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Amlak International Finance Co. announces its Interim Financial Results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 99,024 | 68,918 | 43.683 | 95,088 | 4.139 |
| Net Income From Special Commission of Financing | 50,959 | 42,365 | 20.285 | 53,665 | -5.042 |
| Net Income From Special Commission of Investment | - | - | - | - | - |
| Total Operations Profit (Loss) | 51,250 | 42,510 | 20.559 | 57,980 | -11.607 |
| Net Profit (Loss) before Zakat and Income Tax | 11,124 | 12,994 | -14.391 | 11,105 | 0.171 |
| Net Profit/(Loss) | 8,606 | 11,039 | -22.04 | 8,884 | -3.129 |
| Total Comprehensive Income | 12,430 | 6,058 | 105.183 | -2,322 | - |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 35,124 | 28,334 | 23.964 | 38,143 | -7.914 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 5,002 | 1,182 | 323.181 | 8,732 | -42.716 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Assets | 4,118,681 | 3,408,001 | 20.853 |
| Investments | 893 | 893 | - |
| Loans And Advances Portfolio (Financing And Investment) | 3,980,487 | 3,187,185 | 24.89 |
| Clients' deposits | - | - | - |
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 1,198,052 | 1,241,056 | -3.465 |
| Profit (Loss) per Share | 0.09 | 0.12 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is | The company achieved Total Income From Special Commission of SR 99.02 million during current quarter, compared to SR 68.92 million for the same quarter during last year, representing an increase of 43.68%. The increase is mainly attributable to Increase in Loans and Advances Portfolio of Company during the period by 24.89% as well as enhancement of yield on such portfolio during the period |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | "The company achieved a net profit of SR 8.61 million during current quarter, compared to SR 11.04 million for the same quarter during last year, representing a decrease of 22.04%. The decrease in net profit is mainly attributable to: - Increase in Finance cost, and - Increase in Operating Expenses, partially offset by - Increase in Income From Special Commission of Financing." |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is | "The company recognized SR 5.00 million in net provision charge of expected credit losses during current quarter, compared to SR 1.18 million during same quarter of last year, representing an increase of 323.18%. The increase in total net provision for expected credit losses and other losses is attributable to: - Growth in Loans and Advances Portfolio of the Company by 24.89% compared to same quarter of last year; and - Refinement in expected credit losses model assumptions and estimation methodology." |
| The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is | "The company achieved Total Income From Special Commission of SR 99.02 million during current quarter, compared to SR 95.09 million for the previous quarter, representing an increase of 4.14%. The increase is mainly attributable to Increase in Loans and Advances Portfolio of Company during the period." |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is | "The company achieved a net profit of SR 8.61 million during current quarter, compared to SR 8.88 million for the previous quarter, representing a decrease of 3.13%. The decrease in net profit is mainly attributable to: - Increase in Finance cost, partially offset by - Increase in Income From Special Commission of Financing." |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is | "The company recognized SR 5.00 million in net provision charge of expected credit losses during current quarter, compared to SR 8.73 million during previous quarter, representing a decrease of 42.72%. The decrease in net provision charge for expected credit losses and other losses during current quarter, is attributable to lower Impairment charge for credit losses based on the credit profile of our clients at quarter end." |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None. |
| Reclassification of Comparison Items | No comparative figures have been reclassified to be consistent with the presentation of the current period. |
| Additional Information | "Following notes are relevant to this submission: 1. The company is currently not engaged in any deposit taking activity, therefore customer deposits are not applicable. 2. The company currently is not engage in any activity for special commission income from investment, therefore special commission income from investment is not applicable" |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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