United International H1 2024 net profit down 4% to SAR 99.2M

21/10/2024 Argaam Exclusive

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United International Holding Co., which is in the process of listing its shares on TASI, posted a net profit of SAR 99.2 million for H1 2024, a decline of 4% year-on-year (YoY) from SAR 103.7 million.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Net income from finance commissions	221.90	251.58	13.4 %
Net Income	103.74	99.18	(4.4 %)
Average Shares	25.00	25.00	-
Earnings Per Share before unusual items (Riyals)	4.15	3.97	(4.4 %)
EPS (Riyals)	4.15	3.97	(4.4 %)

The profit decline was attributed to lower Murabaha finance revenues, a rise in financing costs, as well as an increase in general and marketing expenses during the six-month period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬

Item	Q1 2024	Q2 2024	Change‬
Net income from finance commissions	121.04	130.54	7.8 %
Net Income	52.35	46.82	(10.6 %)
Average Shares	25.00	25.00	-
Earnings Per Share before unusual items (Riyals)	2.09	1.87	(10.6 %)
EPS (Riyals)	2.09	1.87	(10.6 %)

Shareholders' equity (no minority rights) amounted to SAR 989.86 million by the end of H1 2024, compared to SAR 782.15 million in the same period a year earlier.

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