United Electronics Company (Extra) announces the Interim financial results for the period ending on 30 September 2023 (Nine Months)

30 October 2023 08:04 AM

EXTRA 4003 2.84% 97.80 2.70

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	1,452.18	1,372.71	5.79	1,749.73	-17
Gross Profit (Loss)	334.21	300.21	11.32	340.02	-1.71
Operational Profit (Loss)	142.65	102.88	38.66	95.56	49.28
Net Profit (Loss) after Zakat and Tax	118.27	94.16	25.61	61.67	91.78
Total Comprehensive Income	118.16	94.16	25.49	61.88	90.95
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	4,641.03	4,485.1	3.48
Gross Profit (Loss)	989.1	911.28	8.54
Operational Profit (Loss)	347.89	340.74	2.1
Net Profit (Loss) after Zakat and Tax	264.38	318.79	-17.07
Total Comprehensive Income	260.79	318.91	-18.22
Total Share Holders Equity (after Deducting Minority Equity)	1,137.95	1,022.4	11.3
Profit (Loss) per Share	3.3	3.98
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The Company's net profit totaled SR 118.3m vs. SR 94.2m for the same Q last year, as The Company's revenue grew by 5.8% vs. same Q last year, driven by higher retail sales, eXtra Services revenue and higher revenue of consumer finance through United Company for Financial Services, which impacted Gross Profit growth vs. same Q last year by 11.3%, to total SR 334.2m vs. SR 300.2m for same Q last year, to grow The Company's net profit by 25.6% vs. same Quarter of last year, despite negative impact of higher interest rates on Q3 by SR 11.3m vs. same Q of last year. It's Worth noting that United Company for Financial Services Achieved net profit of SR 53.4m vs. SR 45.2m for same Q last year, achieving growth of 18.2%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	The Company's net profit totaled SR 118.3m vs. SR 61.7m for previous quarter, despite lower sales of Q3 vs. Q2. however, due to recognition of non-recurring losses during the second quarter equivalent to SR 38m due to discontinue the Company's expansion plan in Egypt, the previous Q net profit negatively impacted vs. current Q.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The Company's net profit totaled SR 264.4m vs. SR 318.8m for same period last year, despite achieving higher revenue vs. same period of last year by 3.5%, as net profit negatively impacted by higher interest rates, which led to higher finance cost equivalent to SR 39.6m vs. same period last year, in addition to recognition of non-recurring losses during the second quarter equivalent to SR 38m due to discontinue the Company's expansion plan in Egypt. However, Supported by Y-o-Y higher consumer finance revenue and sales mix improvement in retail sector, The Company's gross profit grew by 8.5% vs. same period last year, to total SR 989.1m vs. SR 911.3m, in addition to increase of SG&A for the period vs. same period last year. It's Worth noting that United Company for Financial Services Achieved net profit of SR 157.2m vs. SR 144.1m for same period last year, achieving growth of 9.1%.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	None
Additional Information	The Company's EPS has been adjusted after the capital increase, which has been approved by the extraordinary general assembly which held on 5th of Oct-2022

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