Dhahran, Saudi Arabia – Tamweel Aloula, a Saudi Closed Joint Stock Company, announced that it will be doubling its capital to half a billion Saudi Riyals, to support the company’s expansion plans in the Saudi market.
The company’s Board of Directors recently approved the Executive Committee’s proposal of capital increase, covered and funded by Al Kifah Holding Company, which owns 100% of the company’s shares, after a notice of non-objection was obtained from the related authorities.
Commenting on investors’ decision to increase the company’s capital, Mr. Hani Al Afaleq, Tamweel Aloula’s Chairman indicated that “This increase reflects our partners’ confidence in furthering the positive growth path witnessed by Tamweel Aloula, which achieved the highest annual profit in its history, with a SAR 50 million (before zakat) for the financial year 2021 and registered a total portfolio of SAR 1.86 billion.”
Al Afaleq added: “Tamweel Aloula’s investors underline their commitment to fulfilling the ambitious aspirations of the company, which seeks to meet the needs of the various business segments and community members, by providing smart and secure financial solutions.
Mr. Ahmed Abdelazeem, Tamweel Aloula’s Chief Financial Officer (CFO), said: “Enhancing solvency will allow Aloula to significantly increase the size and diversification of its lending portfolio to better support the company’s expansion activities and operations. Offering our wide variety of financial products to the largest possible segment of beneficiaries will ultimately reflect positively on the company’s performance and growth rates.”