Dubai
Amlak Finance on Thursday reported net profits of Dh7.5 million for the quarter ending March 2017. This was the result of decline in intermittent nature of revenue from sale of real estate.
Revenue from financing business activities decreased by 20 per cent to Dh47 million in the first quarter to March, compared to Dh59 million for the same period last year. This was due to a decrease in the financing portfolio. The drop in revenue from sales of real estate is underpinned by a softening in general market conditions, the company said in a statement.
“The first quarter of 2017 proved to be somewhat challenging, as we continue to face uncertainty in the global economic environment,” stated Arif Al Harmi, Managing Director and CEO of Amlak.
“While there may be challenges ahead, I am confident that Amlak is well-positioned to capitalise on the improving economic backdrop in the UAE and I look forward to seizing these opportunities,” he added.
Profit distributable to financiers stood at Dh31 million in the first quarter, compared to Dh32 million in the same period last year. The slight decrease was due to a reduction in overall Islamic deposit liabilities.
Total assets stood at Dh6.5 billion.
