United Electronics Company Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Announces Impairment Loss for the Fourth Quarter Ended of December 31, 2016
January 18, 2017 at 01:44 pm EST
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United Electronics Company announced earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's net profit was SAR 27.5 million, compared to SAR 9.1 million for the same quarter ended December 31, 2015. Operational profit was SAR 44.1 million, compared to SAR 12.6 million for the same quarter ended December 31, 2015. The company announced that the increase in sales compared to same quarter of last year, leading to increased gross profit, in addition to margin improvements that resulted from improved margins on some products.
For the year, the company's net profit was SAR 2.1 million, or SAR 0.06 per share, compared to SAR 49.2 million, or SAR 1.37 per share, for the year ended December 31, 2015. Operational profit was SAR 23.6 million, compared to SAR 55.1 million for the year ended December 31, 2015.
The company announced the impairment loss on some of the company's assets amounting to SAR 15.6 million.
United Electronics Company JSC is a Saudi Arabia-based joint stock company engaged in the retail of consumer electronics, appliances, communications and solutions. The Company distributes: Television and Audio, which includes plasma, Liquid Crystal Display (LCD), projectors, home theater, and Digital Video Disc (DVD) players; Computing, which includes laptops, net books, tablets, printers, data storage and accessories; Mobile Communications, which includes a range of mobile handsets and smart phones; Digital and Audio Imaging, which includes digital and professional cameras, photo smart printers, Global Positioning System (GPS) and accessories; Gaming, which includes consoles and gaming software; Home Appliances, which includes refrigerators, washing machines, air conditioners, cookers, dryers, and dish washers, as well as Small Appliances, which includes microwaves, vacuum cleaners, cooking appliances and personal care.
United Electronics Company Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Announces Impairment Loss for the Fourth Quarter Ended of December 31, 2016