Saudi lender Tamweel Aloula announces highest-ever annual profit

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Saudi Arabian lender Tamweel Aloula has achieved the highest annual profit in its history, with a $13.3 million (50 million riyals) before zakat charity payments for the financial year 2021, the company announced in a press statement.

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The company’s financial performance for the year registered a total asset growth of more than 76 percent YOY to $500 million (1.86 billion riyals).

Hani Al-Afaleq, Tamweel Aloula’s Chairman, said in the statement: “The company is endeavoring to attain its vision by accelerating the fast pace of digital transformation to provide advanced and integrated financing solutions and services that allow customers to avail of these services from anywhere and at any time, without the need to visit a branch.”

Ahmed Abdulazeem, Tamweel Aloula’s Chief Financial Officer (CFO) added: “Tamweel Aloula has set out on its geographic expansion strategy over the past two years, while diversifying its financial solutions’ portfolio to meet the needs of a wide range of society segments.”

The company, licensed by the Central Bank of Saudi Arabia (Sama), provides auto lease financing, personal financing, and productive assets financing.

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