Amlak International Finance Co. reported a net profit of SAR 17.4 million in H1 2023, a decline of 69% from SAR 55.7 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 103.61 | 84.01 | (18.9 %) |
| Net Income | 55.68 | 17.35 | (68.8 %) |
| Average Shares | 90.60 | 90.60 | - |
| EPS (Riyals) | 0.61 | 0.19 | (68.8 %) |
The profit drop was attributed to higher finance costs, impairment charges for expected credit losses and operating expenses. This was partially offset by an increase in special commission income.
The company reported a net profit of SAR 6.31 million in Q2 2023, a 77.9% pullback from SAR 28.56 million a year ago.
On a sequential basis, net earnings dropped by 42.8% from SAR 11.04 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 51.14 | 41.64 | (18.6 %) |
| Net Income | 28.56 | 6.31 | (77.9 %) |
| Average Shares | 90.60 | 90.60 | - |
| EPS (Riyals) | 0.32 | 0.07 | (77.9 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 42.37 | 41.64 | (1.7 %) |
| Net Income | 11.04 | 6.31 | (42.8 %) |
| Average Shares | 90.60 | 90.60 | - |
| EPS (Riyals) | 0.12 | 0.07 | (42.8 %) |
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