#Saudi Amlak International achieves 129% net income growth in H1 2020 | ZAWYA MENA Edition

Saudi Amlak International achieves 129% net income growth in H1 2020 | ZAWYA MENA Edition:

Saudi Arabia’s leading non-bank real estate lender, Amlak International has announced its financial results for the period ended June 30, 2020. Net income grew by 20.9% y-o-y to SR23.8 million for the Q2 2020 period, and by 129% y-o-y to SR53.3 million for 1H 2020, with total revenues increasing by 6.2% y-o-y to reach SR73.2 million for Q2 2020 and 7.9% y-o-y to SR 148.4 million for 1H 2020. 


Earnings before tax (EBT) increased by 16% y-o-y to SR28.5 million for Q2 2020, at a margin of 38.9%, and by 27% y-o-y to SR61.8 million for 1H 2020. The company recently completed the offering of 30% of its equity on the Saudi Stock Exchange – Tadawul – raising approximately SR435 million.

Amlak’s total financing portfolio increased to SR3.5 billion across its individual and corporate book. Growth in new financing contracts to individuals saw an increase in value of 75.32%, with the corporate lending book accounting for 69% of Amlak’s total portfolio.

The results for the period included a SR6.4 million impairment allowance for expected credit losses (ECL), increasing credit provision from SR89.7 million as at December 2019 to SR96.1 million as at June 2020. The increase results from the expected impact of the COVID-19 pandemic to the company’s business.