Extra Profits Increase to SR126 mln during 4Q by 24%

The net profit of the United Electronics Company (Extra) after zakat and tax grew to SR126 million during the 4 Q, compared to SR102 million during the same quarter of the year before last by 24%.

This came after United Electronics Company (Extra) announcement on Monday of the estimated annual financial results for the period ending on 31.12.2021 (12 months).

The operational profit during the fourth quarter amounted to SR146 million, compared to SR121 million during the same quarter of the previous year, a growth of 21%.

The gross profit during the current quarter, it amounted to SR356, compared to SR317 million during the same quarter of the previous year, an increase of 12%.

The net profit during the current period amounted to SR397 million, compared to SR280 million during the same quarter of the previous year, a growth of 42%.

Profits per share during the current period amounted to SR6.61, compared toSR 4.67 during the same period last year.

The Company Achieved net profit of SR 125.9m vs. 101.6m for same quarter last year, despite of drop in the revenues vs. same quarter last year by 9.5%. However, driven by support of consumer finance sector growth, the Company’s gross profit of Q4 grew by 12.3% vs. same quarter last year, to book a gross profit of SR 355.8m vs. 316.8m for same quarter last year. That impacted growth of the Company’s net profit by 23.9% 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 47.6m vs. SR 15.2m for same quarter last year.

The company achieved net profit of SR 125.9m vs. SR 89m for previous quarter. That was due to increase of sales across all company’s divisions in Q4 generally and through Mega Sale festival particularly, on top of increase of Extra Services and consumer finance services vs. previous quarter, That led to increase in gross profit and net profit vs. previous quarter.

The Company Achieved net profit of SR 396.7m, the highest in its history vs. 280.1m for same Period last year, despite of slight drop in the revenues vs. SPLY by 2.1%. However, driven by support of consumer finance & eXtra Service sectors growth, the Company’s gross profit of FY 2021 grew by 14.1% vs. same period last year, to book a gross profit of SR 1186m vs. 1039.3 for same period last year. That impacted growth of the Company’s net profit by 41.6% vs. same period last year, despite of increase in SG&A. it’s worth noting that United Company for Financial Services achieved a growth of 500% in its net profit to register SR 128.7m vs. SR 21.3m for same Period last year.

These estimated financial results for the period ended 31 Dec. 2021 are prepared by the management of the Company and these results are not reviewed by the external auditors, the company concluded.