Extra reports profit surge by 20% during 1Q to SR97mln

United Electronics Company (Extra) announced that its net profit after zakat and tax soared 20% to SR 97 million during 1^st quarter ended on March 31^st 2022, from SR 81 million during the same period of the year before.

According to its financial statement published on Tadawul, Extra said that its operational profit surged 18% to SR 113 million in the first quarter of the current year against SR 97 million in the same quarter of 2021.

Gross profits of the company rose 11% to SR 290 million during 1Q 2022, from SR 260 million during the same period of the year earlier, while profit per share (EPS) hiked to SR 1.62 from SR 1.35.

Higher net profit was mainly driven by higher sales of previous quarter due to the seasonal change of the Company’s revenues which led to higher gross profit & net profit of previous quarter.

Moreover, The company achieved net profit of SR 97.5m vs. SR 81.2m for same quarter last year, where the revenues of 1st quarter inched up by 3.5% vs. same quarter last year, due to slight increase in retail sector sales vs. same quarter last year, in addition to higher consumer finance revenues through United Company for Financial Services, which significantly contributed to growth of Company’s gross Profit by 11.4% vs. same quarter last year, delivering gross profit of SR 289.8m vs. 260.2m for same quarter last year, to register gross margin of 20.5% for Q1 2022 compared to. 19.1% for Q1 2021, which impacted growth of the Company’s net profit by 20% vs. same quarter last year, despite of increase in SG&A .it’s worth noting that United Company for Financial Services achieved a net profit of SR 53.8m vs. SR 20.3m for Q1 last year.