Saudi Arabia’s non-bank real estate lender Amlak International (Amlak) showcased the income of its financial results for the 12-month period ending 31 December 2019, revealed the net growth 14.5% year-on-year to $18.6m (SAR70m) with total revenues increasing 11% YoY to reach $78.66m (SAR296m).
The total financial portfolio of the real estate lender increased to $850.38m (SAR3.2bn) to reinforce the need for a diverse portfolio as a platform for growth.
Strong growth to individuals led to an increase in the value of 90%, and new contracts increased by 119%. New disbursements to corporate customers increased by 28.5%. The portfolio of Amlak’s corporate lending book accounts for 69% of the total package.
The chief executive officer of Amlak International said they are pleased with the company’s performance in 2019. The number of tailwinds is helping the kingdom’s rapid growth of real estate in the financial sector and that is what they are seeking.
They added the diversity of lending bool is critical by enabling them to serve both corporate and individual customers while maintaining a healthy balance sheet and committed to strict quality criteria.
In 2020, the company will focus on the growing demand for individual financing by government initiatives. The main aim is to encourage homeownership among Saudi nationals. Also, this will increase lending to high growth sector corporates where financial procedures will be rapidly coupled with competitive yields and this process will drive income.
Amlak holds a 29% share of the financial non-bank real estate of the kingdom that makes it a key player in the market.