Amlak Finance P.J.S.C

Amlak Finance P.J.S.C

AMLAK

1 week

-0.02 %

1 month

-0.00 %

3 months

0.15 %

OverviewInsightsDisclosures

Amlak Finance P.J.S.C

Logotype for Amlak Finance P.J.S.C
Ticker/ISIN
AMLAK
AEA001201010
Market/Country
Dubai Financial Market
United Arab Emirates

About Amlak Finance P.J.S.C

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 from Amlak Finance P.J.S.C

On 11 December 2024, Amlak Finance P.J.S.C held a board meeting from 3:00 PM to 4:00 PM. Seven board members were present, achieving a 100% quorum. The meeting focused on discussing normal business-related matters. Lama Takieddin, the Head of Corporate Governance and Company Secretary, was the authorized signatory.
Amlak Finance PJSC is scheduled to hold a meeting on Wednesday, 11 December 2024, starting at 3:00 PM. The agenda includes discussions on normal business activities and updates. The authorized signatory for the meeting is Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.
On 27 November 2024, Amlak Finance P.J.S.C held a board meeting from 3:00 PM to 4:00 PM. Five board members were present, achieving a quorum of 71%. The meeting focused on discussing routine business matters. The authorized signatory for the meeting was Lama Takieddin, who serves as the Head of Corporate Governance and Company Secretary.
On November 21, 2024, a letter was addressed to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market, regarding a meeting of the Board of Directors of Amlak Finance PJSC. The letter, sent by Lama Takieddin, Head of Corporate Governance and Company Secretary, informed that contrary to the previous disclosure on November 18, 2024, about making a decision by circulation on November 21, 2024, it has been decided to hold a Board meeting on November 27, 2024, at 3:00 PM to discuss regular company matters. Consequently, no decision will be made by circulation. A copy of the letter was also sent to the Securities and Commodities Authority.
The letter, dated 18 November 2024, is addressed to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market. It serves as a notification regarding a resolution by the Board of Directors of Amlak Finance PJSC. The board plans to pass this resolution by circulation on Thursday, 21 November 2024, at 3 pm, concerning regular and internal matters. The letter is signed by Lama Takieddin, the Head of Corporate Governance and Company Secretary, and a copy is sent to the Securities & Commodities Authority.
On November 13, 2024, Amlak Finance P.J.S.C held a board meeting from 3:00 PM to 4:45 PM. All seven board members were present, achieving a 100% quorum. The board discussed routine business matters. The authorized signatory is Lama Takieddin, who serves as the Head of Corporate Governance and Company Secretary.
Amlak Finance PJSC is scheduled to hold a meeting on Wednesday, 13 November 2024, starting at 3:00 PM. The agenda includes discussions on normal business activities and updates. The authorized signatory for this meeting is Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.
Amlak Finance PJSC reported a net profit of AED 53 million for Q3 2024, a decrease from AED 269 million in Q3 2023. Total assets were AED 3.19 billion. Revenue from financing and investing increased by 14% to AED 103 million, while total revenue rose slightly to AED 231 million, excluding a one-off gain from the previous year. Operating costs increased by 6% to AED 72 million due to costs associated with the expedited sale of investment properties. The company repaid AED 69 million to financiers and has settled 84% of its Islamic deposit liabilities since 2014. Negotiations are ongoing to exit the Common Terms Agreement with remaining financiers. Amortization costs decreased to AED 24 million from AED 31 million in Q3 2023. Amlak's financial position was affected by the devaluation of the Egyptian Pound against the AED.

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ConsumerPrincess

ConsumerPrincess

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!
JohnnyDebt

JohnnyDebt

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! ⚓📈
BondSharesBond

BondSharesBond

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.
ShareUkKhan

ShareUkKhan

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!
Dubai Financial Market News

Dubai Financial Market News

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.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

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.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

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.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

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.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Amlak Finance P.J.S.C

Disclosure: Results of Board Decisions by Passing

The letter is addressed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, from Lama Takieddin, the Head of Corporate Governance and Company Secretary of Amlak Finance PJSC. The letter dated May 8, 2024, informs that the Board of Directors of Amlak Finance PJSC has approved the company's financial statements for the period ending March 31, 2024. The Securities & Commodities Authority is also copied in this correspondence.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Amlak Finance P.J.S.C

Disclosure: Board Decisions by Passing

On May 3, 2024, a letter was sent to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, by Lama Takieddin, the Head of Corporate Governance and Company Secretary of Amlak Finance PJSC. The letter informs that the Board of Directors of Amlak Finance PJSC will consider a resolution by circulation on Wednesday, May 8, 2024, at 3 pm, regarding the adoption of the company's financial statements for the period ending on March 31, 2024. A copy of the letter was also sent to the Securities & Commodities Authority.

1. Attached Document

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