‎“Extra” profits down 13.4% in Q1, to SR84.4 mln

The United Electronics Company “Extra” revealed a decline in net profit after zakat and tax in the first quarter to 84.4 million riyals, compared to 97.5 million riyals in the same quarter of last year, by 13.4%. This came after the announcement today of the estimated financial results for the period ending in March 31, 2023 (three months).

The operational profit amounted to 107.9 million riyals in the first quarter, compared to 113.6 million riyals in the same quarter of the previous year, a decrease of 5%.

The total shareholders’ equity “without minority rights” amounted to 1.22 billion riyals in the 3-month period, compared to 994.8 million riyals in the same period last year, with a growth of 23%.

Earnings per share in the current period reached 1.06 riyals, compared to 1.22 riyals in the same period last year.

The net profit amounted to 84.4 million Saudi riyals, compared to 97.5 million Saudi riyals for the same quarter of the previous year, as the net profit was negatively affected by the rise in lending rates, which led to an increase in the company’s financing expenses during the first quarter by 14.7 million Saudi riyals for the same quarter of the previous year. On the other hand, revenues for the first quarter increased slightly by 1.9% compared to the same quarter of the previous year, and supported by the growth in revenues from consumer financing services and the change in the sales mix in the retail sector, the gross profit for the first quarter of the year increased by 8.1%. For the same quarter of the previous year, to record 313.8 million riyals compared to 290.2 million riyals for the same quarter of the previous year, in addition to the increase in selling and marketing expenses and general and administrative expenses.

It is worth noting that the net profit of the United Financial Services Company amounted to 54.1 million riyals for the first quarter of this year, compared to 53.8 million riyals for the same quarter of last year.

The net profit amounted to 84.4 million riyals compared to 121.4 million riyals for the previous quarter as a result of the increase in sales in the previous quarter due to the seasonal changes in the company’s revenues, which led to an increase in gross profit and net profit for the previous quarter.