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United Electronics Company (Extra) announces Its annual financial results for the period ending on 31 December 2024
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 6,781.2 | 6,200.69 | 9.36 | ||
| Gross Profit (Loss) | 1,558.97 | 1,361.88 | 14.47 | ||
| Operational Profit (Loss) | 609.24 | 480.64 | 26.75 | ||
| Net profit (Loss) | 534.44 | 390.46 | 36.87 | ||
| Total Comprehensive Income | 540.96 | 387.21 | 39.71 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,709.66 | 1,284.37 | 33.11 | ||
| Profit (Loss) per Share | 6.68 | 4.88 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company's revenues increased by 9.4% during the current year compared to last year, reaching SAR 6,781 million compared to SAR 6,201 million for last year. This growth is attributed to: - An increase in retail sector sales driven by a notable improvement in the shopping experience for the company's customers and the growth of the e-commerce segment, which contributed to higher sales volumes. - Growth in consumer finance income, supported by a 28.4% increase in the consumer finance portfolio during the same period. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in the company's revenues, accompanied by an improvement in gross profit during the current year, driven by an enhanced sales mix and growth in the consumer finance sector, had a positive impact on the growth of the company’s net profit, despite higher selling, distribution, and general and administrative expenses. Gross profit increased by 14.5% compared to last year, leading to a net profit of SAR 534.4 million, compared to SAR 390.5 million for the last year, achieving a growth rate of 36.9%. When excluding the impact of non-recurring events, including: - The discontinuation of the company's expansion plans in the Arab Republic of Egypt during the last year. - The reversal of provisions amounting to SAR 16.3 million related to potential obligations no longer needed in the retail sector during the current year. - Debt recovery amounting to SAR 10.5 million resulting in the reversal of provisions for previously granted debts by United Electronics Company in the retail sector. The adjusted net profit growth rate becomes 18.5%. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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) | None |
| 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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