GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share
  • Amlak H1 2017 Net Profit stands at AED 15.5 million
  • Revenue from financing business activities stands at AED 96 million
  • Drop in Operating Cost by 18% compared to H1 2016  
  • Drop in Financing Cost by 5% compared to the same period last year
  • Total Assets stand at AED 6.6 billion
Dubai, UAE 8 August 2017:   Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, today announced its financial results for the first half ended 30 June 2017. 
 
Amlak reported Net Profit of AED 15.5 million for the first half ended June 30 2017. The Company reported profit of AED 8.1 million for Q2 2017 compared to loss of AED 35.5 million in Q2 2016 mainly due substantial savings in Operating Cost and Reversal of Impairments.
 
Revenue from financing business activities also decreased by 9% to AED 96 million in H1 2017, compared to AED 105 million for the same period last year. This was due to a decrease in the financing portfolio. The drop in revenue from sales of real estate is underpinned by a softening in general market conditions.
 
Rental Income increased by 11% during H1 2017 to AED 30 million, compared to AED 27 million in H1 2016. Rental Income recorded in Q2 2017 stood at AED 15 million compared to AED 14 million in the same period last year, representing an increase of 7%. This was mainly due to increased Rental Income generation and recoveries from larger pool of foreclosed units.  
 
Other Income including Share of Results from Investment in Associates increased by 64% in H1 2017 to AED 36 million compared to AED 22 million in H1 2016. This was mainly due to fair value gains recorded on Investment Properties. 
 
Operating Costs decreased by 18% to AED 56 million for H1 2017 compared to AED 68 million reported in H1 2016. In Q2 2017, Operating Costs stood at AED 27 million compared to AED 38 million in Q2 2016, representing a 29% decrease. This was a result of Amlak's ongoing cost management strategy. These figures exclude Operating Costs of joint venture relating to real estate development.
 
An Impairments reversal of AED 8 million was recorded during H1 2017 compared to an impairment charge of AED 30 million in H1 2016. The Company recorded an impairment reversal of AED 1 million in Q2 2017 compared to an impairment charge of AED 24 million in Q2 2016 reflecting improvement in portfolio quality. 
 
The Company also recorded an Amortization cost of AED 55 million in H1 2017. The amount of amortization represents the unwinding of fair value gains on initial recognition of investment deposits, and will vary depending on the level of repayment made to the financers in any reporting period. Amortization will continue although expectedly at a lower rate in the future until the financers have been fully repaid by the end of the restructuring period.
 
Profit distributable to financers stood at AED 62 million in H1 2017, compared to AED 65 million in the same period last year. The slight decrease was due to a reduction in overall Islamic deposit liabilities between the comparable periods.
 
Total Assets reached slightly over AED 6.5 billion in H1 2017, representing a 2% increase from year end 2016. A marginal increase of 1% in Equity Attributable to Shareholders was also seen in H1 2017 when compared to year end 2016. 
 
Commenting on the results, Arif Alharmi, Managing Director and CEO of Amlak, said: “H1 2017 proved to be somewhat challenging, as we continue to face uncertainty in the market. Amlak will continue to focus on core business development, product and service differentiation, and driving profitability and value for our shareholders. We will also continue with our strategy and efforts to develop the infrastructure and sale of the Nad Al Hamar land plots which will support the overall revenue and profitability of the Company. While there may be challenges ahead, I am confident that Amlak is well-positioned to capitalize on the improving economic backdrop in the UAE and I look forward to seizing these opportunities.” 



Posted by : GoDubai Editorial Team
Viewed 9296 times
Posted on : Tuesday, August 8, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : UBS CIO: Egypt's economic growth could accelerate to 5 to 6 percent per year
Next Story : Barclays ‘Compass': Developed and Emerging Markets Equities Maintain Their Growth Momentum
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
The Rado DiaMaster Petite Seconde Automatic COSC The Rado watch at the top of th...
PopSockets launches a new collection with crystals from Swarovski, the must-have...
Maintain Healthy Skin Year Round
Free gold coins at Malabar Gold & Diamonds Festival
MIDO Baroncelli Lady Day & Night collection
24 Karat Gold Elixir by Mehrunisa Launches in the UAE Beauty Market
Interview with Asil Attar, CEO of Al Yasra Fashion
Holiday Gifting Made Easy with Wet n Wild Beauty Specials
Get Ready for Party Season with Lottie's new make-up hits
Tissot PR100 Lady Sport – Chic Glamourous Festive Season
Festive Gift Sets from Bubble T
Winter wool Christmas must- haves
Golden Mile Galleria's ‘A Cultural Flair' attracts hundreds of art lovers to Pal...
Samsung Galaxy A9 – Designed to capture the world in its fullest
Chic and Stylish Wraps with a 3 in 1 effortless concept
Michael Kors Collection Transeason 2019 Press Presentation
New 1948 Seamaster Watches Join the Ranks'
9th Edition of China Homelife Exhibition to Have Over 3000 Exhibitors Across Bus...
New Menu alert: Moombai & Co. launches exciting and delicious food items to its menu
DKNY Launches (Limited Edition) Holiday 2018 Collection
Els Back for the 30th Omega Dubai Desert Classic Aiming for a Record Fourth Victory
Tissot PR100 Lady Sport – Chic Sporty yet Feminine
Dubai Shopping Festival Wednesday Specials at The Smile Bar
Global Knowledge Index 2018 and The Future of Knowledge: A Foresight Report shin...
Get Party Ready with Champion Cleaners
Raja Al Gurg is one of Forbes Magazine's 100 most powerful women in the world
Nine winners honored by DQG for their innovative ideas at the 10th Global Contin...
Jury Announced for Epson's First Ever Win-A-Robot Competition in Europe, The Mid...
Spinneys Dubai 92 Cycle Challenge | Road Closure Timings
New ACH145 Mercedes-Benz Style Cabin Model Highlights First Presence at MEBAA fo...
Santa is Coming to Town!
No P-ain, No G-ain! Mega Musclemen Return to Dubai
Al Hosn Now Open to the Public
'Introducing the GUESS Jeans Fall 2018 Collection'
UAE students win top awards at international math competition in Malaysia
ICAEW recognises Middle East's best finance professionals
It's a Wrap! The Second JLT Restaurant Awards Conclude with a Glitzy Ceremony At...
His Highness Sheikh Saud discusses collaboration with British Consul-General And...
CBUAE and Central Bank of China meet to Enhance Renminbi Clearing in the UAE
Enjoy 11 exciting new street entertainment shows at BOLLYWOOD PARKS™ Dubai
Arla Foods launches initiative with UAE Ministry of Education to promote healthi...
Listen to the Autism Beat Gala Dinner at Atlantis - The Palm
Young Emirati Champion Rashid Al Dhaheri Powers Ahead to Stunning Victory at the...
Julphar to Launch Wearable Insulin Delivery Device in GCC
Zayed Book Award Longlist Announced for ‘Young Author' Category (2018 - 2019)
Joe's Backyard Opens at the Holiday Inn, Dubai Festival City
Dubai Islamic Bank triumphs at Islamic Business and Finance Awards 2018
CITIZEN's “#MyBetterStartsNow” campaign seeks out UAE's inspired and driven indi...
University of Balamand Dubai and Emicool agree MoU for student scholarships
Al Ghurair Centre Teams Up With Nike to Support Its ‘We Play DXB' Campaign