AMLAK profits shrink to SAR 11 mln during Q1 by 59%

The net profit of Amlak International Finance Company, after zakat and tax, decreased to SAR 11 million during the first quarter, compared to SAR 27 million in the same quarter of last year, at a rate of 59%. This came after an announcement on Thursday of the interim financial results for the period ending on 31.03.2023 (3 Months).

The total operational profit amounted to SAR 43 million in the first quarter, compared to SAR 52 million in the same quarter of the previous year, a decrease of 19%.

The net income from special commissions/financing and investments amounts to SAR 42.4 million in the first quarter, compared to SAR 52.4 million in the same quarter of the previous year, a decrease of 19%.

Profit per share in the current period is SAR 0.12 riyals, compared to SAR 0.3 in the same period last year.

The reason for the decrease in net profit during the current quarter is mainly attributable to decrease in the average selling prices of products and the quantities sold, in addition to a decrease in results from associate companies and joint ventures.

While the reason for the decrease in net profit during the current quarter is attributable to the improvement in profit margins for some main products and a decrease in operating expenses which was partially offset by a decrease in the quantities sold.

The company stated that some comparative figures have been reclassified to be consistent with the presentation of the current period

The company achieved a net profit of SAR 11.0 million during current quarter, compared to SAR 27.1 million in net profits for the same quarter during 2022, representing a decrease of 59.30%.

The decrease in net profit is mainly attributable to:

– Increase in Finance cost,

– Increase in Impairment charge for expected credit losses, and

– Increase in Operating Expenses

The company achieved a net profit of SAR 11.0 million during the current quarter, compared to SAR 15.9 million in net profits for the previous quarter during 2022, representing a decrease of 30.95%.

The decrease in net profit is mainly attributable to:

– Increase in Finance costs,

– Reduction in total Financing Income and increase in Operating Expenses, which was partially offset by the reduction in impairment charge for expected credit losses.

The company stated that no comparative figures have been reclassified to be consistent with the presentation of the current period. Clarifying that it is currently not engaged in any deposit taking activity and hence the client deposits are Nil.