Amlak Finance announces third quarter 2022 financial results

Amlak Finance announces third quarter 2022 financial results

- Net assets up by 20% in nine months and stand at AED 1.4 billion

- Debt settlement arrangements yielded AED 388 million gain and contributed in total debt reduction of AED 970 million (including Mudaraba instrument of AED 207 million).

Dubai, UAE: Amlak Finance PJSC today announced its Q3 2022 financial results. Amlak reported a net profit of AED 390 million in the first 9 months of 2022 as compared to net profit of AED 1,084 million for the same period 2021. The company focused on prudently managing its operations and balance sheet.

Amlak’s total income for Q3 2022 decreased by 16% to AED 504 million as compared to AED 604 million, excluding a one-off arbitration settlement, during Q3 2021. Revenues from financing business decreased by 20% to AED 100 million during the first nine months of 2022 as compared to AED 126 million in the same period of 2021.

The company’s asset and cash debt settlement arrangements through cash and assets remained successful during the period. The company recorded a gain of AED 388 million on debt settlement arrangements and was able to reduce its debt burden by AED 970 million (including Mudaraba instrument of AED 207 million).

Amlak’s focus on efficient operations