The Finance World Magazine| Edition: September 2023

Saudi National Bank
Q2’23 Net Profit: $1.34B
In the second quarter of 2023, Saudi
National Bank (SNB), the largest
lender in Saudi Arabia, recorded a
9.3% year-on-year (YoY) increase in net
profit, reaching 5.01B riyals ($1.34B),
primarily driven by higher operating
income. The bank reported a 9% YoY
growth in net income attributable to
equity holders, amounting to SAR 5B,
while total operating income rose by
2% YoY, and total operating expenses
decreased by 14% YoY. For the first
half of 2023, SNB’s net profit saw a
10.4% rise to SAR 10.04B, compared
to SAR 9.09B in the same period last
year, mainly due to increased operating
income and reduced operating
expenses. In May, the bank’s shareholders
approved a 6% cash dividend
for Q2 2022 as proposed by the board.
Saudi: Advanced
Petrochemical
Q2’23 Net Profit: SAR 60M
In Q2-23, Advanced Petrochemical
recorded a net profit of SAR 60M, a
45.45% YoY decrease from SAR 110M,
and revenues of SAR 582 million,
down 28.50% from SAR 814M in Q2-
22. On a quarterly basis, the Q2-23
net profits were 39.53% higher than
Q1-23’s SAR 43 million, while revenues
contracted by 7.18% from SAR 627M.
It is worth mentioning that in Q1-23,
Advanced Petrochemical also reported
lower net profits compared to Q1-22.
During January-June 2023, the company
generated revenues of SAR 1.20B,
signifying a 28.09% annual decrease
from SAR 1.68B.
Fertiglobe
Q1’23 Net Profit: $694M
Fertiglobe, the strategic partnership
between ADNOC and OCI Global,
reported strong Q1 2023 results, with
revenue reaching $694M, adjusted
EBITDA at $297M, adjusted net profit
totaling $135M, and free cash flow
amounting to $271M. The company
achieved a notable 9% increase in ownproduced
sales volumes, attributed to
a disciplined commercial strategy and
centralized distribution capabilities
focusing on demand centers with
attractive netbacks. With a strong
order book for the coming months and
tightening markets in Q2, prices have
improved in some regions. Committed
to shareholder value, Fertiglobe plans
to distribute at least $250M in dividends
for Q1 2023.
NBQ
Q2’23 Net Profit: AED 255M
In Q2 2023, the National Bank of Umm
Al Quwain in the United Arab Emirates
reported a net profit of AED 255M, reflecting
a 54% increase from AED 165M
in Q2 2022. The bank’s cost-to-income
ratio improved significantly to 20.58%,
showing an 880 basis point year-on-year
improvement, which demonstrates the
bank’s operational efficiencies and disciplined
cost management. The bank also
showcased improvements in its impairment
coverage ratio, reaching 254% as
of June 30, 2023, compared to 183% at
the end of December 2022. Additionally,
the bank maintained a prudent deposits
to net advances ratio of 129%.
Sharjah Islamic Bank
H1’23 Net Profit: AED 648.7M
Sharjah Islamic Bank (SIB) announced
robust financial performance for H1
2023. The bank’s operating profit before
provisions surged by 31%, reaching
AED 648.7M, compared to AED 497.2M
in the same period the previous year.
The net profit displayed remarkable
growth, increasing by 36.7% to AED
494.6M, compared to AED 361.9M in
the corresponding period last year. Net
income from financing and investment
products witnessed a significant 22% increase,
amounting to AED 716.7M, while
net fees, commissions, and other income
rose by 34.6% to AED 247.8M. SIB’s balance
sheet stabilized at AED 61.1B, with
strong liquidity at AED 12.2B, equivalent
to 20.0% of total assets.
Al Seer Marine
Q1’23 Net Loss: AED 749.68M
Al Seer Marine Supplies and Equipment
Company faced a challenging first half
(Q1) of 2023, reporting net losses of AED
749.68M, in contrast to the net profits
of AED 882.97M achieved in Q1-22. Despite
this, the company saw a remarkable
92.50% year-on-year (YoY) increase in
gross profits, reaching AED 73.77 million
in January-June 2023 from AED 38.33M.
Q1-23 revenues grew by 18.90%, amounting
to AED 564.34M, primarily due to the
effective operation of seven vessels since
2022. The total assets declined by 19.70%
YoY to AED 9.29B in Q1-23 from AED
11.58B. In Q2-23, Al Seer Marine achieved
net profits of AED 38.25M, compared to
AED 807.34M in Q2-22.
September 2023 www.thefinanceworld.com 69