Amlak records 1.2% profit surge to SR28.6 mln in 2Q

Amlak International Real Estate Finance Company announced that its profits after zakat and tax rose 1.21% to SR 28.56 million in the second quarter of 2022 compared to SR 28.22 million during the same period of 2021.

This came after Amlak announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The company’s operational profits surged 23.6% to SR 32.8 million in the 2^nd quarter of the current year from SR 26.5 million in the same period of the previous year.

Net Profits of Amlak over the first half of 2022 were down 9.09% to SR 48.09 million from SR 53 million a year ago, while the profit per share fell to SR 0.27 from SR 0.29.

The company said in a statement to the Saudi market (Tadawul), today, Thursday, that the increase in profits during the comparison periods is due to the reversal of the allowance for the decrease in the value of expected credit losses, which was partially offset by an increase in general and administrative expenses and a higher financing cost.

The period witnessed a decline in total operating profit by 1.01% to 54.78 million riyals, compared to 55.34 million riyals at the end of the second quarter of the previous year. While the total comprehensive income rose 12.6% to 33.95 million riyals, compared to 30.15 million riyals in the same period in 2021.

In terms of semi-annual results, the company achieved profits of 55.68 million riyals in the first half of this year, compared to 53.42 million riyals in profits for the same period last year, an increase of 4.24%.

The reason for the increase (decrease) in net profit during the current quarter compared to the previous quarter is due to:

The company achieved a net profit of 28.6 million riyals during the current quarter, compared to 27.1 million riyals for the previous quarter of 2022, an increase of 5.29%.

The reason for the increase (decrease) in net profit during the current period compared to the same period of the previous year is due to:

Net profit increased from 53.4 million riyals to 55.7 million riyals during the current period compared to the same period in 2021, an increase of 4.24%.

This increase is mainly due to the following:

Reversal of allowance for impairment of expected credit losses

Recording other revenues during the current period, partially offset by an increase in general and administrative expenses, and a reversal of profit from the sale of portfolios.

This increase is mainly due to the following:

Reversal of allowance for impairment of expected credit losses

Recording other revenues during the current period, partially offset by an increase in general and administrative expenses and an increase in the cost of financing.

Additional Information:

The company is not currently engaged in any activity of receiving deposits, therefore customer deposits are not applicable