Quara Finance 2023 profit up 6% to SAR 53.8M; Q4 profit at SAR 5.6M

26/03/2024 Argaam Exclusive

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Quara Finance Co.’s net profit for 2023 rose by 6% to SAR 53.8 million, compared to SAR 50.8 million in 2022.

The profit rise was attributed to growing demand for financial products, as the company was able to maintain a good yield on the products year-on-year (YoY) due to its focus on retail products.

Financials (M)

Item	2022	2023	Change‬
Net income from finance commissions	156.12	178.71	14.5 %
Net Income	50.84	53.79	5.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	1.69	1.79	5.8 %

Q4 net profit fell 56% to SAR 5.6 million from SAR 12.8 million in Q4 2022.

Sequentially, Q4 profit fell 72.2% to SAR 20.2 million in Q3 2023.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Net income from finance commissions	76.79	85.64	11.5 %
Net Income	25.58	25.89	1.2 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.85	0.86	1.2 %

Item	H1 2023	H2 2023	Change‬
Net income from finance commissions	93.07	85.64	(8.0 %)
Net Income	27.90	25.89	(7.2 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.93	0.86	(7.2 %)

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