Amlak Finance posts lower profits in 9M-23; accumulated losses hit 15% of capital

Dubai – The net profits of Amlak Finance hit AED 268.68 million in the first nine months (9M) of 2023, lower than AED 389.90 million in 9M-22.

Total income hit AED 364.03 million in January-September 2023, down 19% year-on-year (YoY) from AED 448.32 million, according to the financial results.

Basic earnings per share (EPS) plummeted to AED 0.17 in 9M-23 from AED 0.25 a year earlier.

Financials for Q3-23

In the third quarter (Q3) of 2023, the company recorded a surge in net profit to AED 130.96 million, compared to AED 123.56 million in Q3-22.

The total income dropped to AED 99.30 million in Q3-23 from AED 174 million in Q3-22, while the basic EPS went up to AED 0.086 from AED 0.082.

Accumulated Losses

The DFM-listed company incurred accumulated losses amounting to AED 224 million as of 30 September 2023, equivalent to 15% of the capital.

During the first half (H1) of 2023, Amlak Finance logged net profits valued at AED 137.71 million, an annual decline from AED 266.34 million.

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