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United Electronics Company (eXtra) announces the Interim financial results for the period ending on 30-9-2019 (Nine Months)

EXTRA 4003 0.53% 95.60 0.50
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 1,035 894.8 15.668 1,161.5 -10.891
Gross Profit (Loss) 185.7 172.2 7.839 226.5 -18.013
Operational Profit (Loss) 37.5 34.1 9.97 72.4 -48.204
Net Profit (Loss) after Zakat and Tax 27.2 31 -12.258 72.5 -62.482
Total Comprehensive Income 27.2 30.9 -11.974 72.4 -62.43
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 3,254 2,775 17.261
Gross Profit (Loss) 600.1 510.2 17.62
Operational Profit (Loss) 157.3 110.7 42.095
Net Profit (Loss) after Zakat and Tax 133.5 98.1 36.085
Total Comprehensive Income 133.6 98.1 36.187
Total Share Holders Equity (after Deducting Minority Equity) 587.3 579.7 1.311
Profit (Loss) per Share 2.67 1.96
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The company Achieved a net profit of SR 27.2m vs. SR 30.9m for the SPLY. The drop in Net profit resulted from the early booking of SR 10.1m in consumer finance revenue due to securitization deal with Al Rajhi bank, which had a positive impact on Q2 2019 results with a total value of SR 17.2m (announced on 27th of June, 2019). Furthermore, the net profit has been negatively affected by SR 9.2m as a result of the Increase in operating expenses caused by commencing the operations of United Company for Financial Services (a fully owned subsidiary), which started its operations by end of Q2 2019 after securing SAMA's approval. Finally, Q3 2019 net profit has a none recurring income worth of SR 4.5m resulting from accruing for the expected gains on the settlement for Jeddah store fire incident (the final financial impact of the fire incident of Jeddah store has been announced on 20th of October 2019).
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The company achieved a net profit of SR 27.2m vs. SR 72.5m for pervious quarter, due to lower sales vs. previous quarter, which led to a lower gross profit. Furthermore, the securitization deal with Al Rajhi Bank had a positive impact on Q2 2019 results by SR 17.2m, while Q3 2019 was negatively impacted by SR 10.1m, as a result of early booking for the revenue of the sold portion.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The company achieved a net profit of SR 133.5m for the period ended 30th of Sep-2019, vs. a net profit of SR 98.1m for the SPLY. Total revenue increased by 17.3% Vs. SPLY as a result of LFL sales growth, e-commerce sales growth, increase in after sales service and installment sales, in addition to, opening 4 new stores through 2019, which led to an increase of gross profit by 17.6% vs. SPLY. It is worth mentioning that, the net profit increased by 36.1% vs. SPLY, despite the increase in selling and admin expenses in addition to reported losses coming from the new business line reported under the new subsidiary worth SR 19.5m for the Same Period.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Some comparative figures have been reclassified to be consistent with the presentation of the current period.
Additional Information It is worth noting that shareholders' equity increased by 15.8% after excluding the financial impact of the adoption of IFRS 16 as of 1st of January 2019, which resulted a decrease in retained earnings by SR 84m

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