Riyadh – Mubasher: Amlak International for Real Estate Finance Co. logged SAR 98.9 million in net profits after Zakat and taxes in 2020, up by 41.27% year-on-year (YoY) from SAR 70 million.
The profit growth was ascribed to lower financing cost from bank borrowings, a drop in general and administrative expenses, as well as the Zakat settlement from 2013 to 2017 in 2019, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
Total income from special commissions, financing, and investments declined to SAR 278.72 million last year, compared to SAR 296.35 million in 2019.
During the first nine months of 2020, the company’s profits jumped by 59.2% to SAR 76.5 million, compared to SAR 48 million during the corresponding period a year earlier
