Dubai – Mubasher: Amlak Finance generated AED 137.71 million in net profit during the first half (H1) of 2023, down year-on-year (YoY) from AED 266.34 million.
Total income dropped by 5% to AED 264.73 million from AED 277.76 million in H1-22, according to the financial statements.
In the first six months (6M) of 2023, the basic earnings per share (EPS) amounted to AED 0.09, an annual decline from AED 0.17.
Revenues from the financing business plunged by 13% YoY to AED 60 million in H1-23 from AED 69 million.
Financial Results for Q2-23
The net profits hit AED 123.58 million during the second quarter (Q2) of 2023, versus AED 253.25 million in the year-ago period.
The total income shrank to AED 190.56 million in Q2-23 from AED 210.66 million in Q2-22, while the basic EPS retreated to AED 0.08 from AED 0.16.
Accumulated Losses
As of 30 June 2023, the accumulated losses were valued at AED 361 million, representing 24% of the capital.
In Q1-23, the DFM-listed firm witnessed 8% higher net profits at AED 14.12 million, compared to AED 13.08 million a year earlier.
