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.
| 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.
| 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 | 28.79 | 27.71 | (3.7 %) |
| 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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