Amlak Finance PJSC announced on Thursday a net profit of Dh30 million for the first half of 2024, a decrease from the Dh138 million net profit recorded in the same period of 2023. Concurrently, the revenue from financing and investing activities rose by 10 percent, reaching Dh66 million in H1 2024, up from Dh60 million in H1 2023.
Excluding a one-off gain of Dh154 million, Amlak’s total revenue for H1 2024 saw a slight increase to Dh144 million, compared to Dh126 million in the first half of 2023. The company’s operating costs also increased by 4 percent to Dh48 million in H1 2024, up from Dh46 million in the same period last year, attributed to ongoing restructuring efforts.
Amlak continued to manage its financial obligations effectively, including the repayment of Dh46 million to financiers during H1 2024. Since 2014, the company has settled 84 percent of its Islamic deposit liabilities, including those related to the Mudaraba instrument.
Negotiations with remaining financiers to exit the Common Terms Agreement for restructuring are underway and are in advanced stages. Additionally, Amlak recorded a lower amortization cost of Dh16 million in H1 2024, down from Dh22 million in H1 2023, reflecting the unwinding of fair value gains on initial investment deposits.
Amlak’s investment in Egypt has been affected by the devaluation of the Egyptian Pound against the UAE dirham, impacting the group’s financial position.
