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United Electronics Company (Extra) announces the Estimated financial results for the period ending on 30 June 2024 (Six Months)

4003
EXTRA
0.84 %
1446/01/03     09/07/2024 08:03:53

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,919.11,749.739.6791,581.4221.352
Gross Profit (Loss) 388.6340.0214.287345.6612.422
Operational Profit (Loss) 127.795.5633.633118.67.672
Net profit (Loss) 106.561.6772.69393.8613.466
Total Comprehensive Income 106.5161.8872.12393.6513.731
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 3,499.23,187.879.766
Gross Profit (Loss) 733653.9112.094
Operational Profit (Loss) 246.3204.2620.581
Net profit (Loss) 200.4146.1237.147
Total Comprehensive Income 200.2142.6440.353
Total Shareholders Equity (after Deducting Minority Equity) 1,340.581,134.0918.207
Profit (Loss) per Share 2.511.83
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
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 continued to grow during the current quarter compared to the same quarter of the previous year, with revenues reaching SAR 1,919 million compared to SAR 1,750 million, an increase of 9.7%. This growth is attributed to the success of the Mega sale season, where the company's retail sector experienced an increase in sales volume, driven by a 53% growth in online sales during this quarter compared to the same quarter last year. Shoppers benefited from the offers and prices provided, along with an increase in the number of users of the loyalty program (Jood). 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 previous year, due to an 18.5% 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 106.5 million compared to SAR 61.7 million for the same quarter of the previous year, marking an increase of 72.7%. This rise is attributable to improvements in the company's revenues. Moreover, the gross profit increased by 14.3%, amounting to SAR 388.6 million in this quarter compared to SAR 340 million in the same quarter last year. This was partially offset by a 1.8% increase in selling, distribution, and general and administrative expenses. The results from the same quarter of the previous year were negatively impacted by non-recurring losses due to the company's decision to halt expansion plans in Egypt. Excluding this effect, the company's net profit growth would be 7%.

It is noteworthy that the net profit of the United International Holding Company (the holding company for United Company for Financial Services - Tasheel) is SAR 46.8 million in the second quarter of the current year, compared to SAR 49.9 million in the same quarter of the previous year. The current quarter's results for United International Holding Company were positively impacted by an increase in net income from Islamic finance contracts and were negatively impacted by higher expenses for the expected credit loss provision and increased financing expenses.

The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The company recorded revenue growth during this quarter compared to the previous quarter, driven primarily by the Mega sale season and an increase in online sales
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 106.5 million, compared to SAR 93.9 million in the previous quarter. This growth in net profit is attributed to the increase in the sales volume of the retail sector, which led to a rise in gross profit, having a positive impact on the company's net profit
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The company's revenues increased by 9.8% during the current period compared to the same period last year, reaching SAR 3,499 million compared to SAR 3,188 million for the same period last year. This growth is attributed to the increase in retail sector sales due to stable demand in the Saudi market and the growth of consumer finance services.
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 increase in the company's revenues by 9.8% during the current period compared to the same period last year, along with the improvement in the company's sales mix, had a positive impact on the company's net profits. The gross profit for the current period increased by 12.1% compared to the same period last year. The results were negatively impacted by an increase in selling, distribution, and general and administrative expenses due to a SAR 19 million increase in the expected credit loss provision and SAR 8 million in financing expenses for the current period compared to the same period last year. Consequently, the company recorded a net profit of SAR 200.4 million compared to SAR 146.1 million, marking a growth rate of 37.1%. Excluding the non-recurring losses provision of SAR 38.1 million during the second quarter of the previous year due to the company's decision to halt expansion plans in Egypt, the net profit growth rate would be 8.8%.

It is noteworthy that the net profit of United International Holding Company (the holding company for United Company for Financial Services - Tasheel) was SAR 99.2 million for the current year, compared to SAR 103.7 million in the same quarter of the previous year.

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 June 30, 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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