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Reem Finance profit hits all-time high of Dh56.2m in 2021
Seraj Faidi, chief executive officer of Reem Finance. — Supplied photo
Total revenue reached Dh65 million for FY 2021, a 436% increase from FY 2020.
Reem Finance was able to navigate successfully through Covid-19, attaining successful financial results, reserving its place among market leaders in specialised commercial lending and financing companies in the UAE.
The company announced the audited annual results for FY 21 on Saturday, proving exceptional ability in sustaining values of business excellence, agility, transparency, and high returns for its diversified client base. This was due to a strategy revolving around vigilant quality deployment, aggressive recoveries, liability and liquidity position enhancement while being conscious of cost efficiency.
Total revenue reached Dh65 million for FY 2021, (FY 2020 revenue being Dh14.9 million). This exponential propulsion in revenue was primarily due to select and strategic deployments in tandem with fast-paced and highly incentivised collection and recovery efforts. The company has a strong capitalisation with CAR of 57.4 per cent. The total net equity stands at Dh300 million with net profit reaching an all-time high of Dh56.2 million in FY 2021 and operating profit at Dh45.7 million.
Seraj Faidi, chief executive officer of Reem Finance stated: “While navigating through bleak economic uncertainties owing to the Covid-19 pandemic seemed insurmountable, I am proud to announce that the 15th anniversary of Reem Finance brought with it unprecedented financial growth owing to sheer grit, diligence, and our absolute focus on customer satisfaction. Due to the agility and vigorous efforts of our team, we were able not only to remain steadfast in focusing on prudent cost management faculties and robust capitalization, but to launch new products allowing us to reach various clientele in the society of the UAE. Reem Finance will be launching more new and unique programmes in the coming period, with an increased focus on added value and enhanced customer experience." — business@khaleejtimes.com
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