SHL logs net profit of SAR 10.7M in H1 2024; Q2 at SAR 6M

06/08/2024 Argaam Exclusive

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SHL Finance Co. reported a net profit of SAR 10.7 million in H1 2024, compared to SAR 5 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Net income from finance commissions	55.51	71.05	28.0 %
Net Income	5.04	10.65	111.3 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.05	0.11	111.3 %

The company achieved a total income from special financing commissions during the current period of SAR 176.33 million riyals, an increase of 18.8% year-on-year (YoY).

The rise was driven by an increase in the profit rates on new loans as well as the growth in the size of the financing portfolio.

The company recognized SAR 990,000 (reversal of entry) net provisions for expected credit losses in H1 2024, compared to SAR 3.78 million (reversal of entry) in H1 2023.

The increase in the total net provision for expected credit losses and other losses is due to the growth in the size of the financing portfolio.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Net income from finance commissions	27.71	37.28	34.5 %
Net Income	2.60	6.04	132.6 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.03	0.06	132.6 %

Item	Q1 2024	Q2 2024	Change‬
Net income from finance commissions	33.77	37.28	10.4 %
Net Income	4.61	6.04	30.9 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.05	0.06	30.9 %

View More Financial Results

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