United International Holding (4083) Q2 2024 earnings summary

Executive summary

• Report covers unaudited condensed consolidated interim financials for the six months ended 30 June 2024, prepared for IPO filing purposes.

• The group provides unsecured Islamic consumer finance (Murabaha, Tawarruq, credit cards) in Saudi Arabia and Bahrain.

• CMA approved the IPO application on 26 June 2024, valid for six months.

Financial highlights

• Net income for H1 2024 was SAR 99.2 million, down from SAR 103.7 million year-over-year.

• Total income from Islamic financing contracts rose to SAR 289.3 million from SAR 251.0 million year-over-year.

• Basic and diluted EPS was SAR 3.97, compared to SAR 4.15 in H1 2023.

• Total assets increased to SAR 2.19 billion from SAR 1.94 billion at year-end 2023.

• Net investment in Islamic financing contracts reached SAR 2.10 billion, up from SAR 1.87 billion at year-end.

Outlook and guidance

• No changes in financing terms, profit rates, or tenures during the period.

• Management is assessing the impact of new accounting standards not yet effective.