Amlak Finance Reports Decline in H1-23 Profits and Uncovers Accumulated Losses

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Amlak Finance, a prominent financial institution in Dubai, has revealed its financial performance for the first half of 2023 (H1-23), showcasing a decline in net profits and the unveiling of accumulated losses. The financial statements indicate that the company generated AED 137.71 million in net profit during H1-23, marking a year-on-year decrease from AED 206.34 million.

Total income for the period experienced a 5% drop, reaching AED 264.73 million compared to AED 277.76 million recorded in H1-22. Basic earnings per share (EPS) for H1-23 stood at AED 0.09, reflecting an annual decline from AED 0.17.

Amlak Finance’s revenues from the financing business also faced a decline, showing a 13% year-on-year decrease to AED 60 million in H1-23 from AED 69 million.

The financial results for the second quarter (Q2-23) of 2023 revealed a net profit of AED 123.58 million, contrasting with AED 253.25 million in the same period the previous year. Similarly, total income in Q2-23 decreased to AED 190.56 million from AED 210.66 million in Q2-22. Basic EPS retreated to AED 0.08 from AED 0.16.

Accumulated losses as of 30 June 2023 were reported at AED 361 million, accounting for 24% of the capital. Additionally, in Q1-23, Amlak Finance reported a net profit of AED 14.12 million, marking an 8% increase compared to AED 13.08 million in the corresponding period of the previous year.

This financial report sheds light on Amlak Finance’s current financial position and performance, revealing both challenges and potential areas for improvement in the evolving financial landscape.