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Press Dossier   News Category    Real Estate    Saudi real estate financier Amlak profits rise 8% to $7m in Q1

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.

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