Amlak H1 net profit down 69% to SAR 17.4 mln; Q2 at SAR 6.3 mln

01/08/2023 Argaam Exclusive

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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.

Financials (M)

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	101.93	101.93	-
EPS (Riyals)	0.55	0.17	(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.

Current Quarter Comparison (M)

Compared With The

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	101.93	101.93	-
EPS (Riyals)	0.28	0.06	(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	101.93	101.93	-
EPS (Riyals)	0.11	0.06	(42.8 %)

View More Financial Results

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