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United International Holding (UIHC) — which owns and operates Tas’heel — logged 11.1% y-o-y growth in net income at SAR 59 mn in 3Q, the firm said in a disclosure to Tadawul. UIHC attributed the gains in profitability to a 22.3% bump in revenues at SAR 161.7 mn as Tas’heel’s consumer finance portfolio grew 25% on the back of new Shariah-compliant financing solutions.
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On a 9M basis: UIHC’s net income saw a 0.8% y-o-y uptick at SAR 158.1 mn in 9M 2024 as gains were partially offset by a bump in expected credit loss provisions and selling, general, and administrative expenses during the period. Revenues were up 17.7% at SAR 451 mn on the back of a surge in Tas’heel’s consumer finance portfolio.
UIHC’s share price rose 30% — the maximum daily increase allowed — to SAR 171.6 apiece during its first trading session on Tadawul yesterday. The company sold a 30% stake on the main market late last month in an offering which saw its institutional and retail tranches 132x and 9.1x oversubscribed amid strong demand from investors.
