Amlak Finance P.J.S.C

The text presents a review report and consolidated interim financial information for Amlak Finance PJSC and its subsidiaries. The data covers the nine-month period ending on 30 September 2023 and is unaudited.

Amlak Finance has reported its Q3 2023 financial results, revealing a group net profit of AED 269 million, a decrease from Q3 2022's AED 390 million. Total income for Q3 2023 also decreased by 19% to AED 364 million, while revenues from the financing business fell by 10% to AED 90 million. However, the company's debt settlement arrangements resulted in a net gain of AED 174 million and a total debt reduction of AED 531 million. Operating costs increased by 6% to AED 69 million due to one-off expenses related to negotiations with financiers. The company also managed to repay AED 80 million to financiers and has so far settled 83% of its Islamic deposit liabilities. Profit distribution to financiers decreased by 20% to AED 45 million for Q3 2023. The company also recorded a lower amortisation cost of AED 31 million this quarter.