Amlak CEO says loan portfolio up 20% to SAR 4B in Q2 2024

Adnan Alshobely, CEO of Amlak International Finance Co.

Amlak International Finance Co.’s loan and advance portfolio grew 20% by the end of the second quarter of 2024 to more than SAR 4 billion, compared to about SAR 3.3 billion in Q2 2023, CEO Adnan Alshobely told Argaam in a call.

Amlak witnessed a successful year of expansion and growth, as it seamlessly integrated digital technologies into its core operations.

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It focused on innovating products that keep pace with market aspirations and provide a smooth customer journey, Alshobely noted.

The CEO highlighted the strategy's effectiveness in terms of financial results, pointing out that reducing interest rates will have a positive impact on funding companies in general.

Thus, the special commission margins will rise directly, which will be reflected in the company’s overall profitability. In addition, demand for financing will expand as clients find that financing deals are more affordable, he said.

Alshobely assured Amlak’s keenness to resume its growth path in the financing sector, benefiting from its strategic position and competitive advantages in acquiring market share and maximizing its financing portfolio.

Corporate and personal financing businesses contribute the most to developing and boosting revenues, as corporate financing products excel in the size of financing value, while personal financing enjoys higher demand.

He stressed the company's eagerness to diversify the characteristics of financing products for each sector, to meet the needs of small and medium-sized companies (SMEs).

Amlak also developed multiple products carefully designed for individuals, to expand its geographical target and suit all segments of the society according to the capabilities and needs.

He added that the company focused on the ease of access to these products and requesting financing through digital or traditional platforms, ensuring customers a smooth and safe journey, commensurate with the volume of financing and the speed of obtaining it.

Alshobely stated that the company’s capital hike comes as part of a long-term strategy to enhance financial stability and expand operations, explaining that investing in digital infrastructure, developing products, and improving customer service contribute to the efficient implementation of plans.

He highlighted the necessity of innovation and creativity, research and development, and building strategic partnerships to ensure sustainable growth and adapt to future challenges, which enhances the market value and confidence of customers and shareholders in the company.

Argaam earlier reported that Amlak posted a net profit of SAR 16.8 million in H1 2024, a decline of 3% from SAR 17.4 million in the year-earlier period. Meanwhile, it logged a net profit of SAR 8.2 million in Q2 2024, a 30% leap from SAR 6.31 million a year ago.