Amlak Finance P.J.S.C

The listed company Amlak Finance has scheduled a meeting on Wednesday, 13 December 2023, starting at 3:00 PM. The agenda of the meeting includes normal business activities and updates. The authorized signatory for the meeting is Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.

On November 20, 2023, Amlak Finance informed the Dubai Financial Market that it has made progress in its efforts to exit the Common Terms Agreement. Since the beginning of 2023, the company has successfully settled with seven financiers, reducing its debts by AED 531 million and achieving gains of AED 174 million. Negotiations are ongoing with the remaining eight financiers, who hold a total of AED 1.6 billion in facilities. Amlak is also considering all options to strengthen its position and achieve further growth, including exiting the real estate financing sector. The company commits to disclose the outcome of the negotiations and any material developments, in line with regulatory requirements and best disclosure practices.

The text presents a review report and consolidated interim financial information for Amlak Finance PJSC and its subsidiaries. The data covers the nine-month period ending on 30 September 2023 and is unaudited.

Amlak Finance has reported its Q3 2023 financial results, revealing a group net profit of AED 269 million, a decrease from Q3 2022's AED 390 million. Total income for Q3 2023 also decreased by 19% to AED 364 million, while revenues from the financing business fell by 10% to AED 90 million. However, the company's debt settlement arrangements resulted in a net gain of AED 174 million and a total debt reduction of AED 531 million. Operating costs increased by 6% to AED 69 million due to one-off expenses related to negotiations with financiers. The company also managed to repay AED 80 million to financiers and has so far settled 83% of its Islamic deposit liabilities. Profit distribution to financiers decreased by 20% to AED 45 million for Q3 2023. The company also recorded a lower amortisation cost of AED 31 million this quarter.