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United Electronics Company (Extra) announces the Estimated financial results for the period ending on 30-06-2017 (SIX Months)

EXTRA 4003 -1.35% 95.10 -1.30
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 43.4 11.2 287.5 13 233.85
Gross profit (loss) 172.7 144.4 19.6 134.4 28.5
Operational profit (loss) 44.2 -44.7 - 14 215.71
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 56.4 -34.7 -
Gross profit (loss) 307.2 241.7 27.1
Operational profit (loss) 58.3 -32.6 -
Earning or loss per share, Riyals 1.34 -0.83 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The increase in net profit is due to increase in sales compared to the same quarter last year, which led to higher gross profit in addition to increasing the margin on some products and services and decrease in selling, general and administrative expenses.
Reasons of increase (decrease) for period compared with same period last year The achievement of net profit due to increase in sales compared to the same period last year, which led to higher gross profit in addition to increasing the margin on some products and services and decrease in selling, general and administrative expenses.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in net profit is due to the increase in sales in the current quarter compared with the previous quarter and the difference in the sales mix, which led to a rise in the value of gross profit and operating profit compared to the previous quarter.
Reclassifications in quarterly financial results Some figures for last year have been reclassified to be consistent IFRS.
Other notes The estimated total sales for the second quarter is SR 1,014m, increased with 15% compared to the same quarter last year (SR 881m)The estimated total sales for the period is SR 1,819m, increased with 12% compared to the same period last year (SR 1,624m)As of Jun 30, 2017 Shareholder's equity (no minority interest) reached SAR 512.9m vs. SAR 497m (no minority interest) as of June 30, 2016 showing a increase of 3.2% as a result of the early adoption of IAS 15 on contract revenue recongnition with customers resulted in a decrease in retained earnings of SAR 71 million as at 1 January 2017. Without this effect, the increase in shareholders' equity is i 17.5% and the net profit for the last twelve Months is 87m.The Total comprehensive income for the quarter amounted to 43.4M compared to the same quarter last year 11.2 M an increase of 287% and 13M in previous quarter with increase 231%.The Total comprehensive income for the period amounted to 56.4M compared to the same period last year (34.7) M.Earning per Share for the previous year has been modified after approval of capital increase from 36 to 42 million shares which has been approved on 14 May 2017 in the extraordinary General Assembly meeting.

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