Amlak International Finance Co. reported a net profit of SAR 31.8 million in 2023, a drop of 67% from SAR 96.7 million in the year-earlier period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 219.53 | 175.65 | (20.0 %) |
| Net Income | 96.72 | 31.81 | (67.1 %) |
| Average Shares | 90.60 | 90.60 | - |
| EPS (Riyals) | 1.07 | 0.35 | (67.1 %) |
The profit decline was attributed to the increase in financing costs as well as operating expenses before provisions for credit and other losses, in addition to higher provisions for expected credit losses.
Q4 2023 earnings dropped 44% to SAR 8.9 million, compared with SAR 15.99 million a year earlier.
Compared with the previous quarter, Q4 2023 earnings leapt 59.5% from SAR 5.57 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 52.91 | 53.67 | 1.4 % |
| Net Income | 15.99 | 8.88 | (44.4 %) |
| Average Shares | 90.60 | 90.60 | - |
| EPS (Riyals) | 0.18 | 0.10 | (44.4 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 37.98 | 53.67 | 41.3 % |
| Net Income | 5.57 | 8.88 | 59.5 % |
| Average Shares | 90.60 | 90.60 | - |
| EPS (Riyals) | 0.06 | 0.10 | 59.5 % |
Total shareholders’ equity, no minority interest, stood at SAR 1.18 billion as of Dec. 31, 2023, compared to SAR 1.23 billion a year earlier.
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