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DUBAI / Emirates Business
Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, announced its financial results for the nine months period ending September 30. The company recorded a net profit of AED30 million for the nine months period ending September 30. The company reported profit of AED14 million for Q3, an increase of 100% compared to the same period last year, mainly due to savings in operating cost, fair value gains recorded on investment properties and lower level of Impairments.
Total revenues stand at AED 289 million for the nine months period ending September 30 compared to AED 625 million for the same period last year. The decrease in total revenues is mainly due to a fall in revenues from sales of real estate which stand at AED 36 million compared to AED 396 million for the comparable nine month period in 2016 mainly due to higher one off profit recorded during 2016 on the control transfer of properties under development along with general softening of the overall real estate market.
Revenue from financing business activities fell by 8% to AED 143 million for the nine months period end-ing September 30, compared to
AED 155 million for the same period last year as a result of decrease in financing portfolio. Rental income
increased by 7% during the nine months period ending September 30 to AED 45 million.