United Electronics Company (Extra) announces the Estimated financial results for the period ending on 30-6-2019 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,161.4 | 1,015 | 14.423 | 1,057.5 | 9.825 |
| Total Profit (Loss) | 225.9 | 185.1 | 22.042 | 187.98 | 20.172 |
| Profit (Loss) Operational | 72.7 | 51.5 | 41.165 | 47.41 | 53.343 |
| Net Profit (Loss) after Zakat and Tax | 72.5 | 45.6 | 58.991 | 33.83 | 114.306 |
| Total Comprehensive Income | 72.6 | 45.6 | 59.21 | 33.93 | 113.969 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 2,218.9 | 1,880 | 18.026 |
| Total Profit (Loss) | 413.9 | 338.1 | 22.419 |
| Profit (Loss) Operational | 119.8 | 76.7 | 56.192 |
| Net Profit (Loss) after Zakat and Tax | 106.3 | 67.2 | 58.184 |
| Total Comprehensive Income | 106.4 | 67.2 | 58.333 |
| Total Share Holders Equity (after deducting minority equity) | 608.7 | 580.3 | 4.894 |
| Profit (Loss) per Share | 2.13 | 1.34 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The increase in net profit due to, the increase in sales compared to the same quarter last year which led to a rise in the value of gross profit, the increased margins of some products and services and the impact of Receivable Finance Murabaha Agreement (Securitization) signed with Al Rajhi Bank amounting to SR 17.2M which was announced on June 27, 2019 through the Tadawul site |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The increase in net profit is due to, the increase in sales compared with the previous quarter which led to a rise in the value of gross profit and operating profit compared to the previous quarter, the increased margins of some products and services and the impact of Receivable Finance Murabaha Agreement (Securitization) signed with Al Rajhi Bank amounting to SR 17.2M which was announced on June 27, 2019 through the Tadawul site |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | The increase in net profit due to, the increase in sales compared to the same period last year which led to a higher gross profit, the increased margins of some products and services, and the impact of Receivable Finance Murabaha Agreement (Securitization) signed with Al Rajhi Bank amounting to SR 17.2M which was announced on the June 27, 2019 through the Tadawul site |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | These estimated financial results for the period ended 30 June 2019 are prepared by the management of the Company and these results are not reviewed by the external auditors |
| Reclassifications in quarter financial result | Some comparative figures have been reclassified to be consistent with the presentation of the current period. |
| Additional Information | Earnings per Share for the previous year has been modified after approval of capital increase which has been approved on 18 Sep 2018 in the extraordinary General Assembly meeting.
It is worth noting that the shareholders equity increased by 19.4%, after excluding the effect of the adoption of IFRS 16 as of January 1, 2019, which resulted in a decrease in retained earnings by SAR 84 million. |
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