SHL profit soars 89% to SAR 4.6M in Q1 2024

07/05/2024 Argaam Exclusive

SHL Finance Co. posted a net profit surge of 89% to SAR 4.6 million in the first quarter of 2024, from SAR 2.4 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Net income from finance commissions 27.80 33.77 21.5 %
Net Income 2.45 4.61 88.6 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.02 0.05 88.6 %

The rise was buoyed by a 19% year-on-year (YoY) increase in income from commissions, from SAR 72 million in Q1 2023, amid a rise in the volume of new business and the overall portfolio yield.

 

SHL’s provision for expected credit losses (reversal) declined, thanks to the strong performance of the finance portfolio.

 

The company posted positive results against a net loss of SAR 7.48 million in Q4 2023, backed by a rise of 18%, or SAR 86 million, in income from commissions, compared to SAR 73 million in Q4 2023. SHL also reported a decrease in the fair value of the derivative financial instrument in the fourth quarter of 2023 and in the provision for expected credit losses (reversal) thanks to the strong performance of the finance portfolio.

Shareholders’ equity, no minority interest, decreased to SAR 1.66 billion as of March 31, 2024, from SAR 1.71 billion a year earlier.

 

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Share Price

SHL Finance Co.
17.74
(0.16) (0.89 %)

SHL Finance Co. (SHL)

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Financial Ratios
Current
Market Cap (M) 1,774.00
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 0.08
Book Value (BV) ( Riyal) 16.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.06
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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