Amlak Profits Increase to SR27 mln during 1Q, by 8%

The net profit after zakat and tax for Amlak International Real Estate Finance Company grew to SR27 million during the first quarter, compared to SR25 million during the same quarter of the previous year, by 8%.

This came after Amlak announcement on Tuesday the consolidated preliminary financial results for the period ending on 31.03.2022 (three months).

As for the operational profit, it amounted to SR52 million during the first quarter, compared to SR56 million during the same quarter of the previous year, a decrease of 7%.

Profits per share during the current period amounted to SR0.3, compared to SR0.28 during the same period of the previous year.

The company achieved a net profit of SR27.1 million during the current quarter, compared to SR25.2 million for the same quarter of 2021, an increase of 7.64%.

The company achieved a net profit of SR27.1 million during current quarter, compared to SR25.2 million for the same quarter during 2021, representing an increase of 7.64%.

The increase is mainly attributable to:

– Reversals in Impairment for expected credit losses;

– Reduced Finance Costs;

– Increase in Income from Murabaha contracts, and partially offset due to amortisation losses on sale of portfolio.

The company achieved a net profit of SR27.1 million during current quarter, compared to SR24.8 million for previous quarter, representing an increase of 9.2%.

The increase is mainly attributable to:

– Reversals in Impairment for expected credit losses;

– Reduced General and administrative expenses;

– Reduced Finance Costs, and partially offset due to reduced total income from Special Commissions/Financing & Investments.

No comparative figures have been reclassified to be consistent with the presentation of the current period.

The Company is currently not engaged in any deposit taking activity and hence the client deposits are Nil.