Financial Results : Amlak H1 2024 profit falls 3% to SAR 16.8M; Q2 at SAR 8.2M

Amlak H1 2024 profit falls 3% to SAR 16.8M; Q2 at SAR 8.2M

28/07/2024 Argaam Exclusive

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Amlak International Finance Co. reported 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.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Net income from finance commissions 84.01 107.10 27.5 %
Net Income 17.35 16.84 (3.0 %)
Average Shares 101.93 101.93 -
EPS (Riyals) 0.17 0.17 (3.0 %)

Amlak attributed the profit decline to higher operating expenses and finance costs. The company also recognized SAR 12.39 million in net provision for expected credit losses in H1 2024, soaring 167.44% from SAR 4.63 million a year earlier.

 

Total income from special financing commission reached SAR 204.16 million in H1 2024, up 44.02% from SAR 141.75 million in H1 2023.

 

The company reported a net profit of SAR 8.2 million in Q2 2024, a 30% leap from SAR 6.31 million a year ago.

 

On a sequential basis, net earnings dropped 4.3% from SAR 8.61 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Net income from finance commissions 41.64 56.14 34.8 %
Net Income 6.31 8.23 30.4 %
Average Shares 101.93 101.93 -
EPS (Riyals) 0.06 0.08 30.4 %

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