eXtra’s profit drops 13% to SAR 84.4 mln in Q1 2023

eXtra’s profit drops 13% to SAR 84.4 mln in Q1 2023

13/04/2023 Argaam Exclusive

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United Electronics Co. (eXtra) posted a net profit of SAR 84.4 million for the first quarter of 2023, a decline of 13% from SAR 97.5 million a year earlier.

The home appliance retailer was impacted by a continued increases in borrowing costs. The total finance costs increased in Q1 by SAR 14.7 million, compared to Q1 2022.

 

eXtra also reported higher selling and marketing expenses, as well as general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,411.98 1,438.14 1.9 %
Gross Income 290.17 313.88 8.2 %
Operating Income 113.62 108.70 (4.3 %)
Net Income 97.51 84.44 (13.4 %)
Average Shares 80.00 80.00 -
EPS (Riyals) 1.22 1.06 (13.4 %)

On the other hand, the company's revenue inched up 1.9% year-on-year (YoY) in the three-month period, backed by the consumer finance sector’s revenue growth and retail sector sales mix enhancement.

 

Gross profit grew by 8.1% YoY SAR 313.8 million.

 

United Company for Financial Services (Tas’heel) generated a net profit of SAR 54.1 million in Q1 2023, compared to SAR 53.8 million a year earlier.

 

Total shareholders’ equity, no minority interest, rose to SAR 1.22 billion as of March 31, 2023, from SAR 994.83 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2020 1,550.86 33.5 % 276.12 21.9 % 118.47 62.1 %
Q3 2020 1,224.52 18.4 % 225.59 21.4 % 70.32 83.1 %
Q4 2020 1,954.69 3.9 % 316.83 5.3 % 112.10 24.7 %
Q1 2021 1,364.33 10.7 % 260.21 17.9 % 96.15 80.6 %
Q2 2021 1,328.79 (14.3 %) 289.79 5.0 % 108.12 (8.7 %)
Q3 2021 1,373.10 12.1 % 280.17 24.2 % 101.91 44.9 %
Q4 2021 1,767.41 (9.6 %) 353.48 11.6 % 146.65 30.8 %
Q1 2022 1,411.98 3.5 % 290.17 11.5 % 113.62 18.2 %
Q2 2022 1,700.41 28.0 % 320.90 10.7 % 124.24 14.9 %
Q3 2022 1,372.71 0.0 % 300.21 7.2 % 102.88 1.0 %
Q4 2022 1,545.96 (12.5 %) 353.78 0.1 % 143.41 (2.2 %)
Q1 2023 1,438.14 1.9 % 313.88 8.2 % 108.70 (4.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2020 90.38 24.7 % 1.13 - 90.38 1.13
Q3 2020 53.44 96.2 % 0.67 - 53.44 0.67
Q4 2020 101.64 41.0 % 1.27 - 101.64 1.27
Q1 2021 81.20 134.1 % 1.01 - 81.20 1.01
Q2 2021 100.50 11.2 % 1.26 - 100.50 1.26
Q3 2021 89.00 66.6 % 1.11 - 89.00 1.11
Q4 2021 126.14 24.1 % 1.58 - 126.14 1.58
Q1 2022 97.51 20.1 % 1.22 - 97.51 1.22
Q2 2022 127.12 26.5 % 1.59 17.36 109.76 1.37
Q3 2022 94.16 5.8 % 1.18 2.78 91.38 1.14
Q4 2022 121.39 (3.8 %) 1.52 - 121.39 1.52
Q1 2023 84.44 (13.4 %) 1.06 - 84.44 1.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 21.28 % 9.74 % 6.72 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 80.00 5.34 5.09 15.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 14.55 15.27 5.08

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)
Q1 2023 1,316.48 122.63 5.73 (6.70)

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 100.94 84.44 (16.3 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
AlJazira Capital 93.90 84.44 (10.1) %
Al Rajhi Capital 97.00 84.44 (12.9) %
SNB Capital 99.40 84.44 (15.0) %
Hermes 103.00 84.44 (18.0) %
OSOOL AND BAKHEET 105.93 84.44 (20.3) %
Goldman Sachs 106.40 84.44 (20.6) %

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

Share Price

98.70
0.70 0.71 %

United Electronics Co. (EXTRA)


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