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FINANCIAL NEWS
Saudi-Taajeer posts 30% surge in Jan-Sep profit
02 Dec 2012
(MENAFN) Taajeer CEO and MD, Omar Hindi, sated that profits of the Saudi leasing specialist firm jumped 30 percent in the January-September period from a year ago to USD32.26 million, reported Arab News.
Hindi said that in the period, rental revenues grew by USD9 million.
He added that the company expects its profits to hit USD45.32 million by the end of the year.
Hindi attributed the 9-month profit to the performance of the automotive sector, and the real estate (for individuals) and machinery sectors, with the segments expected to contribute notably in Taajeer’s future results.
He noted that in the 9-month period, total bank financing through securitization stood at USD213.29 million.
It is worth noting that Taajeer forecasts to report new record profits as a result of the settlement of 5-year bonds issued in 2008 for USD66.65 million to mature on December 30.
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