Tuesday 11 August 2020

Amlak's revenue for nine-month period up 11pc

DUBAI, November 13, 2019

Amlak Finance, a leading UAE-based specialised Islamic real estate financier, said its total revenues for the period between January to September surged 11 per cent to Dh263 million ($72 million) from Dh236 million ($64.2 million) last year.

Announcing its financial results for the nine-month period ending September 30, 2019, Amlak Finance said the revenues from financing business activities remained stable at Dh131 million when compared to the same period last year.

Operating costs too remained under control amounting to Dh88 million when compared to the same period last year, said the company, which has a major presence in Egypt and Saudi Arabia.

Amlak Finance said a key highlight of the nine-month period was that the company was able to trim its net loss by 20 per cent bring it to Dh41 million from Dh51 million last year.

The Emirati firm recorded an impairment charge of Dh74 million on Islamic financing assets compared to Dh42 million for the same period in 2018, it stated.

The company also recorded an amortisation cost of Dh74 million; down by 12 per cent compared to Dh84 million in the first nine months 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 financers in any reporting period, it added.

Amlak pointed out that the total assets continued to stand at Dh6 billion and total liabilities at Dh5 billion, similar to the 2018 year-end financial position.

During the period, Amlak remained on schedule for key real estate projects in the UAE.

The company reached an advanced stage of renegotiating the funding terms with its financiers, which are expected to conclude before end of 2019, it added.

Established in 2000, Amlak Finance is a leading provider of innovative, shari’a-compliant property financing products and solutions designed to meet the ever-changing market demands.

It also offers a range of customised financial solutions and products to investors for both ready and off-plan properties.-TradeArabia News Service


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