Credit growth drives Amlak's strong financials: Chairman

Amlak International Finance Co.‘s Chairman, Abdullah Al-Howaish,

Amlak International Finance Co. expanded its net profit after Zakat by 45.6% year-on-year (YoY) in 2024, fueled by a strong expansion in its credit portfolio that boosted total assets by more than 16% in a single year, Chairman Abdullah Al-Howaish said.

Speaking to Argaam at EFG Hermes’ 19th Annual One-on-One Investor Conference in Dubai, Al-Howaish said Amlak’s total revenue reached SAR 442.6 million, marking a near 40% increase. The company surpassed the SAR 400 million mark for the first time.

Al-Howaish called 2024 a turning point in Amlak’s digital journey, highlighting the launch of its first digital product that exceeded expectations in both technical innovation and performance.

He said Amlak is now positioned as a top digital player in the Kingdom. This was made possible by its integrated technology, flexible Shariah-compliant products, and expansion into a wider range of financial services.

Further, the Chairman noted that Saudi Arabia’s market has strong fundamentals, supported by regulatory reforms and Vision 2030. These factors enabled Amlak to offer flexible financing, reach new customer segments, and tap into broader investment opportunities.

Despite global economic challenges, the local market remains attractive due to its economic stability.

Al-Howaish expects consumer behavior to continue evolving, which will increase the need for fully digital solutions to meet customer demands more effectively.

For 2025, he said Amlak plans to expand its digital solutions, strengthen ties with strategic partners, leverage tech to boost efficiency, reduce costs, and offer more flexible and faster financing.

Amlak will also keep developing its product lineup to match market needs, in line with the ongoing changes in the financial sector under Vision 2030, Al-Howaish added.