Saudi Home Loans’ profits fall to $21.79mln in 9M-22

PHOTO
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26,2008. Stringer, Reuters

Riyadh – The net profits of Saudi Home Loans Company (SHL) declined by 3.68% to SAR 80.04 million in the first nine months (9M) of 2022, compared to SAR 83.10 million in 9M-21.

The earnings per share (EPS) stood at SAR 0.80 in January-September 2022, lower than SAR 0.83 during the same period a year earlier, according to the initial financial results.

Assets inched down by 0.17% year-on-year (YoY) to SAR 4.380 billion in 9M-22 from SAR 4.388 billion. Meanwhile, the investments reached SAR 892.85 million in 9M-22, unchanged from 9M-21.

During the third quarter (Q3) of 2022, the Saudi company posted an annual plunge of 32.69% in net profit to SAR 16.38 million, compared to SAR 24.34 million.

On a quarterly basis, the Q3-22 net profits shrank by 47.65% from SAR 31.29 million in Q2-22.

In 6M-22, the firm generated SAR 63.65 million in net profit, up 8.33% YoY from SAR 58.75 million.