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

4003
EXTRA
-0.50 %
1445/01/13     31/07/2023 08:16:52

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,749.731,700.412.91,438.1421.67
Gross Profit (Loss) 340.02320.95.96313.888.33
Operational Profit (Loss) 95.56124.24-23.08108.7-12.09
Net Profit (Loss) after Zakat and Tax 61.67127.12-51.4984.44-26.96
Total Comprehensive Income 61.88127.22-51.3680.75-23.37
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 3,187.873,112.392.42
Gross Profit (Loss) 653.91611.077.01
Operational Profit (Loss) 204.26237.86-14.12
Net Profit (Loss) after Zakat and Tax 146.12224.63-34.95
Total Comprehensive Income 142.64224.76-36.54
Total Share Holders Equity (after Deducting Minority Equity) 1,134.091,073.555.64
Profit (Loss) per Share 1.832.81
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 61.7m vs. SR 127.1m for same quarter last year, Impacted by continued increases of borrowing rates, as total Company's finance cost has increased in Q2 by SR 13.5m vs. same quarter last year in addition to recognizing non-recurring losses during the second quarter equivalent to SR 38m due to discontinue the Company's expansion plan in Egypt. Despite this, The Company's revenue grew slightly by 2.9% vs. same Q last year, and supported by Consumer Finance Sector revenues growth, The Company's gross profit increased by 6.0% vs. same Q last year to register SR 340.0m vs. SR 320.9m for same Q last year. in addition to that, The Company's SG&A increased vs. same Q last year, in addition to decrease in the other income vs. same Q last year.It's worth noting that United Company for Financial Services achieved net profit of SR 49.7m vs. SR 45.1m for same Q last year, achieving growth 10.2% Y-o-Y.
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 61.7m vs. SR 84.4m for previous Q, impacted by recognition of non-recurring losses during the current quarter equivalent to SR 38m due to discontinue the Company's expansion plan in Egypt, Despite increase of Company's revenues in the current Q vs. Previous Q by 21.7% due to the seasonal change of the Company's revenues which led to higher gross profit vs. Previous quarter.
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 146.1m vs. SR 224.6m for same period last year, Impacted by continued increases of borrowing rates, as total Company's finance cost has increased in H1 by SR 28.3m vs. same period last year in addition to recognizing non-recurring losses during the period equivalent to SR 38m due to discontinue the Company's expansion plan in Egypt. Despite this, The Company's revenue grew slightly by 2.4% vs. same period last year, and supported by Consumer Finance Sector revenues growth and Retail sector sales mix enhancement , The Company's gross profit increased by 7.0% vs. same period last year to register SR 653.9m vs. SR 611.1m for same period last year. in addition to that, The Company's SG&A increased vs. same period last year, in addition to decrease in the other income vs. same period last year. it's worth noting that United Company for Financial Services achieved net profit of SR 103.8m vs. SR 98.9m for same period last year, achieving growth 4.9% Y-o-Y.
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

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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