United Electronics Company (Extra) announces the Annual financial results for the period ending on 31-12-2017
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 140.1 | -2.4 | - |
| Earning or loss per share, Riyals | 3.34 | -0.06 | - |
| Gross profit (loss) | 710.3 | 589.3 | 20.53 |
| Operational profit (loss) | 156.3 | 23.5 | 565.11 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | 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 expenses. |
| Reclassifications in annual financial results | Comparative figures have been adjusted to conform to the IFRS adoption. |
| Other notes | The total sales for the year is SR 4,210m, increased with 12.1% compared to the same period last year (SR 3,757m) As of December 31, 2017 Shareholder's equity (no minority interest) reached SAR 566m vs. SAR 527.8m (no minority interest) as of December 31, 2016 showing a increase of 7.3% . The early adoption of IAS 15 (Revenue from Contracts 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 would have reached 20.7% as the net profit for the last twelve Months is SAR 140.1m. The Total comprehensive income for the period amounted to 141M compared to the same period last year (2.4) 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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