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Amlak Finance net group profit up by 116% in Q1
Debt settlement arrangements yielded AED 26 million gain and contributed in total debt reduction of Dh65 million including Mudaraba instrument of Dh14 million
Amlak’s focus on efficient operations in 2022 delivered a 13 per cent reduction in operating costs to Dh21 million in Q1 2022 compared to Dh24 million during the same period last year. — File photo
Amlak Finance on Thursday reported a net profit of Dh13 million for first quarter of 2022 as compared to net profit of Dh6 million in the same quarter last year as the company focused on prudently managing its UAE operations and balance sheet.
Amlak’s total income for January-March 2022 quarter decreased by 23 per cent to Dh72 million as compared to Dh92 million in same quarter of 2021. Revenues from financing business decreased by 17 per cent to Dh36 million during first quarter of 2022 as compared to Dh43 million in Q1 2021.
The company’s debt settlement arrangements, through cash, remained successful during the period. The company recorded a gain of Dh26 million on debt settlement arrangements and was able to reduce its debt burden by Dh65 million including Mudaraba instrument of Dh14 million.
Amlak’s focus on efficient operations in 2022 delivered a 13 per cent reduction in operating costs to Dh21 million in Q1 2022 compared to Dh24 million during the same period last year.
The company also continued to efficiently manage its obligations, including repayment of Dh32 million to financiers during Q1 2022.
As a result of debt settlement arrangements and repayments, the profit distribution to financiers decreased by 18 per cent and stood at Dh19 million for Q1 2022 as compared to Dh23 million for Q1 2021. Further, the company also recorded lower amortisation cost of Dh21 million in Q1 2022 compared to Dh32 million in Q1 2021. The amount of amortisation represents the unwinding of fair value gains on initial recognition of investment deposits and varies according to the level of repayment and settlements made to the financiers in any reporting period.
During Q1 2022, the group recorded an impairment reversal of Dh1 million compared to an impairment charge of Dh7 million in Q1 2021.
— business@khaleejtimes.com
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