Amlak Finance Registers Net Profit of AED 59 million in 2014Source: www.export-egypt.com 3/12/2015, Location: Middle East |
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Amlak Finance, a Dubai-based real estate financier in the Middle East, recorded net profit attributable to its equity holders (after non-controlling interest) of AED59 million in 2014.
The financial results announced yesterday were for the year ending on 31st December 2014, after six years of market absence. The last time the company published its financials was in 2008, when it recorded net profits attributable to equity holders of AED240 million. Total Revenue fell by two thirds since 2008 as no new assets were written during the six years of restructuring negotiations. Total operating expenses fell by 45% between 2008 and 2014 as a result of cuts in business related activities and staff headcount. Ali Ibrahim Mohammed, Vice Chairman of Amlak Finance, said, "The year 2014 was a significant turning point for Amlak Finance. Firstly, we achieved profits for our shareholders, marking a positive turnaround in our business. We closed a long and complex financial restructuring amicably with our financiers under the guidance, and with the valuable support, of the UAE Government and the Steering Committee. Total Assets fell from almost AED16 billion in 2008 to AED7.3 billion in 2014. The reduction in total assets included AED6 billion from amortisation of the mortgage portfolio and almost AED2.3 billion from impairments losses recorded in 2014 on real estate and other corporate assets. Both facilitated a healthy de-leveraging of Amlak’s balance sheet. Since 2008, Amlak also reduced its real estate investment and acquisition commitments, financing for projects under construction, as well as financial guarantees, by AED 6.4 billion. These reduced exposures eliminated the risk of further impairments, which in turn added to the success of Amlak’s restructuring process. In 2014, Amlak completed the restructuring of its AED10 billion balance sheet, which allowed it to create a solid foundation for its recovery and future growth. |
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