Riyadh - Mubasher: Amlak International for Real Estate Finance’s third-quarter (Q3) net profits dropped by 6.3% on an annual basis to reach SAR 23.2 million.

This drop was largely ascribed to lower customer-related revenues by SAR 6.6 million and a decline in portfolio gains by SAR 6.4 million, compensated by lower financing costs and impairment losses, according to a bourse disclosure on Monday.

Revenue of the real estate developer registered SAR 71.5 million in the three-month period ended 30 September 2020, down by 15.4% yearly.

During the period from January to September, the profits stood at SAR 76.5 million, compared to SAR 48 million during the prior-year period, posting a 59.2% jump.