Arab News, Tuesday, May 10, 2022 | Shawwal 09, 1443
Saudi real estate financier Amlak profits rise 8% to $7m in Q1
Saudi Arabia: Saudi-listed real
estate financing firm Amlak International has reported a slightly higher profit
increase of 8 percent during the first quarter.
The firm's profit increased to SR27 million ($7.2
million) from SR25 million for the same quarter last year, it said in a bourse
filing.
The company attributed its profit growth to
reversals in impairment for expected credit losses, reduced finance costs, and
increased income from Murabaha contracts.
Amlak, which is regulated by the Saudi central
bank, provides financing services to institutions, high net worth clients, and
developers.