Dubai: Amlak Finance PJSC has announced its full-year financial results for 2024, reporting a net profit of AED 52 million, a decline from AED 259 million in 2023. The company's total assets stand at AED 2.6 billion as it continues to focus on balance sheet management and operational efficiency.
Despite the drop in total revenue by 23% to AED 347 million, Amlak saw a 10% increase in revenues from financing and investment activities, reaching AED 135 million. Operating costs were reduced by 20%, amounting to AED 119 million compared to AED 149 million in the previous year.
Amlak successfully reduced its debt exposure by AED 757 million, including AED 238 million through settlement arrangements, yielding a net gain of AED 45 million. Two financiers fully exited their exposure, and an agreement has been reached with six remaining financiers on a repayment plan for AED 971 million. To date, Amlak has settled 91% of its Islamic deposit liabilities, including Mudaraba instruments.
Internationally, the company’s investment in Egypt was impacted by the devaluation of the Egyptian Pound, while its Saudi investment generated an income of AED 9 million.
Chairman Jamal Hamed Almarri emphasized Amlak’s strategic approach in strengthening its financial foundation despite challenges. CEO Arif Albastaki highlighted the company's progress in debt management and its focus on future opportunities. Looking ahead, Amlak aims to drive growth within the UAE’s real estate sector while ensuring long-term value creation.
