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

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

07/03/2024 Argaam Exclusive

View other reports

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 %)

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.