Amlak 9M 2023 profit drops 72% to SAR 22.9 mln; Q3 at SAR 5.6 mln

Amlak International Finance Co. reported a net profit of SAR 22.9 million in the first nine months of 2023, a drop of 72% from SAR 80.7 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Net income from finance commissions	166.62	121.99	(26.8 %)
Net Income	80.74	22.92	(71.6 %)
Average Shares	101.93	101.93	-
EPS (Riyals)	0.79	0.22	(71.6 %)

The profit drop was attributed to non-recurring exceptional gains during the same period of last year due to revaluation of servicing rights. This was also due to an increase in finance costs, operating expenses before provisions for credit and other losses, as well as provision for expected credit losses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Net income from finance commissions	63.01	37.98	(39.7 %)
Net Income	25.05	5.57	(77.8 %)
Average Shares	101.93	101.93	-
EPS (Riyals)	0.25	0.05	(77.8 %)

Item	Q2 2023	Q3 2023	Change‬
Net income from finance commissions	41.64	37.98	(8.8 %)
Net Income	6.31	5.57	(11.8 %)
Average Shares	101.93	101.93	-
EPS (Riyals)	0.06	0.05	(11.8 %)

The company reported a net profit of SAR 5.6 million in Q3 2023, a 78% pullback from SAR 25.05 million a year ago, mainly due to recording non-recurring exceptional gains during the same period of last year due to revaluation of servicing rights, as well as an increase in finance costs.

On a sequential basis, net earnings fell by 11.8% from SAR 6.31 million in Q2 2023.

Total shareholders’ equity, no non-controlling interest, stood at SAR 1.18 billion as of Sept. 30, 2023, compared to SAR 1.21 billion in the prior-year period.

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Share Price

Amlak International Finance Co. (AMLAK)

	Current
Market Cap (M)	1,214.95
Shares Outstanding ((M))	101.93
EPS ( Riyal) (TTM)	0.35
Book Value (BV) ( Riyal)	11.77
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	33.70
P/E (TTM)	33.70
Price/book	1.01
Return on Average Assets (%) (TTM)	0.9
Return on Average Equity (%) (TTM)	3.0

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	84.73	16.6 %	0.83	-	84.73	0.83
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	102.88	21.4 %	1.01	-	102.88	1.01
Q1 2016	24.82	-	0.24	-	24.82	0.24
Q2 2016	29.83	-	0.29	-	29.83	0.29
Q3 2016	27.34	-	0.27	-	27.34	0.27
Q4 2016	27.05	-	0.27	-	27.05	0.27
2016	109.04	6.0 %	1.07	-	109.04	1.07
Q1 2017	21.45	(13.6 %)	0.21	-	21.45	0.21
Q2 2017	31.00	3.9 %	0.30	-	31.00	0.30
Q3 2017	26.04	(4.8 %)	0.26	-	26.04	0.26
Q4 2017	24.78	(8.4 %)	0.24	-	24.78	0.24
2017	103.25	(5.3 %)	1.01	-	103.25	1.01
Q1 2018	23.92	11.5 %	0.23	-	23.92	0.23
Q2 2018	22.58	(27.1 %)	0.22	-	22.58	0.22
Q3 2018	22.97	(11.8 %)	0.23	-	22.97	0.23
Q4 2018	(8.32)	(133.6 %)	(0.08)	-	(8.32)	(0.08)
2018	61.16	(40.8 %)	0.60	-	61.16	0.60
Q1 2019	3.60	(85.0 %)	0.04	-	3.60	0.04
Q2 2019	19.68	(12.9 %)	0.19	-	19.68	0.19
Q3 2019	24.76	7.8 %	0.24	-	24.76	0.24
Q4 2019	21.98	364.2 %	0.22	-	21.98	0.22
2019	70.01	14.5 %	0.69	-	70.01	0.69
Q1 2020	29.49	720.3 %	0.29	-	29.49	0.29
Q2 2020	23.80	20.9 %	0.23	-	23.80	0.23
Q3 2020	23.20	(6.3 %)	0.23	-	23.20	0.23
Q4 2020	22.41	2.0 %	0.22	-	22.41	0.22
2020	98.90	41.3 %	0.97	-	98.90	0.97
Q1 2021	25.20	(14.6 %)	0.25	-	25.20	0.25
Q2 2021	28.22	18.6 %	0.28	-	28.22	0.28
Q3 2021	29.50	27.2 %	0.29	-	29.50	0.29
Q4 2021	24.84	10.8 %	0.24	-	24.84	0.24
2021	107.75	9.0 %	1.06	-	107.75	1.06
Q1 2022	27.12	7.6 %	0.27	-	27.12	0.27
Q2 2022	28.56	1.2 %	0.28	-	28.56	0.28
Q3 2022	25.05	(15.1 %)	0.25	-	25.05	0.25
Q4 2022	15.99	(35.6 %)	0.16	-	15.99	0.16
2022	96.72	(10.2 %)	0.95	-	96.72	0.95
Q1 2023	11.04	(59.3 %)	0.11	-	11.04	0.11
Q2 2023	6.31	(77.9 %)	0.06	-	6.31	0.06
Q3 2023	5.57	(77.8 %)	0.05	-	5.57	0.05

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	72.67	-	0.71	-	72.67	0.71
2014	84.73	16.6 %	0.83	-	84.73	0.83
2015	102.88	21.4 %	1.01	-	102.88	1.01
2016	109.04	6.0 %	1.07	-	109.04	1.07
2017	103.25	(5.3 %)	1.01	-	103.25	1.01
2018	61.16	(40.8 %)	0.60	-	61.16	0.60
2019	70.01	14.5 %	0.69	-	70.01	0.69
2020	98.90	41.3 %	0.97	-	98.90	0.97
2021	107.75	9.0 %	1.06	-	107.75	1.06
2022	96.72	(10.2 %)	0.95	-	96.72	0.95

Financial results (Million)

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
2014	163.30	30.4 %	128.87	19.3 %
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
2015	209.48	28.3 %	160.76	24.7 %
Q1 2016	60.59	-	45.15	-
Q2 2016	65.61	-	46.33	-
Q3 2016	66.99	-	44.16	-
Q4 2016	67.19	-	42.94	-
2016	260.39	24.3 %	178.58	11.1 %
Q1 2017	66.64	10.0 %	43.52	(3.6 %)
Q2 2017	67.01	2.1 %	44.55	(3.8 %)
Q3 2017	64.81	(3.3 %)	42.52	(3.7 %)
Q4 2017	67.54	0.5 %	43.66	1.7 %
2017	265.99	2.2 %	174.24	(2.4 %)
Q1 2018	66.60	(0.1 %)	44.63	2.6 %
Q2 2018	62.94	(6.1 %)	40.68	(8.7 %)
Q3 2018	66.04	1.9 %	42.94	1.0 %
Q4 2018	71.63	6.1 %	49.17	12.6 %
2018	267.08	0.4 %	177.42	1.8 %
Q1 2019	68.67	3.1 %	43.96	(1.5 %)
Q2 2019	68.89	9.5 %	44.72	9.9 %
Q3 2019	84.52	28.0 %	60.03	39.8 %
Q4 2019	74.26	3.7 %	51.03	3.8 %
2019	296.35	11.0 %	199.74	12.6 %
Q1 2020	75.26	9.6 %	61.20	39.2 %
Q2 2020	73.16	6.2 %	52.34	17.0 %
Q3 2020	71.52	(15.4 %)	52.43	(12.7 %)
Q4 2020	58.79	(20.8 %)	45.02	(11.8 %)
2020	278.72	(5.9 %)	210.99	5.6 %
Q1 2021	71.97	(4.4 %)	55.94	(8.6 %)
Q2 2021	70.61	(3.5 %)	54.37	3.9 %
Q3 2021	72.51	1.4 %	63.86	21.8 %
Q4 2021	69.38	18.0 %	54.23	20.5 %
2021	284.46	2.1 %	228.40	8.3 %
Q1 2022	67.40	(6.3 %)	52.48	(6.2 %)
Q2 2022	69.82	(1.1 %)	51.14	(6.0 %)
Q3 2022	82.23	13.4 %	63.01	(1.3 %)
Q4 2022	72.02	3.8 %	52.91	(2.4 %)
2022	291.47	2.5 %	219.53	(3.9 %)
Q1 2023	68.92	2.3 %	42.37	(19.3 %)
Q2 2023	72.83	4.3 %	41.64	(18.6 %)
Q3 2023	76.32	(7.2 %)	37.98	(39.7 %)

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
2013	125.25	-	108.00	-
2014	163.30	30.4 %	128.87	19.3 %
2015	209.48	28.3 %	160.76	24.7 %
2016	260.39	24.3 %	178.58	11.1 %
2017	265.99	2.2 %	174.24	(2.4 %)
2018	267.08	0.4 %	177.42	1.8 %
2019	296.35	11.0 %	199.74	12.6 %
2020	278.72	(5.9 %)	210.99	5.6 %
2021	284.46	2.1 %	228.40	8.3 %
2022	291.47	2.5 %	219.53	(3.9 %)

Balance Sheet (B)

Period	Assets	Change	Net Finance Investments	Change
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	3.19	-	2.93	-
Q2 2016	3.29	-	3.01	-
Q3 2016	3.28	-	3.09	-
Q4 2016	3.29	-	3.03	-
Q1 2017	3.27	2.5 %	3.03	3.5 %
Q2 2017	3.28	(0.4 %)	3.03	0.9 %
Q3 2017	3.32	1.2 %	3.17	2.4 %
Q4 2017	3.33	1.1 %	3.12	3.0 %
Q1 2018	3.20	(2.1 %)	3.03	0.1 %
Q2 2018	3.13	(4.5 %)	2.91	(4.2 %)
Q3 2018	3.13	(5.8 %)	2.94	(7.1 %)
Q4 2018	3.26	(1.9 %)	3.09	(1.0 %)
Q1 2019	3.22	0.6 %	3.02	(0.3 %)
Q2 2019	3.33	6.2 %	3.08	6.0 %
Q3 2019	3.18	1.9 %	2.99	1.7 %
Q4 2019	3.41	4.3 %	3.20	3.5 %
Q1 2020	3.50	8.9 %	3.28	8.5 %
Q2 2020	3.75	12.7 %	3.50	13.6 %
Q3 2020	3.85	21.0 %	3.59	19.9 %
Q4 2020	3.58	5.1 %	3.35	4.8 %
Q1 2021	3.65	4.3 %	3.31	1.1 %
Q2 2021	3.51	(6.5 %)	3.29	(6.1 %)
Q3 2021	3.73	(3.2 %)	3.44	(4.1 %)
Q4 2021	3.57	(0.4 %)	3.41	1.7 %
Q1 2022	3.67	0.4 %	3.53	6.4 %
Q2 2022	3.41	(2.7 %)	3.29	0.1 %
Q3 2022	3.43	(8.0 %)	3.28	(4.6 %)
Q4 2022	3.49	(2.3 %)	3.28	(3.7 %)
Q1 2023	3.41	(7.1 %)	3.19	(9.6 %)
Q2 2023	3.55	4.2 %	3.34	1.4 %
Q3 2023	3.63	5.6 %	3.47	5.6 %

Period	Assets	Change	Net Finance Investments	Change
3m 2014	-	-	-	-
6m 2014	-	-	-	-
9m 2014	-	-	-	-
12m 2014	2.55	37.1 %	2.26	35.6 %
3m 2015	-	-	-	-
6m 2015	-	-	-	-
9m 2015	-	-	-	-
12m 2015	3.03	18.8 %	2.77	22.7 %
3m 2016	3.19	-	2.93	-
6m 2016	3.29	-	3.01	-
9m 2016	3.28	-	3.09	-
12m 2016	3.29	8.5 %	3.03	9.4 %
3m 2017	3.27	2.5 %	3.03	3.5 %
6m 2017	3.28	(0.4 %)	3.03	0.9 %
9m 2017	3.32	1.2 %	3.17	2.4 %
12m 2017	3.33	1.1 %	3.12	3.0 %
3m 2018	3.20	(2.1 %)	3.03	0.1 %
6m 2018	3.13	(4.5 %)	2.91	(4.2 %)
9m 2018	3.13	(5.8 %)	2.94	(7.1 %)
12m 2018	3.26	(1.9 %)	3.09	(1.0 %)
3m 2019	3.22	0.6 %	3.02	(0.3 %)
6m 2019	3.33	6.2 %	3.08	6.0 %
9m 2019	3.18	1.9 %	2.99	1.7 %
12m 2019	3.41	4.3 %	3.20	3.5 %
3m 2020	3.50	8.9 %	3.28	8.5 %
6m 2020	3.75	12.7 %	3.50	13.6 %
9m 2020	3.85	21.0 %	3.59	19.9 %
12m 2020	3.58	5.1 %	3.35	4.8 %
3m 2021	3.65	4.3 %	3.31	1.1 %
6m 2021	3.51	(6.5 %)	3.29	(6.1 %)
9m 2021	3.73	(3.2 %)	3.44	(4.1 %)
12m 2021	3.57	(0.4 %)	3.41	1.7 %
3m 2022	3.67	0.4 %	3.53	6.4 %
6m 2022	3.41	(2.7 %)	3.29	0.1 %
9m 2022	3.43	(8.0 %)	3.28	(4.6 %)
12m 2022	3.49	(2.3 %)	3.28	(3.7 %)
3m 2023	3.41	(7.1 %)	3.19	(9.6 %)
6m 2023	3.55	4.2 %	3.34	1.4 %
9m 2023	3.63	5.6 %	3.47	5.6 %

Period	Assets	Change	Net Finance Investments	Change
2013	1.86	-	1.67	-
2014	2.55	37.1 %	2.26	35.6 %
2015	3.03	18.8 %	2.77	22.7 %
2016	3.29	8.5 %	3.03	9.4 %
2017	3.33	1.1 %	3.12	3.0 %
2018	3.26	(1.9 %)	3.09	(1.0 %)
2019	3.41	4.3 %	3.20	3.5 %
2020	3.58	5.1 %	3.35	4.8 %
2021	3.57	(0.4 %)	3.41	1.7 %
2022	3.49	(2.3 %)	3.28	(3.7 %)

Profitability

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	3.84 %	8.25 %	51.88 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	3.69 %	9.65 %	49.11 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	41.88 %
2016	3.45 %	9.77 %	41.88 %
Q1 2017	3.27 %	9.30 %	39.66 %
Q2 2017	3.25 %	9.70 %	39.89 %
Q3 2017	3.20 %	9.36 %	39.72 %
Q4 2017	3.12 %	8.97 %	38.82 %
2017	3.12 %	8.97 %	38.82 %
Q1 2018	3.27 %	9.17 %	39.75 %
Q2 2018	3.03 %	8.72 %	37.16 %
Q3 2018	2.93 %	8.26 %	35.82 %
Q4 2018	1.86 %	5.33 %	22.89 %
2018	1.86 %	5.33 %	22.90 %
Q1 2019	1.27 %	3.58 %	15.16 %
Q2 2019	1.17 %	3.36 %	13.78 %
Q3 2019	1.26 %	3.55 %	13.52 %
Q4 2019	2.10 %	6.22 %	23.62 %
2019	2.10 %	6.22 %	23.62 %
Q1 2020	2.85 %	8.42 %	31.66 %
Q2 2020	2.83 %	8.65 %	32.56 %
Q3 2020	2.80 %	8.83 %	33.47 %
Q4 2020	2.83 %	8.70 %	35.48 %
2020	2.83 %	8.70 %	35.48 %
Q1 2021	2.64 %	8.15 %	34.35 %
Q2 2021	2.73 %	8.61 %	36.29 %
Q3 2021	2.78 %	9.21 %	38.46 %
Q4 2021	3.02 %	9.21 %	37.88 %
2021	3.01 %	9.21 %	37.88 %
Q1 2022	3.00 %	9.12 %	39.19 %
Q2 2022	3.18 %	9.49 %	39.42 %
Q3 2022	2.95 %	8.87 %	36.55 %
Q4 2022	2.74 %	7.97 %	33.18 %
2022	2.74 %	7.97 %	33.18 %
Q1 2023	2.28 %	6.53 %	27.52 %
Q2 2023	1.68 %	4.93 %	19.73 %
Q3 2023	1.10 %	3.23 %	13.41 %

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
2013	-	-	58.02 %
2014	3.84 %	8.25 %	51.88 %
2015	3.69 %	9.65 %	49.11 %
2016	3.45 %	9.77 %	41.88 %
2017	3.12 %	8.97 %	38.82 %
2018	1.86 %	5.33 %	22.90 %
2019	2.10 %	6.22 %	23.62 %
2020	2.83 %	8.70 %	35.48 %
2021	3.01 %	9.21 %	37.88 %
2022	2.74 %	7.97 %	33.18 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	101.93	-	-	10.99
Q2 2016	101.93	-	-	10.63
Q3 2016	101.93	-	-	10.89
Q4 2016	101.93	1.07	1.07	11.12
Q1 2017	101.93	1.04	1.04	11.31
Q2 2017	101.93	1.05	1.05	10.98
Q3 2017	101.93	1.04	1.04	11.23
Q4 2017	101.93	1.01	1.01	11.47
Q1 2018	101.93	1.04	1.04	11.32
Q2 2018	101.93	0.95	0.95	10.91
Q3 2018	101.93	0.92	0.92	11.14
Q4 2018	101.93	0.60	0.60	11.06
Q1 2019	101.93	0.40	0.40	11.08
Q2 2019	101.93	0.37	0.37	11.24
Q3 2019	101.93	0.39	0.39	10.84
Q4 2019	101.93	0.69	0.69	11.04
Q1 2020	101.93	0.94	0.94	11.26
Q2 2020	101.93	0.98	0.98	11.46
Q3 2020	101.93	0.97	0.97	11.04
Q4 2020	101.93	0.97	0.97	11.27
Q1 2021	101.93	0.93	0.93	11.52
Q2 2021	101.93	0.97	0.97	11.11
Q3 2021	101.93	1.03	1.03	11.41
Q4 2021	101.93	1.06	1.06	11.69
Q1 2022	101.93	1.08	1.08	12.07
Q2 2022	101.93	1.08	1.08	11.65
Q3 2022	101.93	1.04	1.04	11.95
Q4 2022	101.93	0.95	0.95	12.12
Q1 2023	101.93	0.79	0.79	12.18
Q2 2023	101.93	0.57	0.57	11.60
Q3 2023	101.93	0.38	0.38	11.66

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	101.93	0.71	0.71	10.00
2014	101.93	0.83	0.83	10.15
2015	101.93	1.01	1.01	10.77
2016	101.93	1.07	1.07	11.12
2017	101.93	1.01	1.01	11.47
2018	101.93	0.60	0.60	11.06
2019	101.93	0.69	0.69	11.04
2020	101.93	0.97	0.97	11.27
2021	101.93	1.06	1.06	11.69
2022	101.93	0.95	0.95	12.12

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	21.86	21.86	1.91
Q4 2020	20.04	20.04	1.73
Q1 2021	21.22	21.22	1.71
Q2 2021	20.49	20.49	1.79
Q3 2021	20.06	20.06	1.82
Q4 2021	17.77	17.77	1.61
Q1 2022	17.66	17.66	1.57
Q2 2022	14.74	14.74	1.37
Q3 2022	14.16	14.16	1.23
Q4 2022	13.98	13.98	1.09
Q1 2023	17.17	17.17	1.12
Q2 2023	24.31	24.31	1.20
Q3 2023	32.24	32.24	1.06

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	20.04	20.04	1.73
2021	17.77	17.77	1.61
2022	13.98	13.98	1.09

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Amlak 9M 2023 profit drops 72% to SAR 22.9 mln; Q3 at SAR 5.6 mln

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Amlak International Finance Co. (AMLAK)

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