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United Electronics profit beats consensusin Q4

United Electronics Co. said its normalized net income for the fourth quarter came to 67 halalas per share, compared with the S&P Capital IQ consensus estimate of 12 halalas per share.

EPS increased year over year from 20 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 28.1 million riyals, an increase from 8.4 million riyals in the prior-year period.

The normalized profit margin rose to 2.0% from 0.7% in the year-earlier period.

Total revenue grew 8.8% on an annual basis to 1.39 billion riyals from 1.27 billion riyals, and total operating expenses climbed 6.4% year over year to 1.34 billion riyals from 1.26 billion riyals.

Reported net income rose from the prior-year period to 27.5 million riyals, or 65 halalas per share, from 9.1 million riyals, or 22 halalas per share.

For the year, the company's normalized net income totaled 30 halalas per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 31 halalas.

EPS declined 61.3% from 79 halalas in the prior year.

Normalized net income was 12.8 million riyals, a decline of 61.3% from 33.1 million riyals in the prior year.

Full-year total revenue amounted to 3.75 billion riyals, compared with 3.74 billion riyals in the prior year, and total operating expenses grew year over year to 3.73 billion riyals from 3.69 billion riyals.

The company said reported net income declined 95.7% year over year to 2.1 million riyals, or 5 halalas per share, in the full year, from 49.2 million riyals, or 1.17 riyals per share.

As of Feb. 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.