United Electronics Company (eXtra), a leading Saudi retailer of electronic and home appliances, reported a net profit of SAR 56.4 million in H1-2017, compared to a net loss of SAR 34.7 in the same period last year on higher sales and gross margins, as well as lower selling, general and administrative expenses.
| Item | 6m 2016 | 6m 2017 | Change |
|---|---|---|---|
| Revenues | 1,624.18 | 1,818.58 | 12.0 % |
| Gross Income | 242.84 | 306.69 | 26.3 % |
| Operating Income | (32.55) | 58.11 | 278.5 % |
| Net Income | (34.86) | 56.36 | 261.7 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | (0.44) | 0.70 | 261.7 % |
The retailer’s net profit for Q2 2017 surged 287.5 percent year-on-year to SAR 43.4 million, thanks to higher sales and profit margins for some products and services, along with lower expenses.
When compared to Q1 profit (SAR 13 million), the company’s net profit more than doubled in Q2.
| Item | Q2 2016 | Q2 2017 | Change |
|---|---|---|---|
| Revenues | 881.27 | 1,013.91 | 15.1 % |
| Gross Income | 145.33 | 172.29 | 18.6 % |
| Operating Income | 12.16 | 44.08 | 262.5 % |
| Net Income | 11.02 | 43.37 | 293.4 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.14 | 0.54 | 293.4 % |
| Item | Q1 2017 | Q2 2017 | Change |
|---|---|---|---|
| Revenues | 804.67 | 1,013.91 | 26.0 % |
| Gross Income | 134.40 | 172.29 | 28.2 % |
| Operating Income | 14.03 | 44.08 | 214.2 % |
| Net Income | 12.99 | 43.37 | 233.8 % |
| Average Shares | 80.00 | 80.00 | - |
| EPS (Riyals) | 0.16 | 0.54 | 233.8 % |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2008 | - | - | - | - | - | - | - |
| Q2 2008 | - | - | - | - | - | - | - |
| Q3 2008 | - | - | - | - | - | - | - |
| Q4 2008 | - | - | - | - | - | - | - |
| 2008 | 1,262.14 | 20.9 % | 177.67 | 26.7 % | 15.75 | 1496.1 % | 0.20 |
| Q1 2009 | - | - | - | - | - | - | - |
| Q2 2009 | - | - | - | - | - | - | - |
| Q3 2009 | - | - | - | - | - | - | - |
| Q4 2009 | - | - | - | - | - | - | - |
| 2009 | 1,439.86 | 14.1 % | 225.57 | 27.0 % | 41.05 | 160.6 % | 0.51 |
| Q1 2010 | - | - | - | - | - | - | - |
| Q2 2010 | - | - | - | - | - | - | - |
| Q3 2010 | 455.43 | - | 80.77 | - | 24.52 | - | 0.31 |
| Q4 2010 | 531.23 | - | 101.02 | - | 37.36 | - | 0.47 |
| 2010 | 1,778.38 | 23.5 % | 322.09 | 42.8 % | 97.73 | 138.1 % | 1.22 |
| Q1 2011 | 476.68 | - | 91.62 | - | 19.05 | - | 0.24 |
| Q2 2011 | 650.72 | - | 119.43 | - | 45.46 | - | 0.57 |
| Q3 2011 | 610.26 | 34.0 % | 103.99 | 28.7 % | 26.36 | 7.5 % | 0.33 |
| Q4 2011 | 723.86 | 36.3 % | 120.23 | 19.0 % | 41.21 | 10.3 % | 0.52 |
| 2011 | 2,461.51 | 38.4 % | 435.27 | 35.1 % | 132.08 | 35.1 % | 1.65 |
| Q1 2012 | 626.03 | 31.3 % | 111.95 | 22.2 % | 23.78 | 24.8 % | 0.30 |
| Q2 2012 | 726.27 | 11.6 % | 131.05 | 9.7 % | 48.37 | 6.4 % | 0.60 |
| Q3 2012 | 698.82 | 14.5 % | 120.95 | 16.3 % | 28.37 | 7.6 % | 0.35 |
| Q4 2012 | 963.92 | 33.2 % | 166.56 | 38.5 % | 58.08 | 40.9 % | 0.73 |
| 2012 | 3,015.04 | 22.5 % | 530.51 | 21.9 % | 158.59 | 20.1 % | 1.98 |
| Q1 2013 | 723.40 | 15.6 % | 126.65 | 13.1 % | 26.22 | 10.3 % | 0.33 |
| Q2 2013 | 971.21 | 33.7 % | 160.30 | 22.3 % | 53.30 | 10.2 % | 0.67 |
| Q3 2013 | 778.64 | 11.4 % | 141.10 | 16.7 % | 29.44 | 3.8 % | 0.37 |
| Q4 2013 | 914.43 | (5.1 %) | 173.54 | 4.2 % | 58.37 | 0.5 % | 0.73 |
| 2013 | 3,387.67 | 12.4 % | 601.59 | 13.4 % | 167.33 | 5.5 % | 2.09 |
| Q1 2014 | 807.33 | 11.6 % | 144.84 | 14.4 % | 29.25 | 11.6 % | 0.37 |
| Q2 2014 | 984.29 | 1.3 % | 167.96 | 4.8 % | 53.77 | 0.9 % | 0.67 |
| Q3 2014 | 809.06 | 3.9 % | 144.06 | 2.1 % | 29.75 | 1.0 % | 0.37 |
| Q4 2014 | 1,088.69 | 19.1 % | 163.90 | (5.6 %) | 8.28 | (85.8 %) | 0.10 |
| 2014 | 3,689.36 | 8.9 % | 620.76 | 3.2 % | 121.04 | (27.7 %) | 1.51 |
| Q1 2015 | 871.71 | 8.0 % | 134.11 | (7.4 %) | 16.08 | (45.0 %) | 0.20 |
| Q2 2015 | 879.50 | (10.6 %) | 138.51 | (17.5 %) | 11.83 | (78.0 %) | 0.15 |
| Q3 2015 | 719.66 | (11.0 %) | 128.60 | (10.7 %) | 12.20 | (59.0 %) | 0.15 |
| Q4 2015 | 1,273.91 | 17.0 % | 176.00 | 7.4 % | 9.07 | 9.7 % | 0.11 |
| 2015 | 3,744.79 | 1.5 % | 577.54 | (7.0 %) | 49.18 | (59.4 %) | 0.61 |
| Q1 2016 | 742.91 | (14.8 %) | 97.51 | (27.3 %) | (45.89) | (385.4 %) | (0.57) |
| Q2 2016 | 881.27 | 0.2 % | 145.33 | 4.9 % | 11.02 | (6.8 %) | 0.14 |
| Q3 2016 | 745.45 | 3.6 % | 133.06 | 3.5 % | 6.16 | (49.5 %) | 0.08 |
| Q4 2016 | 1,387.04 | 8.9 % | 213.39 | 21.2 % | 26.34 | 190.2 % | 0.33 |
| 2016 | 3,756.67 | 0.3 % | 589.29 | 2.0 % | (2.36) | (104.8 %) | (0.03) |
| Q1 2017 | 804.67 | 8.3 % | 134.40 | 37.8 % | 12.99 | 128.3 % | 0.16 |
| Q2 2017 | 1,013.91 | 15.1 % | 172.29 | 18.6 % | 43.37 | 293.4 % | 0.54 |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 2007 | 1,043.58 | - | 140.25 | - | 0.99 | - | 0.01 |
| 2008 | 1,262.14 | 20.9 % | 177.67 | 26.7 % | 15.75 | 1496.1 % | 0.20 |
| 2009 | 1,439.86 | 14.1 % | 225.57 | 27.0 % | 41.05 | 160.6 % | 0.51 |
| 2010 | 1,778.38 | 23.5 % | 322.09 | 42.8 % | 97.73 | 138.1 % | 1.22 |
| 2011 | 2,461.51 | 38.4 % | 435.27 | 35.1 % | 132.08 | 35.1 % | 1.65 |
| 2012 | 3,015.04 | 22.5 % | 530.51 | 21.9 % | 158.59 | 20.1 % | 1.98 |
| 2013 | 3,387.67 | 12.4 % | 601.59 | 13.4 % | 167.33 | 5.5 % | 2.09 |
| 2014 | 3,689.36 | 8.9 % | 620.76 | 3.2 % | 121.04 | (27.7 %) | 1.51 |
| 2015 | 3,744.79 | 1.5 % | 577.54 | (7.0 %) | 49.18 | (59.4 %) | 0.61 |
| 2016 | 3,756.67 | 0.3 % | 589.29 | 2.0 % | (2.36) | (104.8 %) | (0.03) |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| 2008 | 14.08 % | 2.81 % | 1.25 % |
| Q1 2009 | - | - | - |
| Q2 2009 | - | - | - |
| Q3 2009 | - | - | - |
| Q4 2009 | - | - | - |
| 2009 | 15.67 % | 4.22 % | 2.85 % |
| Q1 2010 | - | - | - |
| Q2 2010 | - | - | - |
| Q3 2010 | - | - | - |
| Q4 2010 | - | - | - |
| 2010 | 18.11 % | 6.65 % | 5.50 % |
| Q1 2011 | - | - | - |
| Q2 2011 | 18.58 % | 6.91 % | 5.98 % |
| Q3 2011 | 18.34 % | 6.79 % | 5.65 % |
| Q4 2011 | 17.68 % | 6.42 % | 5.37 % |
| 2011 | 17.68 % | 6.42 % | 5.37 % |
| Q1 2012 | 17.45 % | 6.27 % | 5.24 % |
| Q2 2012 | 17.39 % | 6.25 % | 5.20 % |
| Q3 2012 | 17.45 % | 6.19 % | 5.11 % |
| Q4 2012 | 17.60 % | 6.36 % | 5.26 % |
| 2012 | 17.60 % | 6.36 % | 5.26 % |
| Q1 2013 | 17.52 % | 6.29 % | 5.17 % |
| Q2 2013 | 17.11 % | 6.06 % | 4.94 % |
| Q3 2013 | 17.30 % | 6.04 % | 4.86 % |
| Q4 2013 | 17.76 % | 6.21 % | 4.94 % |
| 2013 | 17.76 % | 6.21 % | 4.94 % |
| Q1 2014 | 17.85 % | 6.24 % | 4.91 % |
| Q2 2014 | 18.01 % | 6.30 % | 4.90 % |
| Q3 2014 | 17.93 % | 6.28 % | 4.87 % |
| Q4 2014 | 16.83 % | 4.60 % | 3.28 % |
| 2014 | 16.83 % | 4.60 % | 3.28 % |
| Q1 2015 | 16.25 % | 4.19 % | 2.87 % |
| Q2 2015 | 15.91 % | 3.15 % | 1.81 % |
| Q3 2015 | 15.88 % | 2.72 % | 1.36 % |
| Q4 2015 | 15.41 % | 2.71 % | 1.31 % |
| 2015 | 15.42 % | 2.71 % | 1.31 % |
| Q1 2016 | 14.95 % | 1.10 % | (0.35 %) |
| Q2 2016 | 15.13 % | 1.00 % | (0.38 %) |
| Q3 2016 | 15.15 % | 1.01 % | (0.40 %) |
| Q4 2016 | 15.69 % | 1.78 % | 0.49 % |
| 2016 | 15.69 % | 1.78 % | 0.49 % |
| Q1 2017 | 16.40 % | 3.25 % | 2.03 % |
| Q2 2017 | 16.53 % | 4.02 % | 2.78 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 2007 | 13.44 % | 2.48 % | 0.09 % |
| 2008 | 14.08 % | 2.81 % | 1.25 % |
| 2009 | 15.67 % | 4.22 % | 2.85 % |
| 2010 | 18.11 % | 6.65 % | 5.50 % |
| 2011 | 17.68 % | 6.42 % | 5.37 % |
| 2012 | 17.60 % | 6.36 % | 5.26 % |
| 2013 | 17.76 % | 6.21 % | 4.94 % |
| 2014 | 16.83 % | 4.60 % | 3.28 % |
| 2015 | 15.42 % | 2.71 % | 1.31 % |
| 2016 | 15.69 % | 1.78 % | 0.49 % |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| Q1 2009 | - | - | - |
| Q2 2009 | - | - | - |
| Q3 2009 | - | - | - |
| Q4 2009 | - | - | - |
| Q1 2010 | - | - | - |
| Q2 2010 | - | - | - |
| Q3 2010 | 17.74 % | 5.40 % | 5.38 % |
| Q4 2010 | 19.02 % | 8.28 % | 7.03 % |
| Q1 2011 | 19.22 % | 5.32 % | 4.00 % |
| Q2 2011 | 18.35 % | 8.02 % | 6.99 % |
| Q3 2011 | 17.04 % | 5.34 % | 4.32 % |
| Q4 2011 | 16.61 % | 6.61 % | 5.69 % |
| Q1 2012 | 17.88 % | 4.97 % | 3.80 % |
| Q2 2012 | 18.04 % | 7.77 % | 6.66 % |
| Q3 2012 | 17.31 % | 5.22 % | 4.06 % |
| Q4 2012 | 17.28 % | 7.02 % | 6.03 % |
| Q1 2013 | 17.51 % | 4.88 % | 3.62 % |
| Q2 2013 | 16.51 % | 6.60 % | 5.49 % |
| Q3 2013 | 18.12 % | 5.20 % | 3.78 % |
| Q4 2013 | 18.98 % | 7.72 % | 6.38 % |
| Q1 2014 | 17.94 % | 5.12 % | 3.62 % |
| Q2 2014 | 17.06 % | 6.83 % | 5.46 % |
| Q3 2014 | 17.81 % | 5.14 % | 3.68 % |
| Q4 2014 | 15.05 % | 1.80 % | 0.76 % |
| Q1 2015 | 15.38 % | 3.32 % | 1.84 % |
| Q2 2015 | 15.75 % | 2.81 % | 1.34 % |
| Q3 2015 | 17.87 % | 3.27 % | 1.70 % |
| Q4 2015 | 13.82 % | 1.91 % | 0.71 % |
| Q1 2016 | 13.13 % | (4.41 %) | (6.18 %) |
| Q2 2016 | 16.49 % | 2.38 % | 1.25 % |
| Q3 2016 | 17.85 % | 3.23 % | 1.52 % |
| Q4 2016 | 15.38 % | 3.94 % | 3.02 % |
| Q1 2017 | 16.70 % | 3.02 % | 1.61 % |
| Q2 2017 | 16.99 % | 5.50 % | 4.28 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2008 | - | - | - | - |
| Q2 2008 | - | - | - | - |
| Q3 2008 | - | - | - | - |
| Q4 2008 | - | - | - | - |
| Q1 2009 | - | - | - | - |
| Q2 2009 | - | - | - | - |
| Q3 2009 | - | - | - | - |
| Q4 2009 | - | - | - | - |
| Q1 2010 | - | - | - | - |
| Q2 2010 | - | - | - | - |
| Q3 2010 | 80.00 | - | - | 2.57 |
| Q4 2010 | 80.00 | - | - | 3.04 |
| Q1 2011 | 80.00 | - | - | 3.28 |
| Q2 2011 | 80.00 | 1.58 | 1.58 | 3.85 |
| Q3 2011 | 80.00 | 1.60 | 1.60 | 4.18 |
| Q4 2011 | 80.00 | 1.65 | 1.65 | 4.69 |
| Q1 2012 | 80.00 | 1.71 | 1.71 | 4.22 |
| Q2 2012 | 80.00 | 1.75 | 1.75 | 4.83 |
| Q3 2012 | 80.00 | 1.77 | 1.77 | 5.18 |
| Q4 2012 | 80.00 | 1.98 | 1.98 | 5.91 |
| Q1 2013 | 80.00 | 2.01 | 2.01 | 6.23 |
| Q2 2013 | 80.00 | 2.07 | 2.07 | 6.13 |
| Q3 2013 | 80.00 | 2.09 | 2.09 | 6.03 |
| Q4 2013 | 80.00 | 2.09 | 2.09 | 6.10 |
| Q1 2014 | 80.00 | 2.13 | 2.13 | 6.47 |
| Q2 2014 | 80.00 | 2.14 | 2.14 | 6.74 |
| Q3 2014 | 80.00 | 2.14 | 2.14 | 6.74 |
| Q4 2014 | 80.00 | 1.51 | 1.51 | 6.47 |
| Q1 2015 | 80.00 | 1.35 | 1.35 | 6.67 |
| Q2 2015 | 80.00 | 0.82 | 0.82 | 6.61 |
| Q3 2015 | 80.00 | 0.60 | 0.60 | 6.53 |
| Q4 2015 | 80.00 | 0.61 | 0.61 | 6.65 |
| Q1 2016 | 80.00 | (0.16) | (0.16) | 6.09 |
| Q2 2016 | 80.00 | (0.17) | (0.17) | 6.22 |
| Q3 2016 | 80.00 | (0.25) | (0.18) | 6.31 |
| Q4 2016 | 80.00 | (0.03) | 0.23 | 6.60 |
| Q1 2017 | 80.00 | 0.71 | 0.97 | 5.87 |
| Q2 2017 | 80.00 | 1.11 | 1.37 | 6.41 |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 2007 | 80.00 | 0.01 | 0.01 | 0.42 |
| 2008 | 80.00 | 0.20 | 0.20 | 1.31 |
| 2009 | 80.00 | 0.51 | 0.51 | 1.82 |
| 2010 | 80.00 | 1.22 | 1.22 | 3.04 |
| 2011 | 80.00 | 1.65 | 1.65 | 4.69 |
| 2012 | 80.00 | 1.98 | 1.98 | 5.91 |
| 2013 | 80.00 | 2.09 | 2.09 | 6.10 |
| 2014 | 80.00 | 1.51 | 1.51 | 6.47 |
| 2015 | 80.00 | 0.61 | 0.61 | 6.65 |
| 2016 | 80.00 | (0.03) | 0.23 | 6.60 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2008 | - | - | - |
| Q2 2008 | - | - | - |
| Q3 2008 | - | - | - |
| Q4 2008 | - | - | - |
| Q1 2009 | - | - | - |
| Q2 2009 | - | - | - |
| Q3 2009 | - | - | - |
| Q4 2009 | - | - | - |
| Q1 2010 | - | - | - |
| Q2 2010 | - | - | - |
| Q3 2010 | - | - | - |
| Q4 2010 | - | - | - |
| Q1 2011 | - | - | - |
| Q2 2011 | - | - | - |
| Q3 2011 | - | - | - |
| Q4 2011 | 13.96 | 13.96 | 4.91 |
| Q1 2012 | 16.05 | 16.05 | 6.50 |
| Q2 2012 | 14.82 | 14.82 | 5.36 |
| Q3 2012 | 15.79 | 15.79 | 5.40 |
| Q4 2012 | 15.62 | 15.62 | 5.24 |
| Q1 2013 | 18.05 | 18.05 | 5.83 |
| Q2 2013 | 17.58 | 17.58 | 5.95 |
| Q3 2013 | 21.35 | 21.35 | 7.40 |
| Q4 2013 | 17.61 | 17.61 | 6.04 |
| Q1 2014 | 20.14 | 20.14 | 6.63 |
| Q2 2014 | 21.37 | 21.37 | 6.77 |
| Q3 2014 | 20.58 | 20.58 | 6.53 |
| Q4 2014 | 19.84 | 19.84 | 4.64 |
| Q1 2015 | 26.44 | 26.44 | 5.35 |
| Q2 2015 | 45.96 | 45.96 | 5.73 |
| Q3 2015 | 34.06 | 34.06 | 3.15 |
| Q4 2015 | 29.17 | 29.17 | 2.70 |
| Q1 2016 | NEG | NEG | 1.91 |
| Q2 2016 | NEG | NEG | 1.89 |
| Q3 2016 | NEG | NEG | 1.28 |
| Q4 2016 | NEG | 51.15 | 1.79 |
| Q1 2017 | 21.61 | 15.79 | 2.60 |
| Q2 2017 | 14.89 | 12.06 | 2.58 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 2007 | - | - | - |
| 2008 | - | - | - |
| 2009 | - | - | - |
| 2010 | - | - | - |
| 2011 | 13.96 | 13.96 | 4.91 |
| 2012 | 15.62 | 15.62 | 5.24 |
| 2013 | 17.61 | 17.61 | 6.04 |
| 2014 | 19.84 | 19.84 | 4.64 |
| 2015 | 29.17 | 29.17 | 2.70 |
| 2016 | NEG | 51.15 | 1.79 |
| Item | Q2 2017 (e) | Q2 2017 (a) | Change |
|---|---|---|---|
| Average | 19.60 | 43.37 | 121.27 % |
| Item | Q2 2017 (e) | Q2 2017 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 22.00 | 43.37 | 97.1 % |
| HSBC | 21.00 | 43.37 | 106.5 % |
| SNB Capital | 19.00 | 43.37 | 128.3 % |
| Albilad Capital | 19.00 | 43.37 | 128.3 % |
| Hermes | 17.00 | 43.37 | 155.1 % |
| Current | |
| Market Cap (M Riyal) | 7,280.00 |
| Enterprise Value (EV) (M) | 8,289.25 |
| Shares Outstanding ((M)) | 80.00 |
| EPS ( Riyal) (TTM) | 5.00 |
| Book Value (BV) ( Riyal) | 15.37 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 16.63 |
| P/E (TTM) | 18.21 |
| Price/book | 5.92 |
| Return on Average Assets (%) (TTM) | 9.0 |
| Return on Average Equity (%) (TTM) | 32.6 |
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