Riyadh - Mubasher: Amlak International for Real Estate Finance signalled a 20.94% annual growth in net profits during the second quarter (Q2) of 2020, recording earnings of SAR 23.8 million, compared with SAR 19.68 million in Q2-19, as shown in the company’s interim financials.

Total comprehensive income jumped by 30.23% during the April-June period in 2020 to stand at SAR 20.39 million, compared to SAR 15.66 million in the same period a year earlier, according to a stock exchange statement on Tuesday.

The real estate developer attributed the rise in Q2-20 profits mainly to higher net gains from the lease, Murabaha, and forward lease contracts by 17%. Net financing revenues reached SAR 52.3 million.

Furthermore, operating expenses soared by SAR 3.4 million, mostly due to the increase of impairment charge for expected credit losses.