Amlak '15 profit surges 129% on DFM trading

Dubai - The company has reported exceptionally strong results for the third and fourth quarter of 2015, as the company resumed business operations after its shares were re-admitted to trading on the DFM in June 2015.



By Staff Report

Published: Tue 1 Mar 2016, 7:52 PM

Amlak Finance has reported a net profit of Dh135 million for the full year 2015, compared to Dh59 million for the same period 2014, representing a growth rate of 129 per cent.
The company has reported exceptionally strong results for the third and fourth quarter of 2015, as the company resumed business operations after its shares were re-admitted to trading on the DFM in June 2015. Amlak reported net profits of Dh57 million for Q3 and Dh68 million for Q4 2015. Total revenue increased by 5.5 per cent to Dh476 million for the full year 2015, compared to Dh451 million for the same prior year period. Q4 2015 total revenue reached Dh133 million registering a 24 per cent increase compared to the same quarter of the previous year which stood at Dh107 million.
Revenue from financing business activities decreased by 21 per cent to Dh297 million from the prior year which stood at Dh376 million. However, profit distribution to financiers for 2015 also decreased by 39 per cent to Dh141 million compared to Dh230 million for the full year 2014, reflecting improved net profit income from the core business activity of the company.
Ali Ibrahim Mohammed, chairman of Amlak Finance, stated: "I am pleased to announce our exceptionally strong results for 2015, which is a reflection of the growth we experienced during the past year that has allowed us to create value for our shareholders despite a market slow down. Our long term goal is to continue sustainable growth for Amlak. This will be achieved by developing viable business strategies, attracting suitable funding and offering innovative products and services designed specifically for our target markets."
 Whilst we will continue with our prudent business and growth strategy, we recognize that growth requires exploring potential business opportunities as well as investing in our people, infrastructure and customer service delivery platforms."
Also commenting on the results, Arif Alharmi, managing director & CEO of Amlak, said: "2015 was a significant year in Amlak's development and progress on multiple fronts - following our successful restructuring, our shares were readmitted to DFM witnessing a very strong market interest in our brand and stock, and most importantly we surpassed financiers expectations under the terms of our financial restructuring through the repayments we have made."
rohma@khaleejtimes.com


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