Amlak International Real Estate Finance Company has declined by 14.5%, with 25.2 million riyals in the first quarter of 2021, for about 29.5 million riyals of 2020 riyals.
According to Arab Net, Amlak's net profit on a quarter of 12.4% in the first quarter of 2021, compared with SAR 22.4 million net profit for the fourth quarter of 2020.
The company said in a statement on Saudi trading on Thursday that the main reason for declining profits in the first quarter of this year, on an annual basis, due to the increase in the cost of funding, as well as increased public and administrative expenses,
Operations fell by 8.1% in the first quarter of 2021, to 55.9 million riyals, compared with SR 60.89 million in the same quarter of 2020.
The loan and advances portfolio rose 1.1% to 3.31 billion riyals in the first quarter of 2021, compared with 3.28 billion riyals in the same quarter of 2020.
