DUBAI: Amlak Finance has released its financial results for the first half of 2024, reporting a net profit of AED30 million

In a press release, the company’s revenue from financing and investing activities rose by 10% to AED66 million, up from AED60 million in the same period last year.

The company’s total revenue for H1 2024, excluding a one-off gain of AED 154 million, slightly increased to AED144 million compared to AED126 million in H1 2023.

The company’s operating costs increased by 4%, reaching AED48 million in H1 2024, compared to AED46 million in H1 2023. This rise is primarily attributed to ongoing restructuring efforts to streamline operations and enhance efficiency.

Despite these costs, Amlak has successfully managed its financial obligations, repaying AED46 million to financiers during H1 2024. Since 2014, the company has settled 84% of its Islamic deposit liabilities, including Mudaraba instruments.

Source: Emirates News Agency