Amlak’s profits fell 78% in Q2, to 6.3 million riyals‎

Amlak International Finance Company announced a decrease in net profit during the second quarter to 6.3 million riyals, compared to 28.5 million riyals in the same quarter of last year, by 78%. This came after today’s announcement of the preliminary financial results for the period ending on 06-30-2023. (six months).

The total profit from operations in the second quarter amounted to 42 million riyals, compared to 54.7 million riyals in the same quarter of the previous year, a decrease of 23%.

The net profit of the bank during the 6-month period amounted to 17.3 million riyals, compared to 55.6 million riyals in the same period of the previous year, a decline of 69%.

And the total property rights “without non-controlling interests” amounted to 1.182 million riyals in the current period, compared to 1.187 million riyals in the same period last year, a decrease of 0.41%.

Earnings per share in the current period reached 0.19 riyals, compared to 0.61 riyals in the same period last year.

– The company achieved a net profit of 6.31 million riyals during the current quarter, compared to 28.56 million riyals for the same quarter of 2022, a decrease of 77.90%.

The reason for the decrease in net profit is mainly due to:

The rise in financing costs

The increase in the provision for expected credit losses was partially offset by the increase in revenue from special commissions

– The company achieved a net profit of 6.31 million riyals during the current quarter, compared to 11.03 million riyals for the previous quarter in 2023, a decrease of 42.81%.

The reason for the decrease in net profit is mainly due to:

The rise in financing costs

An increase in the provision for expected credit losses

The increase in operating expenses, on the other hand, was partially offset by the increase in revenue from special commissions

– The company also achieved a net profit of 17.35 million during the current period, compared to 55.68 million for the same period in 2022, a decrease of 68.84%.

The reason for the decrease in net profit is mainly due to:

High financing costs

The increase in the provision for expected credit losses

The increase in operating expenses was partially compensated by the increase in revenue from special commissions.