Extra profits hit 67% during 3Q to SR89 million

The United Electronics Company (Extra) net profit after zakat and tax hit SR89 million during the third quarter, compared to SR53.4 million during the same quarter of the previous year by 67%.

This came after the United Electronics Company (Extra) announced the estimated financial results for the period ending on 30-9-2021 (Nine Months).

The operational profit amounted to SR102 million during the third quarter, compared to RS65 million during the same quarter of the previous year with a growth of 57%.

The net profit amounted to SR89.1 million Saudi, compared to SR53.4 million Saudi for the same quarter of the previous year.

The gross profit amounted to SR284 million during the third quarter, compared to SR226 million during the same quarter of the previous year with an increase of 26%.

The increase in the net profit is due to increase in Q3 revenue by 12.1% vs. same quarter last year, which driven by sales growth of retail sector in addition to growth of Extra’s service and consumer finance services.

This led to growth of gross profit by 25.8% to register SR 283.8m vs. SR 225.6m for same quarter last year, which drove the company’s net profit to grew by 66.7% despite increase of the SG&A vs. same quarter last year.

It’s worth noting that United Company for Financial Services Achieved net profit of SR 35.5m vs. SR 6m for same quarter last year.

The Company Achieved net profit of SR89.1m vs. SR 100.5m for previous quarter.

This is mainly driven by slight drop in the Company’s gross profit vs. previous quarter by 2.1% due to seasonal change in the sales mix in Q3 2021 vs. previous quarter In addition to increase in other income in previous quarter that led to drop in Company’s net profit by 11.3% vs. previous quarter.

The Company Achieved net profit of SR 270.8m vs. SR 178.5m for same period last year. The increase in the net profit is due to the increase of revenue by 1.45% vs. of the same period last year.

But, growth of Extra service & consumer finance sectors revenue drove gross profit growth of 15.4% vs. same period last year to register SR 833.7m vs. SR 722.5m for same period last year, in addition to higher other income, which drove the Company net profit to grew by 51.7%. despite of the increase in selling, general & administrative (SG&A) vs. same period last year (SPLY).

It’s worth noting that the United Company for Financial Services achieved net profit of SR81.1m vs. SR6.2m for same period last year.