Saudi Arabia's mortgage lender Amlak International for Real Estate Finance reported a 21 per cent increase in its second-quarter net profit on the back of higher revenue from financing activities and lower cost of funding.
Net income for the three months ending June 30 rose to 23.8 million Saudi riyals (Dh23.3m), the company said in a statement on Tuesday to the Tadawul stock exchange, where its shares trade. Total revenue from special commissions, financing and investments climbed 6 per cent to 73.1m riyals during the period.
The company attributed the rise in its quarterly income mainly to an increase in “net profit from Ijara, Murabaha, and Ijara Mawsoufa contracts by 17 per cent compared to the same period last year”.
Operating expenses also rose by 3.4m riyals compared to the same period last year due to an increase in impairment charge for expected credit losses.
Set up in 2007, Amlak International is a non-bank lender, mainly providing property loans. It is licensed by the Saudi Arabian Monetary Authority to provide Sharia-compliant lending to corporate, high net-worth and individual clients.
Amlak started trading on the Tadawul earlier this month after completing its initial public offering.
The company said it first half net profit increased 128 per cent to 53.3m riyals due to “overall business growth, in addition to the gain from the Saudi Arabian Monetary Agency’s Private Sector Financing Support Programme and prior year’s Zakat settlement concluded with GAZT [The General Authority of Zakat and Tax]”.
Total revenue from special commissions, financing and investments rose 8 per cent to 148.4m riyals during the reporting period.
Driven by population growth and a supportive government policy, housing demand in the kingdom is expected to increase to 188,000 units a year until 2021. Demand is set to further increase to 203,000 a year from 2022 to 2025 and eventually to 219,000 a year from 2026 to 2029, the company said previously.
The Ministry of Housing intends to disburse 204,000 individual contracts for housing this year, up from 179,217 contracts worth 79 billion riyals in 2019.
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
'Falling%20for%20Christmas'
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more from Janine di Giovanni
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
