SHL 2023 profit dives 98% to SAR 2.3M; Q4 loss at SAR 7.5M

07/03/2024 Argaam Exclusive

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SHL Finance Co.’s net profit plunged 98% to SAR 2.3 million in 2023, compared to SAR 95.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Net income from finance commissions	161.30	119.57	(25.9 %)
Net Income	95.89	2.33	(97.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.96	0.02	(97.6 %)

The annual profit was hit by higher borrowing costs and a decrease in the fair value of the financial instruments.

In 2023, the company reversed provisions for expected credit losses at SAR 3.7 million, compared to a net of SAR 21.5 million in 2022.

On the other hand, SHL’s gross special commission income from financing jumped by 13.1% year-on-year (YoY) to SAR 300.5 million in 2023. This came due to the lending portfolio growth at a higher annual return on the diversification of new financing products.

In Q4 2023, the company incurred a net loss of SAR 7.48 million, against a net profit of SAR 15.85 million in Q4 2022.

SHL earned a net profit of SAR 4.77 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Net income from finance commissions	34.09	32.28	(5.3 %)
Net Income	15.85	(7.48)	(147.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.16	(0.07)	(147.2 %)

Item	Q3 2023	Q4 2023	Change‬
Net income from finance commissions	31.78	32.28	1.6 %
Net Income	4.77	(7.48)	(256.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.05	(0.07)	(256.9 %)

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