Latest news with #Amlak
Web Release
26-03-2025
- Business
- Web Release
Amlak Finance announces 2024 full-year financial results
By Editor_wr Last updated Mar 25, 2025 Amlak Finance PJSC today announced its full-year financial results for the year ended 31 December 2024. The company focused on prudently managing its UAE operations and balance sheet. Amlak reported a net profit of AED 52 million for the year ended 31 December 2024 as compared to a net profit of AED 259 million for the year ended 31 December 2023. Amlak's revenues from financing and investing business activities for the year 2024 increased by 10% to AED 135 million as compared to AED 122 million in year 2023. Amlak's total revenue for the year 2024 decreased by 23% to AED 347 million as compared to AED 452 million during the previous year. Amlak's operating costs for the year decreased by 20% to AED 119 million, compared to AED149 million last year. The company's debt settlement arrangements, through cash remained successful during the year, enabling two financiers to fully settle their exposure during the year ended 31 December 2024. The company recorded a net gain of AED 45 million (2023: AED 174 million) on debt settlement arrangements and was able to reduce its debt burden by AED 238 million. The company continued to efficiently manage its obligations, with repayment of AED 519 million to financiers. An agreement has been reached with the six remaining financiers on the repayment plan for the outstanding balance of AED 971 million. To date, Amlak has settled 91% of its Islamic deposit liabilities including Mudaraba Instrument relating to financiers. In the region, Amlak's investment in Egypt witnessed the devaluation of the Egyptian Pound against AED which impacted the group's financial position. In KSA, the investment yielded an income of AED 9 million. Commenting on the results, Mr. Jamal Hamed Almarri, Chairman of the board of directors of Amlak Finance PJSC, said: '2024 was a year of measured, strategic management for us. Amidst challenges, we reinforced our foundation with a focus on operational efficiency and prudent debt management. These efforts have strengthened us and positioned us to navigate an evolving market with confidence. Looking ahead, we remain committed to capitalizing on opportunities within the UAE's dynamic real estate sector, coupled with a focus on long-term value creation, that will drive Amlak's future growth. We are dedicated to delivering value to our stakeholders while contributing to the sector's progress and innovation.' Mr. Arif Albastaki, CEO of Amlak Finance PJSC, said: 'We have demonstrated resilience and unity which will serve as the foundation for a brighter year ahead. In our journey, we are overcoming key financial headwinds and making steady progress in debt management, which will be our primary focus for 2025 facilitating Amlak's transition. This year, we remain focused on seizing all opportunities and continue to progress towards achieving our long-term objectives. This relentless pursuit of growth and excellence is grounded in our belief in the power of innovation to create sustainable value for our stakeholders. Amlak achieved key milestones in December 2024 including the successful exit of two out of eight financiers at 70% settlement, that yielded a net gain of AED 45 million. This has strengthened our financial position and enabled us to direct our focus towards future opportunities.' Amlak Finance announces 2024 full-year financial results Comments are closed.
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Amlak posts Dh52 million net group profit after income tax for FY24
Amlak Finance on Tuesday reported a net profit of Dh52 million for the year ended 31 December 2024 as compared to a net profit of Dh259 million for the year ended 31 December 2023. Amlak's revenues from financing and investing business activities for the year 2024 increased by 10 per cent to Dh135 million as compared to Dh122 million in year 2023. Amlak's total revenue for the year 2024 decreased by 23 per cent to Dh347 million as compared to Dh452 million during the previous year. Amlak's operating costs for the year fell 20 per cent to Dh119 million, compared to Dh149 million last year. The company's debt settlement arrangements, through cash remained successful during the year, enabling two financiers to fully settle their exposure during the year ended 31 December 2024. The company recorded a net gain of Dh45 million (2023: Dh174 million) on debt settlement arrangements and was able to reduce its debt burden by Dh238 million. The company continued to efficiently manage its obligations, with repayment of Dh519 million to financiers. An agreement has been reached with the six remaining financiers on the repayment plan for the outstanding balance of Dh971 million. To date, Amlak has settled 91 per cent of its Islamic deposit liabilities including Mudaraba Instrument relating to financiers. In the region, Amlak's investment in Egypt witnessed the devaluation of the Egyptian Pound against the UAE dirham, which impacted the group's financial position. In KSA, the investment yielded an income of Dh9 million. Jamal Hamed Almarri, Chairman of the board of directors of Amlak Finance PJSC, said: '2024 was a year of measured, strategic management for us. Amidst challenges, we reinforced our foundation with a focus on operational efficiency and prudent debt management. These efforts have strengthened us and positioned us to navigate an evolving market with confidence. Looking ahead, we remain committed to capitalizing on opportunities within the UAE's dynamic real estate sector, coupled with a focus on long-term value creation, that will drive Amlak's future growth. We are dedicated to delivering value to our stakeholders while contributing to the sector's progress and innovation.' Arif Albastaki, CEO of Amlak Finance PJSC, said: 'We have demonstrated resilience and unity which will serve as the foundation for a brighter year ahead. In our journey, we are overcoming key financial headwinds and making steady progress in debt management, which will be our primary focus for 2025 facilitating Amlak's transition. This year, we remain focused on seizing all opportunities and continue to progress towards achieving our long-term objectives. This relentless pursuit of growth and excellence is grounded in our belief in the power of innovation to create sustainable value for our stakeholders. Amlak achieved key milestones in December 2024 including the successful exit of two out of eight financiers at 70 per cent settlement, that yielded a net gain of Dh45 million. This has strengthened our financial position and enabled us to direct our focus towards future opportunities.'
Zawya
25-03-2025
- Business
- Zawya
Amlak Finance announces 2024 full-year financial results
Reduction of financiers' debt exposure by AED 757m including debt settlement arrangements of AED 238 m which yielded AED 45 million net gain. An agreement has been reached with the six remaining financiers on the repayment plan for the outstanding balance of AED 971 million. Dubai, United Arab Emirates: Amlak Finance PJSC today announced its full-year financial results for the year ended 31 December 2024. The company focused on prudently managing its UAE operations and balance sheet. Amlak reported a net profit of AED 52 million for the year ended 31 December 2024 as compared to a net profit of AED 259 million for the year ended 31 December 2023. Amlak's revenues from financing and investing business activities for the year 2024 increased by 10% to AED 135 million as compared to AED 122 million in year 2023. Amlak's total revenue for the year 2024 decreased by 23% to AED 347 million as compared to AED 452 million during the previous year. Amlak's operating costs for the year decreased by 20% to AED 119 million, compared to AED149 million last year. The company's debt settlement arrangements, through cash remained successful during the year, enabling two financiers to fully settle their exposure during the year ended 31 December 2024. The company recorded a net gain of AED 45 million (2023: AED 174 million) on debt settlement arrangements and was able to reduce its debt burden by AED 238 million. The company continued to efficiently manage its obligations, with repayment of AED 519 million to financiers. An agreement has been reached with the six remaining financiers on the repayment plan for the outstanding balance of AED 971 million. To date, Amlak has settled 91% of its Islamic deposit liabilities including Mudaraba Instrument relating to financiers. In the region, Amlak's investment in Egypt witnessed the devaluation of the Egyptian Pound against AED which impacted the group's financial position. In KSA, the investment yielded an income of AED 9 million. Commenting on the results, Mr. Jamal Hamed Almarri, Chairman of the board of directors of Amlak Finance PJSC, said: '2024 was a year of measured, strategic management for us. Amidst challenges, we reinforced our foundation with a focus on operational efficiency and prudent debt management. These efforts have strengthened us and positioned us to navigate an evolving market with confidence. Looking ahead, we remain committed to capitalizing on opportunities within the UAE's dynamic real estate sector, coupled with a focus on long-term value creation, that will drive Amlak's future growth. We are dedicated to delivering value to our stakeholders while contributing to the sector's progress and innovation.' Mr. Arif Albastaki, CEO of Amlak Finance PJSC, said: 'We have demonstrated resilience and unity which will serve as the foundation for a brighter year ahead. In our journey, we are overcoming key financial headwinds and making steady progress in debt management, which will be our primary focus for 2025 facilitating Amlak's transition. This year, we remain focused on seizing all opportunities and continue to progress towards achieving our long-term objectives. This relentless pursuit of growth and excellence is grounded in our belief in the power of innovation to create sustainable value for our stakeholders. Amlak achieved key milestones in December 2024 including the successful exit of two out of eight financiers at 70% settlement, that yielded a net gain of AED 45 million. This has strengthened our financial position and enabled us to direct our focus towards future opportunities.' -Ends- About Amlak Finance PJSC Since its establishment in November 2000 as the region's pioneer financial services provider, Amlak Finance has provided its customers with innovative, Sharia-compliant property financing products and solutions designed to meet the rapidly evolving market demands.
Observer
25-02-2025
- Business
- Observer
Oman's digital transformation progress reaches 73 per cent
MUSCAT: The National Government Digital Transformation Programme, known as "Tahweel," has achieved an overall performance rate of 73% by the end of November 2024, a significant increase from 53% in 2023. Government institutions demonstrated an average performance of 77% in meeting digital transformation requirements, while governorates averaged 71%. A total of 49 government entities and governorates were assessed as part of the transformation process. According to the annual report on digital transformation issued by the Ministry of Transport, Communications and Information Technology, government institutions have made remarkable progress in implementing digital transformation requirements. Four government entities — Muscat Governorate, the Telecommunications Regulatory Authority, the National Centre for Statistics and Information, and the Oman Investment Authority — achieved the advanced level for the first time, representing 8% of the total institutions evaluated. Additionally, 38 government entities, accounting for 78%, attained above-average performance, while six institutions (12%) reached the average level. Only one institution (2%) fell below average and none were classified at the low level. The report highlighted the top-performing service institutions in digital transformation, with Muscat Governorate, the Telecommunications Regulatory Authority, and the Royal Oman Police leading the rankings. Among non-service institutions, the Follow-up Unit for the Implementation of Oman Vision 2040, the National Centre for Statistics and Information, and the Oman Investment Authority were recognised as the best-performing entities. These institutions have demonstrated a strong commitment to enhancing digital efficiency and improving government services in line with international standards. Between 2021 and 2024, the government simplified procedures for 2,680 services out of a targeted 2,869, achieving a 93% completion rate. In 2024 alone, 481 services underwent simplification. Meanwhile, digitalisation efforts resulted in 1,700 services being digitised, including automated permit activities, out of a total 2,523 services targeted for digitisation by the end of 2025. This represents a 67% achievement rate for priority digital services, with 355 services digitised in 2024 alone. Recognising the importance of digital platforms in improving service accessibility, the report emphasised the role of digital initiatives in boosting efficiency across government institutions. In 2024, government entities developed and launched 11 new mobile applications designed to enhance service delivery for citizens and residents. Several key digital platforms were introduced, including the "Rehabilitation" platform by the Ministry of Social Development, the "Development" and "Amlak" platforms by the Ministry of Housing and Urban Planning, and the electronic portal for judicial services by the Supreme Judicial Council. Other significant platforms included the Environment Authority's "Naqi" National Air Quality Index, the Ministry of Energy and Minerals' "Energy" platform, and the Ministry of Commerce, Industry and Investment Promotion's "Hazm" and "Marouf Oman" platforms. Additionally, electronic portals were launched for Al Buraimi, Al Wusta, and Al Batinah South Governorates, reinforcing Oman's commitment to digital transformation under Oman Vision 2040. The report outlined major achievements in central digital projects, including the Unified Portal for Government Services, which is being developed to offer a centralised platform for all government services. By the end of 2024, the portal's development had reached 73% completion, with the first phase of user experience enhancements finalised and the design phase of a unified mobile application completed. A technical integration guide for the portal was introduced, alongside a strategy for developing digital content for government services. The portal's initial phase, integrating services from 10 government institutions, is expected to launch by the end of February. Oman's National Open Data Platform, which aims to centralise and publish open data across multiple sectors, has reached 63% completion. Testing and content reviews are currently underway, with 20 government institutions targeted in its first rollout. Additionally, integration efforts through the National Platform for Digital Integration have led to the exchange of over 471 million data records between January and November 2024, marking a 73% increase from the previous year. Since the platform's inception in 2017, approximately 1.4 billion records have been exchanged. The impact of Oman's digital transformation is evident in the sharp rise in e-government transactions. Between January and November 2024, over 26.9 million government transactions were completed digitally, compared to 9.4 million in 2023. The number of institutions implementing technical solutions for remote access increased to 88% in 2024, up from 56% in 2023. Furthermore, 267 automated government services were introduced, significantly enhancing operational efficiency. Beneficiary satisfaction with digital services across 48 government institutions averaged 77% in 2024. The number of institutions with an approved change management plan for digital transformation rose to 55%, a substantial increase from 17% in 2023. — ONA
