0.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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)

Analysts Estimates (Million)

Item Q1 2020 (e) Q1 2020 (a) Change‬
Average 41.80 34.68 (17.0 %)

Estimates vs Actual (Million)

Item Q1 2020 (e) Q1 2020 (a) Change
Al Rajhi Capital 38.00 34.68 (8.7) %
OSOOL AND BAKHEET 42.40 34.68 (18.2) %
SNB Capital 45.00 34.68 (22.9) %


Financial Ratios
Current
Market Cap (M Riyal) 7,752.00
Enterprise Value (EV) (M) 8,986.89
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) 16.61
P/E (TTM) 16.05
Price/book 5.71
Return on Average Assets (%) (TTM) 10.6
Return on Average Equity (%) (TTM) 38.7
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Share Price

United Electronics Co.
96.80
(0.20) (0.21 %)

United Electronics Co. (EXTRA)

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