Financial Results : SHL H1 net profit down to SAR 5 mln; Q2 falls to SAR 2.6 mln

SHL H1 net profit down to SAR 5 mln; Q2 falls to SAR 2.6 mln

06/08/2023 Argaam Exclusive

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SHL Finance Co. reported a net profit of SAR 5 million in H1 2023, a slump of 92% from SAR 63.7 million in H1 2022, on higher cost of finance.  



Financials (M)

Item 6m 2022 6m 2023 Change‬
Net income from finance commissions 91.75 55.51 (39.5 %)
Net Income 63.66 5.04 (92.1 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 0.38 0.03 (92.7 %)
EPS (Riyal) 0.64 0.05 (92.1 %)

The Q2 2023 net earnings plummeted 92% year-on-year (YoY) to SAR 2.6 million, from SAR 31.3 million in Q2 2022, on an increase in the cost of funding. 

 

On a quarterly basis, net profit was up 6.1% from SAR 2.45 million in Q1 2023 driven by higher operating income and reversing the provision for expected credit losses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Net income from finance commissions 46.56 27.71 (40.5 %)
Net Income 31.30 2.60 (91.7 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyal) 0.16 0.03 (83.6 %)
EPS (Riyal) 0.31 0.03 (91.7 %)

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