Dubai – Mubasher: Amlak Finance recorded lower net profits at AED 30 million in the first half (H1) of 2024, compared to AED 138 million in H1-23.
Revenue from the financing and investing business increased by 10% year-on-year (YoY) to AED 66 million in H1-24 from AED 60 million, according to the income statements.
Amlak’s total revenue excluding a one-off gain of AED 154 million slightly grew to AED 144 million as of 30 June 2024, compared to AED 126 million in H1-23.
In the first six months (6M) of 2024, the operating costs climbed by 4% YoY to AED 48 million from AED 46 million due to ongoing restructuring.
The company also continued efficiently managing its obligations, including the repayment of AED 46 million to financiers during H1-24.
Since 2014 to date, Amlak has settled 84% of its Islamic deposit liabilities including Mudaraba instruments relating to financiers.
Meanwhile, the company’s investment in Egypt has been subject to the devaluation of the Egyptian Pound against AED which impacted the group’s financial position.
In the first quarter (Q1) of 2024, Amlak generated net profits valued at AED 27 million, an annual rise from AED 14 million.
