Tadawul-
Element List Current Quarter Similar Quarter For Previous Year %Change Previous Quarter % Change
Total Income From Special Commission of Financing 115,498 76,321 51.331 105,131 9.861
Net Income From Special Commission of Financing 61,765 37,978 62.633 56,138 10.023
Net Income From Special Commission of Investment - - - - -
Total Operations Profit (Loss) 62,057 38,228 62.333 56,388 10.053
Net Profit (Loss) before Zakat and Income Tax 13,008 6,962 86.842 10,373 25.402
Net Profit/(Loss) 10,324 5,570 85.35 8,233 25.397
Total Comprehensive Income -5,129 5,694 - 7,017 -
Total Operating Expenses Before Provisions for Credit and Other Losses 41,080 30,267 35.725 38,629 6.344
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net 7,969 999 697.697 7,386 7.893
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar Period For Previous Year %Change
Total Income From Special Commission of Financing 319,653 218,072 46.581
Net Income From Special Commission of Financing 168,862 121,985 38.428
Net Income From Special Commission of Investment - - -
Total Operations Profit (Loss) 169,695 122,824 38.161
Net Profit (Loss) before Zakat and Income Tax 34,505 27,847 23.909
Net profit (Loss) 27,163 22,922 18.501
Total Comprehensive Income 14,318 25,427 -43.689
Assets 4,349,218 3,626,515 19.928
Investments 893 893 -
Loans And Advances Portfolio (Financing And Investment) 4,177,597 3,465,168 20.559
Clients' deposits - - -
Total Shareholders Equity (after Deducting Minority Equity) 1,199,940 1,187,944 1.009
Total Operating Expenses Before Provisions for Credit and Other Losses 114,833 89,346 28.526
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net 20,357 5,631 261.516
Profit (Loss) per Share 0.27 0.22
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Amount Percentage Of The Capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value - -
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is The company achieved Total Income From Special Commission of Financing of SR 115.50 million during current quarter, compared to SR 76.32 million for the same quarter during last year, representing an increase of 51.33%.
The increase is mainly attributable to Increase in Loans and Advances Portfolio of Company during the period by 20.56% as well as enhancement of yield on such portfolio during the period.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The company achieved a net profit of SR 10.32 million during current quarter, compared to SR 5.57 million for the same quarter during last year, representing an increase of 85.35%.
The increase in net profit is mainly attributable to:
- Increase in Income From Special Commission of Financing, partially offset by
- Increase in Finance cost, and
- Increase in Operating Expenses
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is The company recognized SR 7.97 million in net provision of expected credit losses during current quarter, compared to SR 1 million during same quarter of last year, representing an increase of 697.70%.
The increase in total net provision of expected credit losses and other losses is attributable to:
- Growth in Loans and Advances Portfolio of the Company compared to same quarter of last year; and
- Refinement in expected credit losses model assumptions and estimation methodology.
The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is The company achieved Total Income From Special Commission of Financing of SR 115.50 million during current quarter, compared to SR 105.13 million for the previous quarter, representing an increase of 9.86%.
The increase is mainly attributable to Increase in Loans and Advances Portfolio of Company as well as enhancement of yield on such portfolio during the period.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is The company achieved a net profit of SR 10.32 million during current quarter, compared to SR 8.23 million for the previous quarter, representing an increase of 25.40%.
The increase in net profit is mainly attributable to:
- Increase in Income From Special Commission of Financing, partially offset by
- Increase in finance cost and Operating expenses
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is The company recognized SR 7.97 million in net provision of expected credit losses during current quarter, compared to SR 7.39 million during previous quarter, representing an increase of 7.89%.
The slight increase in net provision charge of expected credit losses and other losses during current quarter, is attributable to growth in Loans and Advances Portfolio and credit profile of our clients at quarter-end.
The reason of the increase (decrease) in special commission income during the current period compared to the same period of the last year is The company achieved Total Income From Special Commission of FInancing of SR 319.65 million during current period, compared to SR 218.07 million for the previous period, representing an increase of 46.58%.
The increase is mainly attributable to Increase in Loans and Advances Portfolio of Company during the period by 20.56% as well as enhancement of yield on such portfolio during the period.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The company achieved a net profit of SR 27.16 million during current period, compared to SR 22.92 million for the previous period, representing an increase of 18.50%.
The increase in net profit is mainly attributable to:
- Increase in Income From Special Commission of Financing, partially offset by
- Increase in Finance cost and
- Increase in net provision of expected credit losses
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current period compared to the same period of the last year is The company recognized SR 20.36 million in net provision charge of expected credit losses during current period, compared to SR 5.63 million during same period of last year, representing an increase of 261.52 %.
The increase in total net provision of expected credit losses and other losses is attributable to:
- Growth in Loans and Advances Portfolio of the Company; and
- Refinement in expected credit losses model assumptions and estimation methodology.
Statement of the type of external auditor's report Unmodified Conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None.
Reclassification of Comparison Items No comparative figures have been reclassified to be consistent with the presentation of the current period.
Additional Information Following notes are relevant to this submission:
1. The company is currently not engaged in any deposit taking activity, therefore customer deposits are not applicable.
2. The company is currently not engaged in any activity for special commission income from investment, therefore special commission income from investment is not applicable