SHL 2023 profit dives 98% to SAR 2.3M; Q4 loss at SAR 7.5M

SHL 2023 profit dives 98% to SAR 2.3M; Q4 loss at SAR 7.5M

07/03/2024 Argaam Exclusive

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SHL Finance Co.’s net profit plunged 98% to SAR 2.3 million in 2023, compared to SAR 95.9 million a year earlier.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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Financial results (Million)

Period Commission income from finance and investments Change Net income from finance commissions Change Net Income Change EPS(Riyal)
Q1 2014 60.24 - 40.93 - 26.11 - 0.26
Q2 2014 61.47 - 42.40 - 26.53 - 0.27
Q3 2014 59.94 - 42.07 - 27.73 - 0.28
Q4 2014 65.52 - 46.18 - 32.08 - 0.32
Q1 2015 64.56 7.2 % 44.75 9.3 % 29.35 12.4 % 0.29
Q2 2015 66.14 7.6 % 47.29 11.5 % 30.84 16.3 % 0.31
Q3 2015 66.39 10.8 % 47.74 13.5 % 29.62 6.8 % 0.30
Q4 2015 64.42 (1.7 %) 44.47 (3.7 %) 30.78 (4.1 %) 0.31
Q1 2016 67.11 3.9 % 44.76 0.0 % 28.41 (3.2 %) 0.28
Q2 2016 67.90 2.7 % 42.29 (10.6 %) 26.67 (13.5 %) 0.27
Q3 2016 70.01 5.5 % 40.80 (14.5 %) 23.96 (19.1 %) 0.24
Q4 2016 70.70 9.7 % 39.45 (11.3 %) 21.22 (31.0 %) 0.21
Q1 2017 68.94 2.7 % 37.06 (17.2 %) 21.89 (22.9 %) 0.22
Q2 2017 72.49 6.8 % 42.18 (0.2 %) 26.81 0.5 % 0.27
Q3 2017 74.21 6.0 % 43.83 7.4 % 26.21 9.4 % 0.26
Q4 2017 74.00 4.7 % 45.29 14.8 % 24.78 16.8 % 0.25
Q1 2018 72.70 5.5 % 41.36 11.6 % 21.62 (1.2 %) 0.22
Q2 2018 80.35 10.8 % 47.69 13.1 % 14.36 (46.4 %) 0.14
Q3 2018 82.02 10.5 % 46.88 7.0 % 16.34 (37.7 %) 0.16
Q4 2018 80.32 8.5 % 44.01 (2.8 %) (8.00) (132.3 %) (0.08)
Q1 2019 77.10 6.1 % 40.32 (2.5 %) 23.30 7.8 % 0.23
Q2 2019 78.39 (2.4 %) 40.97 (14.1 %) 2.86 (80.1 %) 0.03
Q3 2019 77.99 (4.9 %) 43.13 (8.0 %) 19.57 19.8 % 0.20
Q4 2019 77.90 (3.0 %) 45.62 3.7 % 8.93 211.5 % 0.09
Q1 2020 77.48 0.5 % 48.05 19.2 % 15.69 (32.7 %) 0.16
Q2 2020 74.43 (5.1 %) 51.13 24.8 % 14.48 405.8 % 0.14
Q3 2020 74.66 (4.3 %) 50.26 16.5 % 25.90 32.4 % 0.26
Q4 2020 76.78 (1.4 %) 56.76 24.4 % 29.05 225.4 % 0.29
Q1 2021 75.99 (1.9 %) 56.17 16.9 % 29.47 87.9 % 0.29
Q2 2021 73.48 (1.3 %) 54.02 5.6 % 29.29 102.3 % 0.29
Q3 2021 75.40 1.0 % 56.16 11.7 % 24.34 (6.0 %) 0.24
Q4 2021 70.36 (8.4 %) 50.97 (10.2 %) 20.09 (30.8 %) 0.20
Q1 2022 65.31 (14.1 %) 45.19 (19.5 %) 32.36 9.8 % 0.32
Q2 2022 69.04 (6.1 %) 46.56 (13.8 %) 31.30 6.9 % 0.31
Q3 2022 67.57 (10.4 %) 35.46 (36.9 %) 16.38 (32.7 %) 0.16
Q4 2022 69.91 (0.6 %) 34.09 (33.1 %) 15.85 (21.1 %) 0.16
Q1 2023 73.71 12.9 % 27.80 (38.5 %) 2.45 (92.4 %) 0.02
Q2 2023 76.05 10.2 % 27.71 (40.5 %) 2.60 (91.7 %) 0.03
Q3 2023 77.96 15.4 % 31.78 (10.4 %) 4.77 (70.9 %) 0.05
Q4 2023 81.97 17.2 % 32.28 (5.3 %) (7.48) (147.2 %) (0.07)
2023 309.69 13.9 % 119.57 (25.9 %) 2.33 (97.6 %) 0.02

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 % 8.62 %
Q4 2023 0.05 % 0.14 % 0.75 %
2023 0.05 % 0.14 % 0.75 %

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 %) 3.66 (11.3 %)
Q4 2023 4.38 1.3 % 3.61 (5.5 %)


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
Q4 2023 100.00 0.02 0.04 16.61

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
Q4 2023 More than 100 More than 100 1.10


Financial Ratios
Current
Market Cap (M) 1,480.00
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 0.04
Book Value (BV) ( Riyal) 16.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 0.89
Return on Average Assets (%) (TTM) 0.1
Return on Average Equity (%) (TTM) 0.3
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Share Price

SHL Finance Co.
14.80
0.00 0.00 %

SHL Finance Co. (SHL)

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