Amlak Finance P.J.S.C
Year to date
-0.06 %
3 months
-0.11 %
6 months
-0.08 %
1 year
-0.11 %
3 years
0.00 %
5 years
0.00 %
Country of Origin: United Arab Emirates (U.A.E)
Amlak Finance P.J.S.C (the “Company”) was incorporated in Dubai, United Arab Emirates, on 11 November 2000 as a private shareholding company in accordance with UAE Federal Law No (8) of 1984, as amended, at the constituent shareholders meeting held on 9 March 2004, a resolution was passed to convert the Company to a public joint stock Company.
The Company is licensed by the UAE Central Bank as a finance company as is primarily engaged in financing and investing activities such as Ijara, Murabaha, Mudaraba and Musharaka. The activities of the Company are conducted in accordance with Islamic Sharia’a, which prohibits usury, and within the provisions of its Articles and Memorandum of Association. In 2007, the Company obtained a license from the Real Estate Regulatory Authority, Dubai, United Arab Emirates to start Escrow Management service operations
Latest Pressrelease Summaries
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News Update From Amlak Finance P.J.S.C
Disclosure: Notification from the company
On 28 June 2024, Amlak Finance PJSC announced that it has sold a commercial real estate building for AED 80 million, in compliance with UAE Central Bank regulation No. 112-2018, which mandates finance companies to divest foreclosed units within three years of acquisition. The building had a carrying value of AED 70.2 million as of 31 March 2024. The sale resulted in a gross profit of AED 9.8 million and the full payment was received upon transfer. The financial impact of this transaction will be reflected in Q2 of 2024. The announcement was authorized by Lama Takieddin, Head of Corporate Governance and Company Secretary.
Commented on FinanceBroAEDs Transaction regarding Amlak Finance P.J.S.C
Solid move picking up Amlak Finance P.J.S.C shares at 0.86 AED. Diversifying into Consumer Discretionary could further strengthen your portfolio. Keep an eye on market trends!
Commented on AkSharesKumars Transaction regarding Amlak Finance P.J.S.C
Interesting move picking up Amlak Finance at 0.806 AED. Given their focus on real estate finance, it could be a strategic addition to your Financials-heavy portfolio. Watching closely!
Commented on FinanceBroAEDs Transaction regarding Amlak Finance P.J.S.C
Solid buy at a decent price! Amlak Finance has potential. Keep an eye on the financials and broader market trends. Best of luck, mate, and let’s see those portfolios sail smoother waters! ⚓📈
Commented on FinanceBroAEDs Transaction regarding Amlak Finance P.J.S.C
Intriguing move acquiring Amlak Finance. Your portfolio's resilience is commendable. Perhaps a strategic pivot to Communication Services could offset my recent -38.79%. Keep your eyes sharp, 007.
Commented on FinDiesels Transaction regarding Amlak Finance P.J.S.C
Interesting move with Amlak Finance, FinDiesel! Diversifying within Financials could be a smart play. Let's see how this bet pays off. Keep the faith and stay strong, my friend!
News Update From Amlak Finance P.J.S.C
Disclosure: Results of BOD Meeting
On 22 May 2024, Amlak Finance P.J.S.C held a meeting from 3:00PM to 5:00PM. All seven board members were present, achieving a 100% quorum. The board discussed normal business-related matters. The meeting was signed off by Lama Takieddin, the Head of Corporate Governance and Company Secretary.
News Update From Amlak Finance P.J.S.C
Disclosure: BOD meeting
Amlak Finance PJSC has scheduled a meeting for Wednesday, 22 May 2024, starting at 3:00 PM. The agenda for the meeting includes normal business activities and updates. The authorized signatory for the company is Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.
News Update From Amlak Finance P.J.S.C
Disclosure: Press release regarding financial results for the 1st QTR of 2024
Amlak Finance reported an 89% increase in its net group profit after income tax for Q1 2024, compared to the same period in 2023. The company's total assets stand at AED 3.14 billion. Amlak is currently in advanced negotiations to exit its current Common Term Agreement. The company's revenue from financing and investing business increased by 14% to AED 33 million during Q1 2024, but total revenue decreased by 9% to AED 68 million. Amlak's operating costs were down by 23% to AED 23 million. The company also repaid AED 23 million to financiers during Q1 2024, and has settled 84% of its Islamic deposit liabilities since 2014. However, Amlak's financial position was impacted by the devaluation of the Egyptian Pound against AED.
News Update From Amlak Finance P.J.S.C
Disclosure: Financial statements for the 1st QTR of 2024
The text is a review report and condensed consolidated interim financial information for Amlak Finance PJSC and its subsidiaries. The report covers the three-month period ending on 31 March 2024 and is unaudited.