United International Holding (4083) Q4 2024 earnings summary

Executive summary

• Achieved a landmark year with IPO on Tadawul in December 2024, marking a new era of growth and transparency.

• Subsidiary Tas'heel solidified leadership in Saudi Arabia's NBFI sector, serving over 220,000 customers and holding significant market shares in installment loans (37.4%) and credit cards (65.7%).

• Strategic focus on digital transformation, product innovation, data-driven insights, and impactful partnerships to drive long-term value.

Financial highlights

• FY24 financing revenues reached SAR 623.7 million, up 19% year-over-year, with a 48% CAGR from 2020-2024.

• Net income after zakat was SAR 222.4 million, up 5% year-over-year, with a 78% CAGR since 2020.

• Total assets grew to SAR 2.49 billion, up 29% year-over-year, driven by net financing receivables (97% of assets).

• Return on average assets (after zakat) was 10%; return on equity was 22.2%.

• Debt to equity ratio stood at 1.15x; total debt increased 35% to SAR 1.27 billion.

Outlook and guidance

• Management expects continued growth in digital and Shariah-compliant financing, with new products like Baseeta (BNPL) expected to surpass traditional Murabaha revenues.

• Strategic pillars include expanding core business, accelerating digital transformation, agile product development, leveraging data, and deepening partnerships.