SHL Finance Co.’s net profit plunged 98% to SAR 2.3 million in 2023, compared to SAR 95.9 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 161.30 | 119.57 | (25.9 %) |
| Net Income | 95.89 | 2.33 | (97.6 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.96 | 0.02 | (97.6 %) |
The annual profit was hit by higher borrowing costs and a decrease in the fair value of the financial instruments.
In 2023, the company reversed provisions for expected credit losses at SAR 3.7 million, compared to a net of SAR 21.5 million in 2022.
On the other hand, SHL’s gross special commission income from financing jumped by 13.1% year-on-year (YoY) to SAR 300.5 million in 2023. This came due to the lending portfolio growth at a higher annual return on the diversification of new financing products.
In Q4 2023, the company incurred a net loss of SAR 7.48 million, against a net profit of SAR 15.85 million in Q4 2022.
SHL earned a net profit of SAR 4.77 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 34.09 | 32.28 | (5.3 %) |
| Net Income | 15.85 | (7.48) | (147.2 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.16 | (0.07) | (147.2 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 31.78 | 32.28 | 1.6 % |
| Net Income | 4.77 | (7.48) | (256.9 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.05 | (0.07) | (256.9 %) |
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