Extra Profits Rise to SR127 mln during 2Q, by 26%

The United Electronics Company (Extra) recorded a net profit after zakat and tax in the second quarter of SR127.1 million, compared to SR100.5 million in the same quarter of last year, an increase of 26.47%.
This came after the announcement on Monday of the estimated financial results for the period ending on June 30, 2022 (six Months).
The operational profit amounted to SR124.4 million in the second quarter, compared to SR108.12 million in the same quarter of the previous year, an increase of 15%.
The total income in the second quarter amounted to SR320.3 million, compared to SR289.8 million in the same quarter of last year, at a rate of 10.5%.
The total shareholders’ equity “without minority rights” amounted to SR1.07 billion in the 6-month period, compared to SR888.3 million in the same period last year, a growth of 20.8%.
Profits per share in the current period reached SR3.74, compared to SR3.03 in the same period last year.
Net profit totaled SR 127.1m vs. SR 100.5m for same quarter last year, where the revenues of 2nd quarter inched up by 27.9% vs. same quarter last year, due to kick off eXtra Mega Sale festival in Q2 this year, which led to increase in retail sector sales vs. Q2 2021, in addition to higher consumer finance revenues through United Company for Financial Services, which led to growth of Company’s gross Profit by 10.5% vs. Q2 2021, delivering gross profit of SR 320.3m vs. SR 289.8m for same Q of last year, which impacted growth of the Company’s net profit by 26.5% vs. same quarter last year, despite of increase in SG&A.
Net profit totaled SR 127.1m vs. SR 97.5m for the previous quarter as a result of higher sales in current quarter vs. previous quarter due to kick off eXtra mega Sale Festival in Q2 which led to higher gross profit & net profit Vs. Previous quarter.
Net profit totaled SR 224.6m vs. SR 181.7m for same period last year, where the revenues of H1 2022 inched up by 15.6% vs. same period of last year, due to kick off eXtra Megal sales festival in Q2 that led to increase in retail sector sales, in addition to higher consumer finance revenues through United Company for Financial Services, which led to growth of Company’s gross Profit by 11% vs. H1 2021, delivering gross profit of SR 610.5m vs. SR 550m for same period of last year, which impacted growth of the Company’s net profit by 23.6% vs. same period of last year, despite of increase in SG&A.
These estimated financial results for the period ended 30 June 2022 are prepared by the management of the Company and these results are not reviewed by the external auditors.