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United International 2024 net profit up 5% to SAR 222.4M; Q4 at SAR 64.3M
United International Holding Co. posted a net profit of SAR 222.4 million in 2024, a 5% year-on-year (YoY) leap from SAR 212.2 million.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Net income from finance commissions | 460.61 | 543.98 | 18.1 % |
| Net Income | 212.16 | 222.38 | 4.8 % |
| Average Shares | 25.00 | 25.00 | - |
| EPS (Riyals) | 8.49 | 8.90 | 4.8 % |
The rise in profit during the current period is attributed to a 28.4% YoY growth in the financing portfolio of United Company for Financial Services (Tasheel Finance), driven by its Shariah-compliant financing products, which resulted in a 19.1% YoY increase in revenue.
On the other hand, operating expenses increased during the current period, along with a rise in provisions for expected credit loss due to the growth in the financing portfolio.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Net income from finance commissions | 123.34 | 151.71 | 23.0 % |
| Net Income | 55.35 | 64.25 | 16.1 % |
| Average Shares | 25.00 | 25.00 | - |
| EPS (Riyals) | 2.21 | 2.57 | 16.1 % |
Q4 2024 net profit rose 16% to SAR 64.3 million from SAR 55.35 million a year earlier.
Sequentially, net profit grew 9% from SAR 58.95 million in Q3 2024.
Shareholders' equity (no minority interest) amounted to SAR 1.11 billion by the end of 2024, compared to SAR 890.7 million in the same period a year earlier.
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Share Price
United International Holding Co. (UIHC)
| Current | |
| Market Cap (M) | 4,810.00 |
| Shares Outstanding ((M)) | 25.00 |
| EPS ( Riyal) (TTM) | 8.90 |
| Book Value (BV) ( Riyal) | 44.52 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 21.63 |
| P/E (TTM) | 21.63 |
| Price/book | 4.32 |
| Return on Average Assets (%) (TTM) | 10.4 |
| Return on Average Equity (%) (TTM) | 22.2 |
Financial results (Million)
| Period | Commission income from finance and investments | Change | Net income from finance commissions | Change |
|---|---|---|---|---|
| Q1 2024 | 139.44 | - | 121.04 | - |
| Q2 2024 | 149.82 | - | 130.54 | - |
| Q3 2024 | 161.69 | 22.3 % | 140.69 | 21.9 % |
| Q4 2024 | 172.92 | 23.0 % | 151.71 | 23.0 % |
| 2024 | 623.87 | 19.1 % | 543.98 | 18.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 52.35 | - | 2.09 | - | 52.35 | 2.09 |
| Q2 2024 | 46.82 | - | 1.87 | - | 46.82 | 1.87 |
| Q3 2024 | 58.95 | 11.1 % | 2.36 | - | 58.95 | 2.36 |
| Q4 2024 | 64.25 | 16.1 % | 2.57 | - | 64.25 | 2.57 |
| 2024 | 222.38 | 4.8 % | 8.90 | - | 222.38 | 8.90 |
Balance Sheet (B)
| Period | Assets | Change | Net Finance Investments | Change |
|---|---|---|---|---|
| Q1 2024 | - | - | - | - |
| Q2 2024 | 2.19 | - | 2.10 | - |
| Q3 2024 | 2.33 | - | 2.25 | - |
| Q4 2024 | 2.33 | 20.5 % | 2.25 | 20.4 % |
Profitability
| Period | Return On Average Assets | Return on Average Equity | Net Profit/Investment Income & Other Financing Operations |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | 36.93 % |
| Q3 2024 | - | 22.66 % | 36.09 % |
| Q4 2024 | 10.41 % | 22.20 % | 35.65 % |
| 2024 | 10.41 % | 22.20 % | 35.65 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 25.00 | - | - | - |
| Q2 2024 | 25.00 | 8.30 | 8.30 | 39.59 |
| Q3 2024 | 25.00 | 8.54 | 8.54 | 41.95 |
| Q4 2024 | 25.00 | 8.90 | 8.90 | 44.52 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | 20.24 | 20.24 | 4.04 |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Average | 63.47 | 64.25 | 1.23 % |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 65.00 | 64.25 | (1.2) % |
| AlJazira Capital | 63.40 | 64.25 | 1.3 % |
| GIB Capital | 62.00 | 64.25 | 3.6 % |
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