The profits of Amlak International Real Estate Finance Company increased by 21% to reach 23.8 million riyals in the second quarter of this year, compared to 19.7 million riyals in the same period of the year 2019.
According to Arabia Net, the rise in the quarterly profit came with a rise in the net profit from the Ijara, Murabaha and Ijara financing contracts described in the edict by 17% compared to the same period in the previous year. / p>
The net financing income for the current period of the year 2020 amounted to 52.3 million riyals, compared to 44.7 million riyals for the same period in 2019, due to the increase in financing income and lower lending costs .
Also, operating expenses increased by 3.4 million riyals compared to the same period in the previous year, and most of this increase is due to the increase in the provision for impairment in the expected credit losses.
The company raised its profits for a period of 6 months by 129% to 53.3 million riyals due to the growth in real estate financing income, and the profit made from lower financing charges from banks and the postponement of payments related to eligible clients As a result of implementing the programs of support of the Saudi Arabian Monetary Agency.
The profit for the period due to the payment of zakat and income tax also increased from previous years in the year 2019 resulting from reaching a settlement agreement with the General Authority of Zakat and Income.
(Amazon fun of knowledge)
