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

06/08/2023 Argaam Exclusive

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 %)

Total shareholders’ equity, no minority interest, reached SAR 1.66 billion as of June 30, 2023, compared to SAR 1.67 billion in the year-earlier period.  

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Share Price

SHL Finance Co.
19.66
0.04 0.20 %

SHL Finance Co. (SHL)

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Financial Ratios
Current
Market Cap (M) 1,966.00
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 0.26
Book Value (BV) ( Riyal) 16.68
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 1.18
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 1.5
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Financial results (Million)

Period Commission income from finance and investments Change Net income from finance commissions Change Net Income Change EPS(Riyal)
Q1 2014 60.24 - 40.93 - 26.11 - 0.26
Q2 2014 61.47 - 42.40 - 26.53 - 0.27
Q3 2014 59.94 - 42.07 - 27.73 - 0.28
Q4 2014 65.52 - 46.18 - 32.08 - 0.32
Q1 2015 64.56 7.2 % 44.75 9.3 % 29.35 12.4 % 0.29
Q2 2015 66.14 7.6 % 47.29 11.5 % 30.84 16.3 % 0.31
Q3 2015 66.39 10.8 % 47.74 13.5 % 29.62 6.8 % 0.30
Q4 2015 64.42 (1.7 %) 44.47 (3.7 %) 30.78 (4.1 %) 0.31
Q1 2016 67.11 3.9 % 44.76 0.0 % 28.41 (3.2 %) 0.28
Q2 2016 67.90 2.7 % 42.29 (10.6 %) 26.67 (13.5 %) 0.27
Q3 2016 70.01 5.5 % 40.80 (14.5 %) 23.96 (19.1 %) 0.24
Q4 2016 70.70 9.7 % 39.45 (11.3 %) 21.22 (31.0 %) 0.21
Q1 2017 68.94 2.7 % 37.06 (17.2 %) 21.89 (22.9 %) 0.22
Q2 2017 72.49 6.8 % 42.18 (0.2 %) 26.81 0.5 % 0.27
Q3 2017 74.21 6.0 % 43.83 7.4 % 26.21 9.4 % 0.26
Q4 2017 74.00 4.7 % 45.29 14.8 % 24.78 16.8 % 0.25
Q1 2018 72.70 5.5 % 41.36 11.6 % 21.62 (1.2 %) 0.22
Q2 2018 80.35 10.8 % 47.69 13.1 % 14.36 (46.4 %) 0.14
Q3 2018 82.02 10.5 % 46.88 7.0 % 16.34 (37.7 %) 0.16
Q4 2018 80.32 8.5 % 44.01 (2.8 %) (8.00) (132.3 %) (0.08)
Q1 2019 77.10 6.1 % 40.32 (2.5 %) 23.30 7.8 % 0.23
Q2 2019 78.39 (2.4 %) 40.97 (14.1 %) 2.86 (80.1 %) 0.03
Q3 2019 77.99 (4.9 %) 43.13 (8.0 %) 19.57 19.8 % 0.20
Q4 2019 77.90 (3.0 %) 45.62 3.7 % 8.93 211.5 % 0.09
Q1 2020 77.48 0.5 % 48.05 19.2 % 15.69 (32.7 %) 0.16
Q2 2020 74.43 (5.1 %) 51.13 24.8 % 14.48 405.8 % 0.14
Q3 2020 74.66 (4.3 %) 50.26 16.5 % 25.90 32.4 % 0.26
Q4 2020 76.78 (1.4 %) 56.76 24.4 % 29.05 225.4 % 0.29
Q1 2021 75.99 (1.9 %) 56.17 16.9 % 29.47 87.9 % 0.29
Q2 2021 73.48 (1.3 %) 54.02 5.6 % 29.29 102.3 % 0.29
Q3 2021 75.40 1.0 % 56.16 11.7 % 24.34 (6.0 %) 0.24
Q4 2021 70.36 (8.4 %) 50.97 (10.2 %) 20.09 (30.8 %) 0.20
Q1 2022 65.31 (14.1 %) 45.19 (19.5 %) 32.36 9.8 % 0.32
Q2 2022 69.04 (6.1 %) 46.56 (13.8 %) 31.30 6.9 % 0.31
Q3 2022 67.57 (10.4 %) 35.46 (36.9 %) 16.38 (32.7 %) 0.16
Q4 2022 69.91 (0.6 %) 34.09 (33.1 %) 15.85 (21.1 %) 0.16
Q1 2023 73.71 12.9 % 27.80 (38.5 %) 2.45 (92.4 %) 0.02
Q2 2023 76.05 10.2 % 27.71 (40.5 %) 2.60 (91.7 %) 0.03

Balance Sheet (B)

Period Assets Change Net Finance Investments Change
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 3.67 - 3.58 -
Q1 2015 3.77 - 3.61 -
Q2 2015 3.88 - 3.63 -
Q3 2015 3.82 - 3.64 -
Q4 2015 3.78 2.8 % 3.69 3.2 %
Q1 2016 3.88 2.8 % 3.71 2.9 %
Q2 2016 4.04 4.2 % 3.85 6.0 %
Q3 2016 4.07 6.6 % 3.95 8.5 %
Q4 2016 4.10 8.4 % 3.99 8.1 %
Q1 2017 4.20 8.2 % 4.05 9.2 %
Q2 2017 4.23 4.7 % 4.07 5.7 %
Q3 2017 4.26 4.6 % 4.11 4.0 %
Q4 2017 4.30 4.9 % 4.18 4.8 %
Q1 2018 4.38 4.4 % 4.17 2.9 %
Q2 2018 4.37 3.2 % 4.19 2.8 %
Q3 2018 4.36 2.4 % 4.15 1.2 %
Q4 2018 4.44 3.3 % 4.19 0.2 %
Q1 2019 4.39 0.3 % 4.17 0.1 %
Q2 2019 4.37 0.1 % 4.19 0.2 %
Q3 2019 4.41 1.1 % 4.20 1.0 %
Q4 2019 4.47 0.6 % 4.24 1.1 %
Q1 2020 4.51 2.5 % 4.28 2.4 %
Q2 2020 4.53 3.8 % 4.31 2.8 %
Q3 2020 4.53 2.9 % 4.26 1.6 %
Q4 2020 4.61 3.1 % 4.20 (0.9 %)
Q1 2021 4.51 0.1 % 4.19 (1.9 %)
Q2 2021 4.45 (1.8 %) 4.22 (2.2 %)
Q3 2021 4.39 (3.2 %) 4.17 (2.2 %)
Q4 2021 4.59 (0.4 %) 4.01 (4.4 %)
Q1 2022 4.39 (2.6 %) 4.12 (1.8 %)
Q2 2022 4.39 (1.4 %) 4.10 (2.7 %)
Q3 2022 4.38 (0.2 %) 4.13 (1.0 %)
Q4 2022 4.33 (5.7 %) 3.81 (4.9 %)
Q1 2023 4.37 (0.4 %) 3.75 (8.9 %)
Q2 2023 4.31 (1.8 %) 3.72 (9.4 %)

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - 45.50 %
Q1 2015 - - 46.00 %
Q2 2015 - - 46.85 %
Q3 2015 - - 46.42 %
Q4 2015 3.24 % 10.11 % 46.12 %
Q1 2016 3.13 % 9.80 % 45.32 %
Q2 2016 2.92 % 9.25 % 43.44 %
Q3 2016 2.78 % 8.62 % 40.76 %
Q4 2016 2.55 % 7.74 % 36.36 %
Q1 2017 2.32 % 7.10 % 33.78 %
Q2 2017 2.27 % 6.99 % 33.28 %
Q3 2017 2.31 % 7.03 % 33.57 %
Q4 2017 2.38 % 7.18 % 34.42 %
Q1 2018 2.32 % 7.14 % 33.89 %
Q2 2018 2.02 % 6.16 % 28.87 %
Q3 2018 1.79 % 5.38 % 24.95 %
Q4 2018 1.01 % 3.08 % 14.05 %
Q1 2019 1.05 % 3.18 % 14.38 %
Q2 2019 0.79 % 2.37 % 10.85 %
Q3 2019 0.86 % 2.56 % 12.02 %
Q4 2019 1.23 % 3.71 % 17.56 %
Q1 2020 1.06 % 3.15 % 15.09 %
Q2 2020 1.32 % 3.91 % 19.06 %
Q3 2020 1.45 % 4.26 % 21.35 %
Q4 2020 1.88 % 5.52 % 28.06 %
Q1 2021 2.19 % 6.32 % 32.76 %
Q2 2021 2.53 % 7.16 % 37.79 %
Q3 2021 2.51 % 6.95 % 37.18 %
Q4 2021 2.24 % 6.30 % 34.95 %
Q1 2022 2.38 % 6.36 % 37.28 %
Q2 2022 2.45 % 6.51 % 38.59 %
Q3 2022 2.28 % 5.96 % 36.78 %
Q4 2022 2.15 % 5.64 % 35.28 %
Q1 2023 1.50 % 3.84 % 23.54 %
Q2 2023 0.86 % 2.23 % 12.98 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 100.00 - - -
Q2 2014 100.00 - - -
Q3 2014 100.00 - - -
Q4 2014 100.00 1.12 1.12 11.36
Q1 2015 100.00 1.16 1.16 11.66
Q2 2015 100.00 1.20 1.20 11.96
Q3 2015 100.00 1.22 1.22 12.26
Q4 2015 100.00 1.21 1.21 12.49
Q1 2016 100.00 1.20 1.20 12.77
Q2 2016 100.00 1.15 1.15 13.00
Q3 2016 100.00 1.10 1.10 -
Q4 2016 100.00 1.00 1.00 13.43
Q1 2017 100.00 0.94 0.94 13.63
Q2 2017 100.00 0.94 0.94 13.89
Q3 2017 100.00 0.96 0.96