SHL logs net profit of SAR 10.7M in H1 2024; Q2 at SAR 6M

06/08/2024 Argaam Exclusive

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SHL Finance Co. reported a net profit of SAR 10.7 million in H1 2024, compared to SAR 5 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Net income from finance commissions 55.51 71.05 28.0 %
Net Income 5.04 10.65 111.3 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 0.03 0.12 325.2 %
EPS (Riyals) 0.05 0.11 111.3 %

The company achieved a total income from special financing commissions during the current period of SAR 176.33 million riyals, an increase of 18.8% year-on-year (YoY).

 

The rise was driven by an increase in the profit rates on new loans as well as the growth in the size of the financing portfolio.

 

The company recognized SAR 990,000 (reversal of entry) net provisions for expected credit losses in H1 2024, compared to SAR 3.78 million (reversal of entry) in H1 2023.

 

The increase in the total net provision for expected credit losses and other losses is due to the growth in the size of the financing portfolio.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Net income from finance commissions 27.71 37.28 34.5 %
Net Income 2.60 6.04 132.6 %
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 0.03 0.06 132.6 %
EPS (Riyals) 0.03 0.06 132.6 %

In Q2 2024, net profit climbed to SAR 6 million, compared to SAR 2.6 million in the year-earlier period.

 

On a quarterly basis, net earnings climbed by 30.9% from SAR 4.61 million in Q1 2024.

 

Shareholders’ equity, no minority interest, inched up to SAR 1.67 billion as of June 30, 2024, from SAR 1.66 billion a year earlier.

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Share Price

SHL Finance Co.
19.68
(0.10) (0.51 %)

SHL Finance Co. (SHL)

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Financial Ratios
Current
Market Cap (M) 1,972.00
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 0.27
Book Value (BV) ( Riyal) 16.88
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 71.78
P/E (TTM) 74.34
Price/book 1.17
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 1.6
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