SHL earnings climb to SAR 15.8M in 9M 2024, SAR 5.1M in Q3

07/11/2024 Argaam Exclusive

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SHL Finance Co.’s net earnings grew 60.7% to SAR 15.8 million net profit for the first nine months of 2024, compared to SAR 9.81 million in 9M 2023.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Net income from finance commissions	95.36	107.92	13.2 %
Net Income	9.81	15.77	60.7 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.10	0.16	60.7 %

The nine-month profit growth was spurred by the 14.04% annual rise in gross special commission income, paired with the elevated yield on new loans and the expanded financing portfolio.

Net profit for Q3 2024 amounted to SAR 5.11 million, up 7.2% from SAR 4.77 million in the third quarter of 2023.

Sequentially, however, the company’s bottom line plunged by 15.4% from SAR 6.04 million in Q2 2024, pressured by the quarterly hike in general and administrative expenses during the current quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Net income from finance commissions	37.81	36.69	(3.0 %)
Net Income	4.77	5.11	7.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.05	0.05	7.2 %

Item	Q2 2024	Q3 2024	Change‬
Net income from finance commissions	37.81	36.69	(3.0 %)
Net Income	6.04	5.11	(15.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.06	0.05	(15.4 %)

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