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.
| 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 | 90.60 | 90.60 | - |
| EPS (Riyals) | 0.89 | 0.25 | (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.
| 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 | 90.60 | 90.60 | - |
| EPS (Riyals) | 0.28 | 0.06 | (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 | 90.60 | 90.60 | - |
| EPS (Riyals) | 0.07 | 0.06 | (11.8 %) |
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