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United Electronics Company (Extra) announces the Estimated financial results for the period ending on 31 March 2024 (Three Months)

4003
EXTRA
-0.50 %
1445/10/07     16/04/2024 07:53:58

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,580.11,438.149.8711,559.661.31
Gross Profit (Loss) 344.35313.889.707372.78-7.626
Operational Profit (Loss) 118.6108.79.107132.75-10.659
Net profit (Loss) 93.8684.4411.155126.08-25.555
Total Comprehensive Income 93.6580.7515.975126.42-25.921
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 1,329.61,224.558.578
Profit (Loss) per Share 1.171.06
All figures are in (Millions) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The company's revenues showed an increase during the current quarter compared to the same quarter of the previous year, with revenues reaching SAR 1,580 million compared to SAR 1,438 million, an increase of 9.9%. This growth is a result of the stabilization of demand in the retail market within the Kingdom, where the company's retail sector experienced an increase in sales volume, driven by an increase in online sales due to the enhanced shopping experience on eXtra.com and the application in their new releases, which in turn led to an increase in the number of shoppers. Furthermore, the consumer finance sector of the company saw an increase in its income during the current quarter compared to the same quarter of the last year, due to a 19% growth in the consumer finance portfolio.
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 net profit for this quarter reached SAR 93.9 million compared to SAR 84.4 million for the same quarter of the previous year, marking an increase of 11.2%. This rise is attributable to improvements in the company's revenues. Moreover, the gross profit increased by 10%, amounting to SAR 344.4 million in this quarter compared to SAR 313.9 million in the same quarter last year, This was partially offset by a 10% increase in selling, distribution, and general and administrative expenses. It is noteworthy that the net profit of the United Company for Financial Services was SAR 52.4 million in the first quarter of the current year, compared to SAR 54.1 million in the same quarter of the previous year. The results from the first quarter of the previous year were positively impacted by the periodic update in the model of expected credit loss, amounting to SAR 5.5 million. Consequently, if this effect is excluded, the growth rate in net profits for the United Company for Financial Services would stand at 7.9%.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The company recorded a slight increase in its revenues during this quarter compared to the previous quarter, with online sales being the main driver of this growth.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is During this quarter, the company recorded a net profit of SAR 93.9 million, compared to SAR 126.1 million in the previous quarter. This decrease in net profit is due to changes in the sales mix of the retail sector, which led to a decline in the profit margin, and an increase in the company's investments in selling and distribution expenses as well as general and administrative expenses, which negatively impacted the company's net profit.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) These estimated financial results for the period ending March 31, 2024, have been prepared by the company's management and have not been audited or reviewed by its external auditor.
Reclassification of Comparison Items None
Additional Information The company uses the cost model option for measuring properties and investment properties.

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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Last Price 80.2
Net Change -0.4 (-0.5%)
Value Traded (Sar) 4,796,264.6
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