Taajeer in expansion drive as profits post record in 9 months

Taajeer, a Saudi leasing specialist company, posted SR 121 million profit in the first nine months of 2012 or a growth of SR 28 million, representing 30 percent increase compared to the same period last year, the company said in a statement recently.
Omar Hindi, CEO and MD of Taajeer, forecast that the company would post record profits of SR 170 by the end of the year, saying that the rental revenues alone rose by SR 34 million in the period under review.
He said Taajeer's robust profits are on account of growing bank confidence, where the total bank financing through securitization reached SR 800 million in the first nine months of this year.
"The company will post new record (profits) through the settlement of five-year bonds issued in 2008 for SR 250 million that will mature on Dec. 30. The settlement and securitization of the bonds will help in raising the company's credit level rating. The achieved profits mainly generated by the automotive sector, and the real estate (for individuals) and machinery sectors, were expected to contribute strongly in the company's results in the future," he added.
And in order to cope with the increasing demand for leasing services from the corporate sector, Taajeer further said it will open one branch in Najran by end of 2012, and plans to open three branches in Tabuk, Hail and Al-Jouf next year.
Taajeer, in cooperation with the Traffic Department and Ministry of Education, presented its safe driving program for three years to school students in Riyadh, Jeddah and Dammam.
The program included explanation of traffic rules to 40,000 students in each region aiming to reduce traffic accidents, he said, adding that 35 percent of its clients are now using SADAD services to facilitate rental installments.
Taajeer services include purchasing of cars, machineries and real estate.