eXtra’s profit rises 11% to SAR 93.9M in Q1 2024

16/04/2024 Argaam Exclusive

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Share Price

United Electronics Co. (EXTRA)

United Electronics Co. (eXtra) reported a net profit of SAR 93.9 million in Q1 2024, an increase of 11% from SAR 84.4 million in the year-earlier period

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	1,438.14	1,581.42	10.0 %
Gross Income	313.88	345.66	10.1 %
Operating Income	108.70	118.60	9.1 %
Net Income	84.44	93.86	11.2 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.06	1.17	11.2 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	1,559.66	1,581.42	1.4 %
Gross Income	372.78	345.66	(7.3 %)
Operating Income	132.75	118.60	(10.7 %)
Net Income	126.08	93.86	(25.6 %)
Average Shares	80.00	80.00	-
EPS (Riyals)	1.58	1.17	(25.6 %)

This was spurred by improved revenue and 10% higher year-on-year (YoY) gross profit, which was partially offset by a 10% YoY increase in selling, distribution, general and administrative expenses.

It is noteworthy that the net profit of United Company for Financial Services (Tasheel Finance) reached SAR 52.4 million in Q1 2024, compared to SAR 54.1 million in the same quarter of the year before. These results were positively impacted by the periodic update in the model of expected credit loss, amounting to SAR 5.5 million. Consequently, excluding this impact, net profit of Tasheel Finance would have increased by 7.9%.

On a sequential basis, net earnings dropped 25.6% from SAR 126.08 million, on changes in the retail segment sales mix, which led to a decline in the profit margins, and an increase in the company's selling and distribution expenses as well as general and administrative costs.

Shareholders’ equity, no minority interest, reached SAR 1.32 billion by March 31, 2024, compared to SAR 1.22 billion a year ago.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q2 2023	1,749.73	2.9 %	344.72	7.4 %	61.67	(51.5 %)	0.77
Q3 2023	1,452.18	5.8 %	334.21	11.3 %	118.27	25.6 %	1.48
Q4 2023	1,559.66	0.9 %	372.78	5.4 %	126.08	3.9 %	1.58
2023	6,200.69	2.8 %	1,366.58	8.0 %	390.46	(11.3 %)	4.88
Q1 2024	1,581.42	10.0 %	345.66	10.1 %	93.86	11.2 %	1.17

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2023	6,200.69	2.8 %	1,366.58	8.0 %	390.46	(11.3 %)	4.88

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2023	21.49 %	9.66 %	6.50 %
Q3 2023	21.77 %	10.17 %	6.85 %
Q4 2023	22.03 %	10.06 %	6.91 %
2023	22.04 %	10.07 %	6.91 %
Q1 2024	22.03 %	-	6.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	22.04 %	10.07 %	6.91 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2023	19.70 %	8.74 %	5.70 %
Q3 2023	23.01 %	11.84 %	8.14 %
Q4 2023	23.90 %	10.33 %	8.08 %
Q1 2024	21.86 %	-	5.94 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2023	80.00	4.52	4.96	14.18
Q3 2023	80.00	4.82	5.30	14.22
Q4 2023	80.00	4.88	5.36	16.05
Q1 2024	80.00	5.00	5.47	15.37

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	80.00	4.88	5.36	16.05

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	More than 50	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
Q2 2023	16.24	14.80	5.18
Q3 2023	15.66	14.25	5.31
Q4 2023	18.38	16.75	5.59
Q1 2024	19.01	17.36	6.18

Period	P/E	Adjusted P/E	Price/book
2014	19.84	19.84	4.64
2015	29.17	29.17	2.70
2016	NEG	More than 50	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
2023	18.38	16.75	5.59

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)
Q2 2023	1,623.39	127.34	5.84	(6.83)
Q3 2023	1,320.90	133.25	4.54	(5.53)
Q4 2023	1,420.00	140.64	5.95	(6.93)

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)
2023	5,680.76	523.86	22.06	(25.99)

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	95.70	93.86	(1.9 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Hermes	92.00	93.86	2.0 %
Al Rajhi Capital	91.00	93.86	3.1 %
SNB Capital	88.00	93.86	6.7 %
AlJazira Capital	103.50	93.86	(9.3) %
Goldman Sachs	104.00	93.86	(9.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,888.00
Enterprise Value (EV) (M)	9,053.75
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)	18.01
P/E (TTM)	19.73
Price/book	6.42
Return on Average Assets (%) (TTM)	9.2
Return on Average Equity (%) (TTM)	32.6

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eXtra’s profit rises 11% to SAR 93.9M in Q1 2024

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Share Price

United Electronics Co. (EXTRA)

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) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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eXtra’s profit rises 11% to SAR 93.9M in Q1 2024

View other reports

Share Price

United Electronics Co. (EXTRA)

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) Q4 2023

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)