Dubai: Islamic mortgage provider Amlak Finance reported a net profit of Dh107 million for the full year 2016 down 23 per cent compared to Dh139 million for the same period last year.
This translates into earnings per share of 7.1 fils at 2016 year-end.
The unaudited results showed the company’s total assets at the close of 2016 was at Dh6.49 billion, down 4.5 per cent compared to Dh6.8 billion reported in the previous year. While the revenues were up 63 per cent at Dh760 million, the company’s net operating profits were at Dh243 million, down 13.6 per cent compared to Dh280.34 million last year.
In January this year the Amlak had renegotiated parts of a debt restructuring which it agreed with creditors. The company had reached a debt restructuring deal in 2014 following a government cash injection.
The 2014 debt restructuring allowed creditors to swap Dh1.3 billion of their original debt to the mortgage company into a convertible instrument to be redeemed over a 12-year period as Amlak sells some real estate assets.
