06/11/2022
Argaam Exclusive











Saudi Home Loans Co. (SHL) reported a net profit of SAR 80 million in the first nine months of 2022, a decline of 8% compared to SAR 83 million in the prior-year period. 







The fall in profit was driven by the higher cost of funds, which was offset partially by an increase in the fair value gain of the financial derivatives due to hedging arrangements against an interest rate rise. In addition, the company reported a reversal of credit loss provision and income tax refund from prior years. 




In Q3 2022, net profit after Zakat and tax dropped 7% to SAR 18 million, from SAR 19.37 million in Q2 2021 due to higher cost of funds and reversal of expected credit loss allowance. 







Current Quarter Comparison (M)
























Item Q3 2021 Q3 2022 Change‬
Revenues

72.59


66.74
(8.1 %)
Gross Income

54.29


35.44
(34.7 %)
Operating Income

24.68


10.24
(58.5 %)
Net Income

24.40


16.38
(32.9 %)
Average Shares

100.00


100.00
EPS (Riyals)

0.24


0.16
(32.9 %)




On a sequential basis, the net loss narrowed from SAR 16.38 million. 




Total shareholders’ equity, after minority interest, rose to SAR 1.692 billion as of Sept. 30, 2022, compared to SAR 1.669 billion a year earlier. 












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Share Price






































Current
Market Cap (M Riyal) 2,010.00
Enterprise Value (EV) (M) 4,493.28
Book Value (BV) ( Riyal) 16.93
Adjusted P/E (Last12) 30.45
P/E (TTM) 20.07
Price/book 1.19
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 6.0


















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