Amlak Finance announced its financial results for the third quarter (Q3) of 2024, generating net profits of AED 53 million, compared to AED 269 million in Q3-23.

The revenues from financing and investing business increased by 14% year-on-year (YoY) to AED 103 million in Q3-24 from AED 90 million.

Amlak’s total revenue slightly grew to AED 231 million as of 30 September 2024, versus AED 206 million excluding a one-off gain of AED 174 million in Q3-23.

Meanwhile, the operating costs jumped by 6% to AED 72 million in July-September 2024, compared to AED 68 million during the same period in 2023 due to additional expenses related to the fast-tracked sale of investment properties.

The DFM-listed company also continued to efficiently manage its obligations, including the repayment of AED 69 million to financiers during Q3-24.

Since 2014 to date, Amlak Finance has settled 84% of its Islamic deposit liabilities including Mudaraba instrument relating to financiers.

Furthermore, the company recorded a lower amortisation cost of AED 24 million in Q3-24, compared to AED 31 million in Q3-23 on regular investment deposits.

Regionally, Amlak’s investment in Egypt has been subject to the devaluation of the Egyptian Pound against AED which impacted the group’s financial position.

In the first half (H1) of 2024, the company’s net profits plummeted to AED 30 million from AED 138 million in H1-23.

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