Amlak International for Real Estate Finance Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 73,155 | 68,891 | 6.189 | 75,261 | -2.798 |
| Net Income from Special Commissions/Financing & Investments | 52,340 | 44,717 | 17.047 | 61,202 | -14.479 |
| Total Operation Profit (Loss) | 52,340 | 44,967 | 16.396 | 60,886 | -14.036 |
| Net Profit (Loss) before Zakat and Income Tax | 28,484 | 24,533 | 16.104 | 33,276 | -14.4 |
| Net Profit (Loss) | 23,800 | 19,679 | 20.941 | 29,490 | -19.294 |
| Total Comprehensive Income | 20,388 | 15,655 | 30.233 | 22,248 | -8.36 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 148,416 | 137,561 | 7.891 |
| Net Income from Special Commissions/Financing & Investments | 113,542 | 88,675 | 28.042 |
| Total Operation Profit (Loss) | 113,226 | 89,268 | 26.838 |
| Net Profit (Loss) before Zakat and Income Tax | 61,760 | 48,605 | 27.065 |
| Net Profit (Loss) | 53,290 | 23,274 | 128.967 |
| Total Comprehensive Income | 42,636 | 19,082 | 123.435 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,167,913 | 1,145,992 | 1.912 |
| Assets | 3,750,452 | 3,326,935 | 12.729 |
| Investments | 11,622 | 17,877 | -34.989 |
| Loans and Advances Portfolio (Financing & Investment) | 3,503,239 | 3,083,189 | 13.623 |
| Customer Deposits | - | - | - |
| Profit (Loss) per Share | 0.59 | 0.26 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to | The company achieved net profit of SR 23.8 Million compared to SR 19.7 Million for same period 2019 with an increase of 21%. This increase was mainly due to increase in net profit from Ijara, Murabaha, and Ijara Mawsoufa contracts by 17% compared to same period last year. This increase is contributed to higher revenue from financing activities and lower cost of funding.
Operating Expenses increased by SR 3.4 Million compared to the same period last year. The increase is mainly due to the increase of impairment charge for expected credit losses. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net profit after Zakat has been decreased in current quarter by SR 5.7 Million or 19.29% as compared to last quarter. Below are the reasons mainly attributable for this reduction
• Income from Ijara and Murabaha contracts is reported net of modification loss amounting to SR 2.44 Million and SR 0.15 Million respectively in Q1 2020, due to the deferment of installments related to receivables from Micro Small and Medium Enterprises (“MSMEs”) as per SAMA’s Private Sector Financing Support Program (‘PSFSP’). From this modification loss, SR 0.82 Million has been unwound by 30 June 2020.
• Cost of funding includes a modification gain amounting to SR 8.72 million in Q1, 2020 due to the deferment of installments related to borrowings as per SAMA’s PSFSP. From this modification gain, SR 3.05 million has been unwound by 30 June 2020.
• ECL impact including COVID – 19 assessed to SR 4.7 Million in Q1 2020 which increased by SR 1.7 Million only in Q2 2020. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to | The company achieved net profit of SR 53.3 Million in Q2 2020 compared to SR 23.3 Million for Q2 2019 with an increase of 129%. This increase is mainly due to the following:
• business growth • the gain on SAMA’s Private Sector Financing Support Program (‘PSFSP’) • prior year zakat settlement in 2019 concluded with GAZT. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | No comparative figures have been reclassified to be consistent with the presentation of the current period |
| Additional Information | Net profit before Zakat increased to SR 61.8 Million for the period as compare to SR 48.6 Million as of June 2019 with an increase of 27%. |
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