SHL 9M 2023 profit sinks 88% to SAR 9.8 mln; Q3 at SAR 4.8 mln

01/11/2023 Argaam Exclusive

SHL Finance Co. posted an 88% profit slump in the first nine months of 2023 to SAR 9.8 million, compared to SAR 80 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Net income from finance commissions 127.20 95.36 (25.0 %)
Net Income 80.04 9.81 (87.7 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.80 0.10 (87.7 %)

The nine-month profit was hurt by higher finance costs.

 

In Q3 2023, net profit tumbled 71% to SAR 4.8 million from SAR 16.38 million in the year-earlier period, due to higher borrowing costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Net income from finance commissions 35.46 37.81 6.6 %
Net Income 16.38 4.77 (70.9 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.16 0.05 (70.9 %)

SHL’s third-quarter bottom line leapt 83.8% from SAR 2.60 million in Q2 2023, driven by gains from financial derivatives at fair value. 

 

Shareholders’ equity, no minority interest, reached SAR 1.66 billion as of Sept. 30, 2023, down from SAR 1.69 billion a year earlier.

View More Financial Results

 

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Share Price

SHL Finance Co.
17.08
(0.20) (1.16 %)

SHL Finance Co. (SHL)

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Financial Ratios
Current
Market Cap (M) 1,708.00
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 0.08
Book Value (BV) ( Riyal) 16.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.02
Return on Average Assets (%) (TTM) 0.2
Return on Average Equity (%) (TTM) 0.5
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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 26.11 - 0.26 - 26.11 0.26
Q2 2014 26.53 - 0.27 - 26.53 0.27
Q3 2014 27.73 - 0.28 - 27.73 0.28
Q4 2014 32.08 - 0.32 - 32.08 0.32
Q1 2015 29.35 12.4 % 0.29 - 29.35 0.29
Q2 2015 30.84 16.3 % 0.31 - 30.84 0.31
Q3 2015 29.62 6.8 % 0.30 - 29.62 0.30
Q4 2015 30.78 (4.1 %) 0.31 - 30.78 0.31
Q1 2016 28.41 (3.2 %) 0.28 - 28.41 0.28
Q2 2016 26.67 (13.5 %) 0.27 - 26.67 0.27
Q3 2016 23.96 (19.1 %) 0.24 - 23.96 0.24
Q4 2016 21.22 (31.0 %) 0.21 - 21.22 0.21
Q1 2017 21.89 (22.9 %) 0.22 - 21.89 0.22
Q2 2017 26.81 0.5 % 0.27 - 26.81 0.27
Q3 2017 26.21 9.4 % 0.26 - 26.21 0.26
Q4 2017 24.78 16.8 % 0.25 - 24.78 0.25
Q1 2018 21.62 (1.2 %) 0.22 - 21.62 0.22
Q2 2018 14.36 (46.4 %) 0.14 - 14.36 0.14
Q3 2018 16.34 (37.7 %) 0.16 - 16.34 0.16
Q4 2018 (8.00) (132.3 %) (0.08) (25.46) 17.46 0.17
Q1 2019 23.30 7.8 % 0.23 - 23.30 0.23
Q2 2019 2.86 (80.1 %) 0.03 (12.83) 15.70 0.16
Q3 2019 19.57 19.8 % 0.20 - 19.57 0.20
Q4 2019 8.93 211.5 % 0.09 - 8.93 0.09
Q1 2020 15.69 (32.7 %) 0.16 - 15.69 0.16
Q2 2020 14.48 405.8 % 0.14 - 14.48 0.14
Q3 2020 25.90 32.4 % 0.26 - 25.90 0.26
Q4 2020 29.05 225.4 % 0.29 - 29.05 0.29
Q1 2021 29.47 87.9 % 0.29 - 29.47 0.29
Q2 2021 29.29 102.3 % 0.29 - 29.29 0.29
Q3 2021 24.34 (6.0 %) 0.24 - 24.34 0.24
Q4 2021 20.09 (30.8 %) 0.20 - 20.09 0.20
Q1 2022 32.36 9.8 % 0.32 10.63 21.72 0.22
Q2 2022 31.30 6.9 % 0.31 15.42 15.88 0.16
Q3 2022 16.38 (32.7 %) 0.16 8.06 8.32 0.08
Q4 2022 15.85 (21.1 %) 0.16 7.88 7.97 0.08
Q1 2023 2.45 (92.4 %) 0.02 2.31 0.13 0.00
Q2 2023 2.60 (91.7 %) 0.03 - 2.60 0.03
Q3 2023 4.77 (70.9 %) 0.05 5.18 (0.41) 0.00


Financial results (Million)

Period Commission income from finance and investments Change Net income from finance commissions Change
Q1 2014 60.24 - 40.93 -
Q2 2014 61.47 - 42.40 -
Q3 2014 59.94 - 42.07 -
Q4 2014 65.52 - 46.18 -
Q1 2015 64.56 7.2 % 44.75 9.3 %
Q2 2015 66.14 7.6 % 47.29 11.5 %
Q3 2015 66.39 10.8 % 47.74 13.5 %
Q4 2015 64.42 (1.7 %) 44.47 (3.7 %)
Q1 2016 67.11 3.9 % 44.76 0.0 %
Q2 2016 67.90 2.7 % 42.29 (10.6 %)
Q3 2016 70.01 5.5 % 40.80 (14.5 %)
Q4 2016 70.70 9.7 % 39.45 (11.3 %)
Q1 2017 68.94 2.7 % 37.06 (17.2 %)
Q2 2017 72.49 6.8 % 42.18 (0.2 %)
Q3 2017 74.21 6.0 % 43.83 7.4 %
Q4 2017 74.00 4.7 % 45.29 14.8 %
Q1 2018 72.70 5.5 % 41.36 11.6 %
Q2 2018 80.35 10.8 % 47.69 13.1 %
Q3 2018 82.02 10.5 % 46.88 7.0 %
Q4 2018 80.32 8.5 % 44.01 (2.8 %)
Q1 2019 77.10 6.1 % 40.32 (2.5 %)
Q2 2019 78.39 (2.4 %) 40.97 (14.1 %)
Q3 2019 77.99 (4.9 %) 43.13 (8.0 %)
Q4 2019 77.90 (3.0 %) 45.62 3.7 %
Q1 2020 77.48 0.5 % 48.05 19.2 %
Q2 2020 74.43 (5.1 %) 51.13 24.8 %
Q3 2020 74.66 (4.3 %) 50.26 16.5 %
Q4 2020 76.78 (1.4 %) 56.76 24.4 %
Q1 2021 75.99 (1.9 %) 56.17 16.9 %
Q2 2021 73.48 (1.3 %) 54.02 5.6 %
Q3 2021 75.40 1.0 % 56.16 11.7 %
Q4 2021 70.36 (8.4 %) 50.97 (10.2 %)
Q1 2022 65.31 (14.1 %) 45.19 (19.5 %)
Q2 2022 69.04 (6.1 %) 46.56 (13.8 %)
Q3 2022 67.57 (10.4 %) 35.46 (36.9 %)
Q4 2022 69.91 (0.6 %) 34.09 (33.1 %)
Q1 2023 73.71 12.9 % 27.80 (38.5 %)
Q2 2023 76.05 10.2 % 27.71 (40.5 %)
Q3 2023 83.14 23.0 % 37.81 6.6 %

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 %)
Q3 2023 4.36 (0.4 %) 4.12 (0.2 %)

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 %
Q3 2023 0.59 % 1.53 % 8.47 %


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 13.23
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 14.13
Q4 2017 100.00 1.00 1.00 14.34
Q1 2018 100.00 0.99 0.99 14.20
Q2 2018 100.00 0.87 0.87 14.37
Q3 2018 100.00 0.77 0.77 14.54
Q4 2018 100.00 0.44 0.70 14.46
Q1 2019 100.00 0.46 0.71 14.69
Q2 2019 100.00 0.34 0.73 14.71
Q3 2019 100.00 0.38 0.76 14.92
Q4 2019 100.00 0.55 0.67 15.00
Q1 2020 100.00 0.47 0.60 15.16
Q2 2020 100.00 0.59 0.59 15.30
Q3 2020 100.00 0.65 0.65 15.57
Q4 2020 100.00 0.85 0.85 15.86
Q1 2021 100.00 0.99 0.99 16.15
Q2 2021 100.00 1.14 1.14 16.45
Q3 2021 100.00 1.12 1.12 16.70
Q4 2021 100.00 1.03 1.03 16.90
Q1 2022 100.00 1.06 0.95 17.22
Q2 2022 100.00 1.08 0.82 16.76
Q3 2022 100.00 1.00 0.66 16.93
Q4 2022 100.00 0.96 0.54 17.09
Q1 2023 100.00 0.66 0.32 17.11
Q2 2023 100.00 0.37 0.19 16.63
Q3 2023 100.00 0.26 0.10 16.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 18.54 24.43 1.20
Q3 2022 20.65 31.33 1.22
Q4 2022 21.36 38.00 1.20
Q1 2023 30.56 More than 100 1.18
Q2 2023 More than 100 More than 100 1.17
Q3 2023 More than 100 More than 100 1.10

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