Tamweel Aloula, a financial solution provider licensed by the Saudi Arabian Central Bank (Sama), announced that it has achieved the highest annual profit in its history, with a SR50 million ($13.3 million) before zakat for 2021.
The company’s financial performance for the year registered a total asset growth of more than 76% year-on-year to SR1.86 billion.
Hani Al-Afaleq, Tamweel Aloula’s Chairman, indicated that the outstanding record results achieved by the company have been possible thanks to the ambitious strategic plans laid out over the past two years.
He added: “The company is endeavouring 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) explained that these figures constitute a significant step forward towards achieving Tamweel Aloula’s ambitions and vision of becoming the first Saudi company to provide customers with innovative, safe, and value-added financial solutions.
He said: “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.”
He pointed out that achieving the goal depends on a set of strategic priorities, notably, developing seamless and user-friendly financial solutions, earning customers' trust with a professional, efficient team; as well as ensuring accessible communication via the website and other communication channels.
The company provides the financial products of auto lease financing, personal financing and productive assets financing. It also provides advanced and integrated financing solutions and services to help consumers and SMEs fulfil their financial needs.
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