The financial statements of Amlak Finance, which is 45% owned by Emaar Properties, revealed that the company's profits in the first half of this year increased by 35% on an annual basis.
The company's results showed that it achieved profits of 266.3 million dirhams in the first half of this year, compared to 196.6 million dirhams in profits for the same period last year.
The company explained that the increase in profits during the comparison periods is mainly due to the increase in the total reversal of impairment provisions to 98.9 million dirhams, compared to the reversal of provisions by 20 million dirhams during the first half of 2021.
It is also due to the decrease in the amortization of fair value profits from investment deposits by 15% to reach 72.8 million dirhams during the first half of 2022, compared to 85.3 million dirhams during the same period in the previous year.
This is due to the decrease in distributions to financiers/investors by 16% to reach 38.6 million dirhams, compared to 45.8 million dirhams at the end of the first half of 2021.
