Element List Current Year Previous Year %Change
Total Income From Special Commission of Financing 567,987 452,266 25.59
Net Income From Special Commission of Financing 342,496 243,349 40.74
Net Income From Special Commission of Investment - - -
Total Operations Profit (Loss) 343,563 244,462 40.54
Net Profit (Loss) before Zakat and Income Tax 82,179 58,633 40.16
Net Profit (Loss) Attributable to Shareholders of the Issuer 65,226 46,314 40.83
Total Comprehensive Income Attributable to Shareholders of the Issuer 56,480 39,097 44.46
Assets 4,462,772 4,512,211 -1.09
Investments 893 893 -
Loans And Advances Portfolio (Financing And Investment) 4,264,096 4,322,200 -1.34
Clients' deposits - - -
Total Shareholders Equity (after Deducting Minority Equity) 1,281,199 1,224,719 4.61
Total Operating Expenses Before Provisions for Credit and Other Losses 185,777 157,344 18.07
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net 75,607 28,485 165.43
Profit (Loss) per Share 0.64 0.45
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 the special commission income during the current year compared to the last year is The company achieved Total Income From Special Commission of Financing of SR 567.99 million during current year, compared to SR 452.27 million during the last year, representing an increase of 25.59%.

 

 

The increase is mainly attributable to increase in yield of Loans and Advances Portfolio compared to prior period.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The company achieved a net profit of SR 65.23 million during the current year, compared to SR 46.31 million during the last year, representing an increase of 40.83%.

 

 

The increase in net profit is mainly attributable to:

 

- Increase in Income From Special Commission of Financing, partially offset by

- Increase in Finance cost, and

- Increase in Operating Expenses.
The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is The total net provision of expected credit losses and other losses during current year amounts to SR 75.6 million as compared to SR 28.4 million during last year.

 

 

The increase in total net provision for expected credit losses and other losses is attributable to:

- Higher credit overlays and specific provisions recognized during the period, reflecting the credit profile of the customers ; and

- Refinement in expected credit losses model assumptions and estimation methodology.
Statement of the type of external auditor's report Unmodified opinion
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 is currently not engaged in any activity for special commission income from investment, therefore special commission income from investment is not applicable

3. During the prior year, the share capital of the Company increased by way of issuance of bonus shares, from SR 906 million to SR 1,019.25 million.

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