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Saudi’s Amlak International Achieves 14.5% Net Income Growth for FY19

Saudi’s Amlak International Achieves 14.5% Net Income Growth for FY19


  • Revenue grew by 11% to reach SAR 296 million
  • Earnings Before Tax (“EBT”) of SAR 102 million, at a margin of 35%
  • Real estate financing portfolio grew to SAR 3.2 billion
  • Portfolio sales to Saudi Real Estate Refinance Company totaled SAR 307 million
  • Value of new disbursements to individual customers increased by 90%


Riyadh, Saudi Arabia, 6 April 2020: Saudi Arabia’s leading non-bank real estate lender, Amlak International (“Amlak” or the “Company”), has announced its financial results for the 12-month period ended 31 December 2019. Net income grew by 14.5% to SAR 70 million, with total revenues increasing by 11% to reach SAR 296 million. Earnings Before Tax (“EBT”) increased by 4.6% to SAR 102 million, at a margin of 35%.

Amlak’s total financing portfolio increased to SAR 3.2 billion across the individual and corporate book, reinforcing the importance of the diversity of the portfolio as a platform for growth. Strong growth in new disbursements to individuals saw an increase in value of 90% with the number of new contracts increasing by 119%. New disbursements to corporate customers increased by 28.5%. Amlak’s corporate lending book accounts for 69% of the total portfolio.

The full-year results included SAR 16.6 million in non-recurring charges related to Zakat and Tax settlements for prior years, with 2019 the first year the Company calculated Zakat and Tax based on GAZT regulations No. 2216 issued on 17 March 2019, in relation to calculation of Zakat for financial services companies.

Commenting on performance, Abdullah Al Sudairy, CEO of Amlak International, said:

“We have reason to be pleased with performance in 2019. A number of tailwinds are providing impetus to the Kingdom’s rapidly growing real estate financing sector, and we are at the forefront of its development. The diversity and quality of our lending book has proved critical, enabling us to serve both corporate and individual customers while maintaining a healthy balance sheet and remaining committed to strict asset quality criteria, leading to best-in-industry delinquency ratios.”

During 2019, the Company completed individuals portfolio sales worth SAR 307 million outstanding as of December to the Saudi Real Estate Refinance Company (“SRC”). Amlak intends to continue selling a substantial portion of its individuals contracts to SRC, providing it with an additional source of funding while de-risking the portfolio and generating income from fees.

Al Sudairy continued: “We’re bullish on opportunities for growth across our portfolio, and we intend to take advantage of avenues created by Ministry of Housing programmes such as the REDF and the SRC. Meanwhile, we continue to add value to shareholders, with earnings per share of SAR 1.1 before Zakat for 2019.”

In 2020, the Company will focus on capturing growing demand for individual financing, driven by government initiatives to encourage home ownership among Saudi nationals, while increasing lending to high-growth sector corporates, where rapid financing procedures coupled with competitive yields will drive income. The strategy is built on a healthy balance sheet with significant headroom for growth, with SAR 3.6 billion in available credit, of which 40% is unutilized.

Amlak is one of the largest non-bank real estate finance companies in Saudi Arabia, historically outperforming its peer group on profitability and efficiency, and holding approximately a 29% share of the Kingdom’s non-bank real estate financing portfolio.