Amlak swings to net profit in second quarter

08/08/2017 05:54 AST

Amlak Finance, a specialised real estate financier, has reported a net profit of Dh8.1 million for the second quarter of 2017 — compared to a loss of Dh35.5 million in the same period last year — mainly due substantial savings in operating cost and reversal of impairments. Revenue from financing business activities decreased by 9 per cent to Dh96 million in the first half of 2017, compared to Dh105 million for the same period last year.

“The first half of 2017 proved to be somewhat challenging, as we continue to face uncertainty in the market. Amlak will continue to focus on core business development, product and service differentiation, and driving profitability and value for our shareholders,” said Arif Al Harmi, managing director and CEO of Amlak in a statement. Total assets stood at Dh6.6 billion.


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