eXtra’s profit drops 13% to SAR 84.4 mln in Q1 2023

13/04/2023 Argaam Exclusive

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United Electronics Co. (eXtra) posted a net profit of SAR 84.4 million for the first quarter of 2023, a decline of 13% from SAR 97.5 million a year earlier.

The home appliance retailer was impacted by a continued increases in borrowing costs. The total finance costs increased in Q1 by SAR 14.7 million, compared to Q1 2022.

eXtra also reported higher selling and marketing expenses, as well as general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	1,411.98	1,438.14	1.9 %
Gross Income	290.17	313.88	8.2 %
Operating Income	113.62	108.70	(4.3 %)
Net Income	97.51	84.44	(13.4 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.22	1.06	(13.4 %)

Item	Q4 2022	Q1 2023	Change‬
Revenues	1,545.96	1,438.14	(7.0 %)
Gross Income	353.78	313.88	(11.3 %)
Operating Income	143.41	108.70	(24.2 %)
Net Income	121.39	84.44	(30.4 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.52	1.06	(30.4 %)

On the other hand, the company's revenue inched up 1.9% year-on-year (YoY) in the three-month period, backed by the consumer finance sector’s revenue growth and retail sector sales mix enhancement.

Gross profit grew by 8.1% YoY SAR 313.8 million.

United Company for Financial Services (Tas’heel) generated a net profit of SAR 54.1 million in Q1 2023, compared to SAR 53.8 million a year earlier.

Total shareholders’ equity, no minority interest, rose to SAR 1.22 billion as of March 31, 2023, from SAR 994.83 million a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q3 2017	777.96	4.4 %	150.59	13.2 %	26.13	324.1 %	0.33
Q4 2017	1,613.25	16.3 %	253.04	18.6 %	57.65	118.9 %	0.72
2017	4,209.78	12.1 %	710.33	20.5 %	140.14	6028.0 %	1.75
Q1 2018	864.61	7.4 %	152.75	13.6 %	21.57	66.0 %	0.27
Q2 2018	1,015.36	0.1 %	185.12	7.4 %	45.59	5.1 %	0.57
Q3 2018	894.82	15.0 %	172.16	14.3 %	30.95	18.5 %	0.39
Q4 2018	1,619.28	0.4 %	269.38	6.5 %	63.08	9.4 %	0.79
2018	4,394.08	4.4 %	779.61	9.8 %	161.19	15.0 %	2.01
Q1 2019	1,057.51	22.3 %	187.98	23.1 %	33.83	56.8 %	0.42
Q2 2019	1,161.50	14.4 %	226.46	22.3 %	72.46	58.9 %	0.91
Q3 2019	1,034.56	15.6 %	185.82	7.9 %	27.23	(12.0 %)	0.34
Q4 2019	1,881.04	16.2 %	300.93	11.7 %	72.09	14.3 %	0.90
2019	5,134.60	16.9 %	901.18	15.6 %	205.61	27.6 %	2.57
Q1 2020	1,232.25	16.5 %	220.77	17.4 %	34.68	2.5 %	0.43
Q2 2020	1,550.86	33.5 %	276.12	21.9 %	90.38	24.7 %	1.13
Q3 2020	1,224.52	18.4 %	225.59	21.4 %	53.44	96.2 %	0.67
Q4 2020	1,954.69	3.9 %	316.83	5.3 %	101.64	41.0 %	1.27
2020	5,962.32	16.1 %	1,039.30	15.3 %	280.14	36.2 %	3.50
Q1 2021	1,364.33	10.7 %	260.21	17.9 %	81.20	134.1 %	1.01
Q2 2021	1,328.79	(14.3 %)	289.79	5.0 %	100.50	11.2 %	1.26
Q3 2021	1,373.10	12.1 %	280.17	24.2 %	89.00	66.6 %	1.11
Q4 2021	1,767.41	(9.6 %)	353.48	11.6 %	126.14	24.1 %	1.58
2021	5,833.63	(2.2 %)	1,183.65	13.9 %	396.83	41.7 %	4.96
Q1 2022	1,411.98	3.5 %	290.17	11.5 %	97.51	20.1 %	1.22
Q2 2022	1,700.41	28.0 %	320.90	10.7 %	127.12	26.5 %	1.59
Q3 2022	1,372.71	0.0 %	300.21	7.2 %	94.16	5.8 %	1.18
Q4 2022	1,545.96	(12.5 %)	353.78	0.1 %	121.39	(3.8 %)	1.52
2022	6,031.07	3.4 %	1,265.06	6.9 %	440.17	10.9 %	5.50
Q1 2023	1,438.14	1.9 %	313.88	8.2 %	84.44	(13.4 %)	1.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
2017	4,209.78	12.1 %	710.33	20.5 %	140.14	6028.0 %	1.75
2018	4,394.08	4.4 %	779.61	9.8 %	161.19	15.0 %	2.01
2019	5,134.60	16.9 %	901.18	15.6 %	205.61	27.6 %	2.57
2020	5,962.32	16.1 %	1,039.30	15.3 %	280.14	36.2 %	3.50
2021	5,833.63	(2.2 %)	1,183.65	13.9 %	396.83	41.7 %	4.96
2022	6,031.07	3.4 %	1,265.06	6.9 %	440.17	10.9 %	5.50

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	16.84 %	4.36 %	3.12 %
Q4 2017	16.87 %	4.76 %	3.56 %
2017	16.87 %	4.76 %	3.56 %
Q1 2018	17.07 %	4.96 %	3.71 %
Q2 2018	17.36 %	5.09 %	3.76 %
Q3 2018	17.39 %	5.08 %	3.77 %
Q4 2018	17.74 %	5.02 %	3.67 %
2018	17.74 %	5.02 %	3.67 %
Q1 2019	17.76 %	5.57 %	3.78 %
Q2 2019	18.08 %	6.11 %	3.86 %
Q3 2019	17.85 %	6.32 %	3.58 %
Q4 2019	17.55 %	6.79 %	3.58 %
2019	17.55 %	6.79 %	3.58 %
Q1 2020	17.59 %	6.76 %	3.47 %
Q2 2020	17.26 %	7.19 %	3.86 %
Q3 2020	17.38 %	7.55 %	4.26 %
Q4 2020	17.43 %	7.76 %	4.70 %
2020	17.43 %	7.76 %	4.70 %
Q1 2021	17.70 %	8.25 %	5.36 %
Q2 2021	18.60 %	8.34 %	5.73 %
Q3 2021	19.05 %	8.63 %	6.18 %
Q4 2021	20.29 %	9.49 %	6.80 %
2021	20.29 %	9.49 %	6.80 %
Q1 2022	20.64 %	9.76 %	7.02 %
Q2 2022	19.91 %	9.50 %	6.76 %
Q3 2022	20.23 %	9.58 %	6.79 %
Q4 2022	20.98 %	9.83 %	6.96 %
2022	20.98 %	9.83 %	6.96 %
Q1 2023	21.28 %	9.74 %	6.72 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	16.87 %	4.76 %	3.56 %
2018	17.74 %	5.02 %	3.67 %
2019	17.55 %	6.79 %	3.58 %
2020	17.43 %	7.76 %	4.70 %
2021	20.29 %	9.49 %	6.80 %
2022	20.98 %	9.83 %	6.96 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	19.36 %	5.01 %	3.36 %
Q4 2017	15.69 %	5.06 %	4.17 %
Q1 2018	17.67 %	4.11 %	2.50 %
Q2 2018	18.23 %	6.04 %	4.49 %
Q3 2018	19.24 %	4.94 %	3.46 %
Q4 2018	16.64 %	4.91 %	3.90 %
Q1 2019	17.78 %	6.64 %	3.20 %
Q2 2019	19.50 %	8.21 %	4.73 %
Q3 2019	17.96 %	6.06 %	2.20 %
Q4 2019	16.00 %	6.39 %	3.83 %
Q1 2020	17.92 %	6.56 %	2.81 %
Q2 2020	17.80 %	9.40 %	5.83 %
Q3 2020	18.42 %	7.97 %	4.36 %
Q4 2020	16.21 %	7.07 %	5.20 %
Q1 2021	19.07 %	8.86 %	5.95 %
Q2 2021	21.81 %	10.02 %	7.56 %
Q3 2021	20.40 %	9.27 %	6.48 %
Q4 2021	20.00 %	9.76 %	7.14 %
Q1 2022	20.55 %	9.97 %	6.91 %
Q2 2022	18.87 %	9.01 %	6.46 %
Q3 2022	21.87 %	9.66 %	6.66 %
Q4 2022	22.88 %	10.77 %	7.85 %
Q1 2023	21.83 %	9.57 %	5.87 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2017	80.00	1.36	1.56	6.35
Q4 2017	80.00	1.75	1.87	7.08
Q1 2018	80.00	1.86	1.98	6.68
Q2 2018	80.00	1.89	2.01	7.25
Q3 2018	80.00	1.95	2.07	7.25
Q4 2018	80.00	2.01	2.01	8.07
Q1 2019	80.00	2.17	2.17	7.46
Q2 2019	80.00	2.50	2.29	7.61
Q3 2019	80.00	2.46	2.18	7.34
Q4 2019	80.00	2.57	2.30	8.25
Q1 2020	80.00	2.58	2.31	7.91
Q2 2020	80.00	2.80	2.75	9.14
Q3 2020	80.00	3.13	3.13	9.11
Q4 2020	80.00	3.50	3.50	10.32
Q1 2021	80.00	4.08	4.08	9.77
Q2 2021	80.00	4.21	4.21	11.10
Q3 2021	80.00	4.65	4.65	10.80
Q4 2021	80.00	4.96	4.96	12.41
Q1 2022	80.00	5.16	5.16	11.81
Q2 2022	80.00	5.50	5.28	13.42
Q3 2022	80.00	5.56	5.31	12.78
Q4 2022	80.00	5.50	5.25	14.24
Q1 2023	80.00	5.34	5.09	15.31

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	80.00	1.75	1.87	7.08
2018	80.00	2.01	2.01	8.07
2019	80.00	2.57	2.30	8.25
2020	80.00	3.50	3.50	10.32
2021	80.00	4.96	4.96	12.41
2022	80.00	5.50	5.25	14.24

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2017	17.41	15.22	3.73
Q4 2017	14.12	13.21	3.49
Q1 2018	19.10	17.94	5.31
Q2 2018	17.35	16.32	4.51
Q3 2018	17.30	16.30	4.65
Q4 2018	19.85	19.85	4.96
Q1 2019	17.32	17.32	5.03
Q2 2019	16.85	18.46	5.55
Q3 2019	18.56	20.90	6.21
Q4 2019	18.21	20.39	5.67
Q1 2020	13.88	15.53	4.53
Q2 2020	14.71	15.01	4.51
Q3 2020	16.69	16.69	5.74
Q4 2020	18.53	18.53	6.28
Q1 2021	19.29	19.29	8.06
Q2 2021	23.70	23.70	8.98
Q3 2021	22.98	22.98	9.91
Q4 2021	20.47	20.47	8.18
Q1 2022	19.32	19.32	8.45
Q2 2022	15.44	16.08	6.33
Q3 2022	14.83	15.54	6.46
Q4 2022	12.56	13.16	4.85
Q1 2023	14.55	15.27	5.08

Period	P/E	Adjusted P/E	Price/book
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
2017	14.12	13.21	3.49
2018	19.85	19.85	4.96
2019	18.21	20.39	5.67
2020	18.53	18.53	6.28
2021	20.47	20.47	8.18
2022	12.56	13.16	4.85

Business Segments (Million)

Compared With The

Period	Retail / Wholesale	Consumer Finance	Other activities	Consolidation adjustments & eliminations
Q1 2020	1,214.34	18.75	2.48	(3.32)
Q2 2020	1,525.80	25.91	2.19	(3.04)
Q3 2020	1,189.03	36.33	3.38	(4.59)
Q4 2020	1,898.20	49.64	10.72	(3.51)
Q1 2021	1,304.32	61.38	3.79	(5.16)
Q2 2021	1,257.45	71.70	3.80	(4.16)
Q3 2021	1,293.20	80.45	3.87	(4.41)
Q4 2021	1,675.79	87.38	9.53	(5.28)
Q1 2022	1,318.29	94.61	4.64	(5.56)
Q2 2022	1,604.59	96.75	4.99	(5.92)
Q3 2022	1,265.96	107.01	4.99	(5.24)
Q4 2022	1,429.17	118.59	5.41	(7.21)
Q1 2023	1,316.48	122.63	5.73	(6.70)

Period	Retail / Wholesale	Consumer Finance	Other activities	Consolidation adjustments & eliminations
2019	5,120.24	15.58	3.26	(4.48)
2020	5,827.37	130.63	18.78	(14.47)
2021	5,530.76	300.90	20.99	(19.01)
2022	5,618.01	416.96	20.03	(23.93)

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	100.94	84.44	(16.3 %)

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
AlJazira Capital	93.90	84.44	(10.1) %
Al Rajhi Capital	97.00	84.44	(12.9) %
SNB Capital	99.40	84.44	(15.0) %
Hermes	103.00	84.44	(18.0) %
OSOOL AND BAKHEET	105.93	84.44	(20.3) %
Goldman Sachs	106.40	84.44	(20.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,320.00
Enterprise Value (EV) (M)	8,329.25
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)	16.72
P/E (TTM)	18.31
Price/book	5.95
Return on Average Assets (%) (TTM)	9.0
Return on Average Equity (%) (TTM)	32.6

United Electronics Co. (EXTRA)

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eXtra’s profit drops 13% to SAR 84.4 mln in Q1 2023

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

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eXtra’s profit drops 13% to SAR 84.4 mln in Q1 2023

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

United Electronics Co. (EXTRA)

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Business Segments (Million)