Amlak Finance Reports AED 52M Profit for 2024
Amlak Finance PJSC, a key player in the UAE's financial sector, has announced its financial results for 2024, showcasing strategic debt reduction and steady revenue growth.
Summary
Amlak Finance reported a net profit of AED 52 million for 2024, with significant debt reduction and a strategic repayment plan in place.
Dubai, United Arab Emirates: Amlak Finance PJSC, a prominent name in the UAE's financial landscape, has unveiled its financial results for the year ending 31 December 2024. The company reported a net profit of AED 52 million, down from AED 259 million in 2023, signaling a period of strategic recalibration and financial prudence.
Despite the dip in net profit, Amlak's revenue from financing and investing activities saw a commendable 10% increase, reaching AED 135 million compared to AED 122 million in the previous year. This growth highlights the company's robust performance in its core operations, even as total revenue saw a 23% decline to AED 347 million from AED 452 million in 2023.
The company has made significant strides in debt management, achieving a reduction in financiers' debt exposure by AED 757 million. This includes successful debt settlement arrangements amounting to AED 238 million, which resulted in a net gain of AED 45 million. Notably, Amlak has reached an agreement with its six remaining financiers on a repayment plan for the outstanding balance of AED 971 million, demonstrating its commitment to financial stability.
Operating costs were efficiently managed, decreasing by 20% to AED 119 million from AED 149 million, reflecting Amlak's strategic focus on cost optimization. The company's ability to settle 91% of its Islamic deposit liabilities, including Mudaraba Instruments, further underscores its operational efficiency.
Regionally, Amlak's investment in Egypt faced challenges due to the devaluation of the Egyptian Pound against the AED, impacting its financial position. However, its investment in Saudi Arabia yielded an income of AED 9 million, showcasing diversified regional performance.
Looking ahead, Amlak Finance is poised for a promising future with its strategic debt reduction and efficient management practices. Investors may consider holding their positions as the company continues to strengthen its financial foundation and explore growth opportunities.
Source
Summary
Amlak Finance announced its financial results for the year ending December 31, 2024. The company reported a net profit of AED 52 million, a decrease from AED 259 million in 2023. Total assets stood at AED 2.6 billion. Revenues from financing and investing activities increased by 10% to AED 135 million, while total revenue decreased by 23% to AED 347 million. Operating costs were reduced by 20% to AED 119 million. Amlak successfully reduced financiers' debt exposure by AED 757 million through debt settlement arrangements, resulting in a net gain of AED 45 million. An agreement was reached with six financiers on a repayment plan for an outstanding balance of AED 971 million. The company settled 91% of its Islamic deposit liabilities. In Egypt, the devaluation of the Egyptian Pound affected the financial position, while investments in Saudi Arabia generated an income of AED 9 million.
