"SHL" Profits Rises 6.8% in Q2 to SAR 31.2 Million
The quarterly profits of the Saudi Home Loans Company increased by 6.86% in the second quarter of 2022, to SAR 31.2 million, compared to SAR 29.2 million, in the corresponding period of 2021.
The net income of special commissions/financing and investments in the second quarter amounted to SAR 58.5 million, compared to SAR 54.8 million, in the second quarter of 2021, a growth of 6.77%.
During the first half of 2022, profits grew 8.33% to AED 63.6 million, compared to AED 58.7 million in the first half of 2021.
The company said that the increase in the profits of the first quarter compared to the profits achieved in the corresponding period of 2021, is due to the profit achieved from the increase in the fair value of financial derivatives related to the company’s hedging against the high cost of financing, in addition to reversing the provision for expected credit losses.
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