Amlak 9M 2023 profit drops 72% to SAR 22.9 mln; Q3 at SAR 5.6 mln

29/10/2023 Argaam Exclusive

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Amlak International Finance Co. reported a net profit of SAR 22.9 million in the first nine months of 2023, a drop of 72% from SAR 80.7 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Net income from finance commissions	166.62	121.99	(26.8 %)
Net Income	80.74	22.92	(71.6 %)
Average Shares	101.93	101.93	-
EPS (Riyals)	0.79	0.22	(71.6 %)

The profit drop was attributed to non-recurring exceptional gains during the same period of last year due to revaluation of servicing rights. This was also due to an increase in finance costs, operating expenses before provisions for credit and other losses, as well as provision for expected credit losses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Net income from finance commissions	63.01	37.98	(39.7 %)
Net Income	25.05	5.57	(77.8 %)
Average Shares	101.93	101.93	-
EPS (Riyals)	0.25	0.05	(77.8 %)

Item	Q2 2023	Q3 2023	Change‬
Net income from finance commissions	41.64	37.98	(8.8 %)
Net Income	6.31	5.57	(11.8 %)
Average Shares	101.93	101.93	-
EPS (Riyals)	0.06	0.05	(11.8 %)

View More Financial Results

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