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	-
EPS (Riyals)	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	-
EPS (Riyals)	0.31	0.03	(91.7 %)

Item	Q1 2023	Q2 2023	Change‬
Net income from finance commissions	27.80	27.71	(0.3 %)
Net Income	2.45	2.60	6.1 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.02	0.03	6.1 %

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