SHL profit soars 89% to SAR 4.6M in Q1 2024

07/05/2024 Argaam Exclusive

SHL Finance Co. posted a net profit surge of 89% to SAR 4.6 million in the first quarter of 2024, from SAR 2.4 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Net income from finance commissions 27.80 33.77 21.5 %
Net Income 2.45 4.61 88.6 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.02 0.05 88.6 %

The rise was buoyed by a 19% year-on-year (YoY) increase in income from commissions, from SAR 72 million in Q1 2023, amid a rise in the volume of new business and the overall portfolio yield.

 

SHL’s provision for expected credit losses (reversal) declined, thanks to the strong performance of the finance portfolio.

 

The company posted positive results against a net loss of SAR 7.48 million in Q4 2023, backed by a rise of 18%, or SAR 86 million, in income from commissions, compared to SAR 73 million in Q4 2023. SHL also reported a decrease in the fair value of the derivative financial instrument in the fourth quarter of 2023 and in the provision for expected credit losses (reversal) thanks to the strong performance of the finance portfolio.

Shareholders’ equity, no minority interest, decreased to SAR 1.66 billion as of March 31, 2024, from SAR 1.71 billion a year earlier.

 

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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 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
Q4 2023 (7.48) (147.2 %) (0.07) (9.37) 1.88 0.02
Q1 2024 4.61 88.6 % 0.05 (0.95) 5.56 0.06


Financial results (Million)

Period Commission income from finance and investments Change Net income from finance commissions Change
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 %
Q4 2023 81.97 17.2 % 32.28 (5.3 %)
Q1 2024 86.90 17.9 % 33.77 21.5 %

Balance Sheet (B)

Period Assets Change Net Finance Investments Change
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 %)
Q4 2023 4.38 1.3 % 3.61 (5.5 %)
Q1 2024 4.43 1.2 % 3.56 (5.2 %)

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
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 %
Q4 2023 0.05 % 0.14 % 0.74 %
Q1 2024 0.10 % 0.27 % 1.37 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 100.00 0.02 0.04 16.61
Q1 2024 100.00 0.04 0.10 16.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 More than 100 More than 100 1.10
Q1 2024 More than 100 More than 100 1.01

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