Riyadh – Mubasher: The Saudi “Flexible Murabaha Finance Company” announced that it recorded an increase in its net profits by 10% during the three-month period ending on March 31, 2023.
The company stated in a statement today, Sunday, that the net income during the first quarter amounted to about 15.2 million riyals, with a profit margin of 34%. Total assets increased by 4.9% compared to the period ending on December 31, 2022, to reach 1.28 billion riyals.
The net debtors of Islamic financing amounted to 1.04 billion Saudi riyals as of March 31, 2023, an increase of 6.4% compared to the period ending on December 31, 2022.
The company stated that it maintained the pace of steady growth that it witnessed in 2022 AD during the first quarter of this year, as revenues amounted to 44.2 million Saudi riyals, a growth of 15% on an annual basis, thanks to the outstanding performance at the level of financing individuals and small and medium enterprises.
Flexible Finance announced its intention to conduct an initial public offering and list its shares in the Saudi financial market, where 30% of the company will be offered to institutional investors, with the possibility of reducing the shares allocated to institutions and allocating 10% of the total offering shares to individual investors.
The offering is an initial issuance, and the company intends to use the entire net proceeds of the offering to enhance the capital base to support future growth in financing activities by providing additional financing capacity that allows the company to provide financing to clients.
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2023-05-07 12:23:53
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