Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe

Banking & Finance

ADNEC to acquire ‘Royal Catering’

Royal Catering has more than 2.500 employees.

PIF sets up sarcc company

The new entity will address growing staff accommodation demand.

Boeing to cut 10% of workforce

The company has projected a large third-quarter loss.

AviLease acquires 9 aircraft from Avolon

AviLease had purchased 13 aircraft from Avolon in 2023.

ADNOC L&S to pay $136.5m dividend

This is equivalent to 6.78 fils per share, the company said.

Amlak posts Q1 net profit of AED 6 million

Amlak reported a net profit of AED259 million for the year ended 31 December 2023.
By TRENDS Desk
May 22, 2021 7:27 am

    • Revenues from all business activities stand at Dh62 million

    • Rental income stands at Dh7 million

    • Total assets stand at Dh 4 billion

    • Repayment of Dh 71 million to financiers (Tranche B) in Q1 2021

    • Debt settlement of Dh 68 million

    Amlak Finance, a leading specialised Islamic real estate financier in the Middle East,  has reported a net profit of AED 6 million for first quarter (Q1) of 2021, compared to AED 139 million net loss in 2020.

    The company’s Q1 revenues decreased by 13 percent to Dh62 million as compared to Dh71 million in the corresponding quarter last year, excluding fair value losses on investment properties and gain on debt settlement. 

    The revenues from financing business activities were broadly in line with 2020 at Dh43 million in Q1 2021.  Last year’s Q1 revenues were Dh44 million. 

    The rental income has decreased by 49 percent during Q1 2021 to Dh7 million.

    The company executed debt settlement arrangements during the quarter which enabled successful exit for two financiers.

    Amlak’s focus on efficient operations in 2021 delivered a 16 percent reduction in operating costs to Dh24 million in Q1.

    The company also continued to efficiently manage its obligations, including repayment of Dh71 million to financiers.

    The company recorded an amortisation cost of Dh32 million in Q1 as compared to Dh22 million in Q1 last year. The amount of amortisation represents the unwinding of fair value gains on initial recognition of investment deposits, and varies according to the level of repayment made to the financiers in any reporting period.

    As a result of debt settlements and repayments to financiers, the profit distributed to financiers decreased and stood at AED 23 million for Q1 as compared to Dh25 million for Q1 last year.

    Established in 2000, Amlak Finance provides innovative, Shari’a-compliant property financing products and solutions designed to meet the ever-changing market demands. Amlak offers a range of customised financial solutions and products to investors and end-users for both ready and off-plan properties.

    Amlak launched its first international office in Cairo in 2007. It also has business associations in Saudi Arabia.

     

    Most Read