The profits of the global real estate finance company Amlak decreased by 6.3% in the third quarter of 2020 to reach 23.2 million riyals after zakat and tax, compared to 24.8 million riyals in the same quarter of 2019 .
According to Arabiya Net, the net profit of the company after zakat and tax increased by 59.2% during the first nine months of 2020 to reach 76.5 million riyals compared to 48 million riyals in Similar period from 2019.
In a statement to the Saudi Stock Exchange - Tadawul, today, Amlak said that the main reasons for the decline in quarterly profits are the decrease in the returns of the financing portfolio by 6.6 million riyals.
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In addition to the decrease in the sales of financing portfolios 6.4 million riyals, offset by a decrease in financing costs and a decline in credit allocations.
The company's net profit declined 2.5% during the third quarter of 2020, compared to a net profit of 23.8 million riyals in the second quarter of 2020.
and the company attributed the increase in profits during the nine months of 2020, to the growth in real estate financing revenues, the decline in the sales of financing portfolios, the decrease in financing expenses from banks, in addition to the payment Zakat and income tax for previous years in the year 2019 resulting from reaching a settlement agreement with the General Authority for Zakat and Income.
