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United Electronics Company (Extra) announces the Estimated financial results for the period ending 31-12-2019 (Twelve Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,8811,61916.1821,03581.739
Gross Profit (Loss) 300.126911.561185.761.604
Operational Profit (Loss) 91.469.331.8937.5143.733
Net Profit (Loss) after Zakat and Tax 72.363.114.5827.2165.808
Total Comprehensive Income 71.264.310.7327.2161.764
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 5,1354,39416.863
Gross Profit (Loss) 900.2779.615.469
Operational Profit (Loss) 248.718038.166
Net Profit (Loss) after Zakat and Tax 205.8161.227.667
Total Comprehensive Income 204.8162.426.108
Total Share Holders Equity (after Deducting Minority Equity) 660645.62.23
Profit (Loss) per Share 4.123.22
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The Company achieved net profit of SR 72.3m vs. SR 63.1m for SPLY. The growth in net profit resulted from sales increase across all company's divisions in general, and this years' Mega Sale festival in particular, In addition to higher eXtra Services & consumer finance services revenues, Which led to an increase of company's gross margin by 11.4% vs. SPLY. leading to increase in the company net profit by 14.6% despite the following: 1) The drop resulted from the early booking of SR 7.6m in consumer finance revenue due to securitization deal with Al Rajhi bank, which had a positive impact on Q2 2019 results with a total value of SR 17.2m (announced on 27th of June, 2019). 2)Higher operating expenses.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The Company achieved net profit of SR 72.3m vs. SR 27.2m for last quarter. The growth in net profit resulted from sales increase across all company's divisions in general, and through this years' Mega Sale festival particularly, In addition to higher eXtra Services & consumer finance services revenues, Which led to an increase of company's gross margin. Leading to increase in the company net profit
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The company achieved net profit of SR 205.8m for the period ended 31st of Dec-2019, the highest since company's inception, vs. a net profit of 161.2 for SPLY. Company's Total revenue exceeded SR 5bn for 2019, achieving growth of 16.9% vs. SPLY. As a result of LFL sales growth, e-commerce sales growth, increase in eXtra Services & consumer finance services revenues, in addition to, opening 4 new stores through 2019, which led to in crease in gross profit by 15.5% vs. SPLY. it is worth noting that, the net profit increased by 27.7% vs. SPLY.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion These estimated financial results for the period ended 31 Dec. 2019 are prepared by the management of the Company and these results are not reviewed by the external auditors
Additional Information It is worth noting that shareholders' equity increased by 15.2% after excluding the financial impact of adoption of IFRS 16 as of 1st of January 2019, which resulted a decrease in retained earnings by SR 84m

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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