Amlak Finance has achieved a profit of 6 million dirhams in the first quarter of 2021, against a net loss of AED 139 million in 2020.
According to Arab Net, total Amlak revenues in the first quarter of 2021 decreased by 13 percent to AED 62 million, compared to AED 71 million in the first quarter of 2020, not included unprecedented fair value losses associated with investment real estate and gains resulting from debt settlement .
Revenue from financing business activities was generally compatible with 2020, with AED 43 million in 2021 (the first quarter of AED 2020), while renting income fell by 49% during the first quarter of 2021 to 7 million dirhams (first quarter 2020: AED 13 million).
The company carried out debt settlement arrangements in the first quarter, which provided successful exit for two financiers.
On the other hand, the focus of Amlak on operations in 2021 has reduced operational costs by 16% to AED 24 million in the first quarter of 2021 (the first quarter of 2020: AED 28 million).
The company also continued to manage its obligations efficiently, including payment of AED 71 million for financiers during the first quarter of 2021.
The company recorded an extinguishing cost of AED 32 million in the first quarter of 2021 compared to AED 22 million in the first quarter of 2020. Firefighting costs are dismantling of fair value gains after initial recognition of investment deposits. .
As a result of debt settlements and their chances of financiers, profits distributed deployed to 23 million dirhams for the first quarter of 2021 compared to AED 25 million for the first quarter of 2020.
