Riyadh – Mubasher: Saudi Home Loans Company (SHL) logged an 88.63% year-on-year (YoY) surge in net profit to SAR 4.61 million in the first quarter (Q1) of 2024 from SAR 2.44 million.
Net income from special commission of financing jumped 16.10% YoY to SAR 33.42 million in Q1-24 from SAR 28.78 million, according to the interim financial results.
The earnings per share (EPS) hit SAR 0.04 in the three-month period that ended on 31 March 2024, from SAR 0.02 in the corresponding period a year earlier.
Quarter-on-quarter (QoQ), the company shifted to profitability in Q1-24 after recording a net loss of SAR 7.48 million in Q4-23, while the net income from special commission of financing soared by 49.95% from SAR 22.28 million.
The company’s assets inched higher by 1.20% YoY to SAR 4.42 billion in the first three months (3M) of 2024 from SAR 4.37 billion. Investments stood unchanged at SAR 893,000.
Saudi Home Loans posted a net profit of SAR 2.32 million in 2023, a 97.57% YoY plunge from SAR 95.88 million.
