Extra profits increase to SR94.2 mln during Q3, by 5.8%

The United Electronics Company (Extra) revealed that the net profit after zakat and tax in the third quarter increased to SR94.2 million, compared to SR89 million in the same quarter of last year, at a rate of 5.8%,
This came after the announcement on Monday of the estimated financial results for the period ending on September 30, 2022 (nine months).
The operational profit amounted to SR102.5 million in the third quarter, compared to SR101.9 million in the same quarter of the previous year, an increase of 0.58%.
The net profit after zakat and tax in the 9-month period amounted to SR318.9 million, compared to SR270.7 million in the same period last year, a growth of 17.7%.
The total shareholders’ equity “without minority rights” amounted to SR1.02 billion in the current period, compared to SR863.7 million in the same period last year, an increase of 18.3%.
Profits per share in the current period reached SR5.31, compared to SR4.5 in the same period last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
Net profit totaled SR 94.2m vs. SR 89m for same quarter last year despite flattish the Company revenues in Q3 2022 vs. same quarter of last year. But supported by growth of eXtra after sales services sector and consumer finance sector revenues, the Company’s gross profit inched up by 7.13% vs. same quarter of last year to deliver gross profit of SR 300.2m vs.SR 280.2m for same quarter last year, that led to growth of the net profit by 5.84% vs. same quarter of last year despite of increase in SG&A vs. same quarter last year. It’s worth noting that United Company for Financial Services achieved net profit of SR 45.2m vs. SR 35.5m for same quarter of last year, that register growth of 27.3%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
Net profit totaled SR 94.2m vs. SR 127.1m for the previous quarter as a result of higher sales of previous quarter due to the seasonal change of the Company’s revenues in addition to launch the Company’s annual mega sale festival which led to higher gross profit & net profit of Previous quarter vs. this quarter.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
Net profit totaled SR 318.8m vs. SR 270.7m for same period of last year, where the revenues inched up by 10.32% vs. same period of last year, due to increase in retail sector sales, in addition to higher extra after sales services and higher consumer finance revenues through United Company for Financial Services, which led to growth of Company’s gross Profit by 9.77% vs. same period of last year, delivering gross profit of SR 911.3m vs. SR 830.2m for same period of last year, which led to growth of the Company’s net profit by 17.77% vs. same period of last year. It’s worth noting that United Company for Financial Services achieved a net profit of SR 144.1m vs. SR 81.2m for same period of last year that registers growth of 77.5%.
These estimated financial results for the period ended 30 Sep 2022 are prepared by the management of the Company and these results are not reviewed by the external auditors.