Amlak International Finance Co. reported a net profit of SAR 27.2 million in the first nine months of 2024, a leap of 19% from SAR 22.9 million in the year-earlier period.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Net income from finance commissions | 121.99 | 168.86 | 38.4 % |
Net Income | 22.92 | 27.16 | 18.5 % |
Average Shares | 101.93 | 101.93 | - |
EPS (Riyals) | 0.22 | 0.27 | 18.5 % |
The gross special commission income of financing increased by 46.58% year-on-year (YoY) to SAR 319.65 million in 9M 2024. This came as the company’s loans and advances portfolio soared by 20.56% YoY, paired with the improved return on this portfolio for the same period.
However, the company posted higher finance costs (FCs) and an expanded net provision of expected credit losses.
The third-quarter net earnings soared 85% to SAR 10.3 million, compared with SAR 5.57 million in Q3 2023, spurred mainly by a 51.33% YoY jump in the gross special commission income of financing to SAR 115.50 million.
Sequentially, the bottom line surged by 25.4% from SAR 8.23 million in Q2 2024, despite the quarter-on-quarter (QoQ) hike in FCs and operating expenses for Q3 of this year.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Net income from finance commissions | 37.98 | 61.77 | 62.6 % |
Net Income | 5.57 | 10.32 | 85.4 % |
Average Shares | 101.93 | 101.93 | - |
EPS (Riyals) | 0.05 | 0.10 | 85.4 % |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Net income from finance commissions | 56.14 | 61.77 | 10.0 % |
Net Income | 8.23 | 10.32 | 25.4 % |
Average Shares | 101.93 | 101.93 | - |
EPS (Riyals) | 0.08 | 0.10 | 25.4 % |
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