The company’s preliminary financial results showed Saudi Home Finance “Sahel” Its net profit after zakat and tax increased by 9.8% in the first quarter of this year, to reach about 32.36 million riyals, compared to 29.47 million riyals in the same quarter of 2021.
On a quarterly basis, “Sahel” net profit increased by 61.03%, compared to a net profit of about 20.09 million riyals in the fourth quarter of 2021.
“Sahel” said in a statement on “Saudi Tadawul”, today, Sunday, that the main reason for the increase in profit in the first quarter of 2022, on an annual basis, is due to the profit achieved from the rise in the fair value of financial derivatives for the company’s hedging against the risks of high financing costs.
Total operating profit decreased by 0.45% in the first quarter of 2022 to about 56.89 million riyals, compared to 57.15 million riyals in the same quarter of 2021.