United International Holding (4083) Q3 2024 earnings summary

Executive summary

• Report covers unaudited condensed consolidated interim financials for the three- and nine-month periods ended 30 September 2024.

• The group provides unsecured Islamic consumer and product finance services, including Murabaha, Tawarruq, and credit card financing, primarily in Saudi Arabia.

• IPO of 30% of share capital was approved in June 2024, with shares trading on Tadawul from December 2024.

Financial highlights

• Net income for nine months: SAR 158.1 million, up slightly from SAR 156.8 million year-over-year.

• Total income from Islamic financing contracts for nine months: SAR 451.0 million, up from SAR 383.2 million year-over-year.

• Earnings per share for nine months: SAR 6.33, compared to SAR 6.27 year-over-year.

• Net impairment losses on financial assets increased to SAR 66.8 million from SAR 38.7 million year-over-year.

• Total assets as of 30 September 2024: SAR 2.33 billion, up from SAR 1.94 billion at year-end 2023.

Outlook and guidance

• No changes in the terms of financing arrangements or ECL methodology, but underlying datasets for ECL updated with latest collection and macroeconomic data.

• Management continues to monitor new accounting standards and their potential impact.