Latest news with #AmlakFinance
Zawya
6 days ago
- Business
- Zawya
Mideast Stocks: Saudi Arabia index closes at lowest since early April
Saudi Arabia's main stock index closed down on Tuesday, reaching its lowest level since April 7 as market sentiment remains fragile due to the unpredictability of U.S. President Donald Trump's tariffs policy. The index shed 1.30% on Tuesday, underperforming its peers in the Middle East. Healthcare services provider AlMoosa Health Company was the top loser on the index, down 7.29%. Saudi Aramco is also seeking to raise funds through a dollar-denominated three-part bond sale, with the country's oil giant also exploring potential asset sales to release funds to pursue international expansion as reported last week. Oil prices were little changed on Tuesday, with Brent crude futures down 28 cents, or 0.4%, at $64.46, on expectations of OPEC+ to increase output at a meeting later this week. Dubai's main share index closed up 0.37%, with Amlak Finance extending gains and closing up 5.61%. The company announced a board meeting for later this week to discuss asset sales and a potential exit from its real estate finance portfolio. The stock hit its highest level since 2008. In Abu Dhabi, the benchmark index settled up 0.16%. The Qatari benchmark stock index fell 0.78%, with dairy producer Baladna Company down 1.28%. Qatar National Bank, the largest bank in the region by assets, closed down 1.10%. Outside the Gulf, Egypt's blue-chip index settled up 1.49% with financial services provider Beltone Financial Holding up 6.76% and automotive company GB Auto up 6.30%. Egypt's central bank lowered its overnight interest rates by a less-than-expected 100 basis points last week. SAUDI ARABIA down 1.36% to 10,925.18 ABU DHABI up 0.16% to 9,673.97 DUBAI up 0.37% to 5,504.6 QATAR down 0.78% to 10,648.36 EGYPT up 1.49% to 32,397.38 BAHRAIN up 0.08% to 1,922.46 OMAN up 0.42% to 4,529.7 KUWAIT up 0.48% to 8,744.2 (Reporting by Rishab Shaju in Bengaluru; Editing by Alison Williams)
Reuters
6 days ago
- Business
- Reuters
Saudi Arabia index closes at lowest since early April
May 27 (Reuters) - Saudi Arabia's main stock index closed down on Tuesday, reaching its lowest level since April 7 as market sentiment remains fragile due to the unpredictability of U.S. President Donald Trump's tariffs policy. The index (.TASI), opens new tab shed 1.30% on Tuesday, underperforming its peers in the Middle East. Healthcare services provider AlMoosa Health Company ( opens new tab was the top loser on the index, down 7.29%. Saudi Aramco ( opens new tab is also seeking to raise funds through a dollar-denominated three-part bond sale, with the country's oil giant also exploring potential asset sales to release funds to pursue international expansion as reported last week. Oil prices were little changed on Tuesday, with Brent crude futures down 28 cents, or 0.4%, at $64.46, on expectations of OPEC+ to increase output at a meeting later this week. Dubai's main share index (.DFMGI), opens new tab closed up 0.37%, with Amlak Finance ( opens new tab extending gains and closing up 5.61%. The company announced a board meeting for later this week to discuss asset sales and a potential exit from its real estate finance portfolio. The stock hit its highest level since 2008. In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab settled up 0.16%. The Qatari benchmark stock index (.QSI), opens new tab fell 0.78%, with dairy producer Baladna Company ( opens new tab down 1.28%. Qatar National Bank ( opens new tab, the largest bank in the region by assets, closed down 1.10%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab settled up 1.49% with financial services provider Beltone Financial Holding ( opens new tab up 6.76% and automotive company GB Auto ( opens new tab up 6.30%. Egypt's central bank lowered its overnight interest rates by a less-than-expected 100 basis points last week.
Reuters
6 days ago
- Business
- Reuters
Major Gulf markets mixed on Trump's tariff uncertainty
May 27 (Reuters) - Gulf stock markets were mixed on Tuesday, with Saudi Arabia's main Tadawul index (.TASI), opens new tab retreating 0.78% as investor sentiment remained fragile on the unpredictability of U.S. President Donald Trump's trade policies. Trump announced a postponement of his threatened 50% duties on the European Union on Sunday, providing a boost to futures markets. A deadline for July 9 has been set to allow for talks between Washington and the 27-nation bloc to produce a deal. Nasdaq futures rose 1.67% and S&P 500 futures climbed 1.49%. Oil prices - a catalyst for the markets in the Gulf - were little changed, with Brent crude futures up 11 cents, or 0.2%, by 0640 GMT, as markets await clarity on the OPEC+ group's next move at a meeting later this week. O/R In Saudi Arabia, Saudi Arabian Refineries Company ( opens new tab lost 3.44%, while Saudi Industrial Investment Group ( opens new tab was down 3.38%. But markets in the United Arab Emirates traded higher, with Abu Dhabi's benchmark index (.FTFADGI), opens new tab up 0.11% and Dubai's main share index (.DFMGI), opens new tab gaining 0.23%, and hitting its highest level since July 2008. Amlak Finance ( opens new tab was Dubai's biggest gainer, up 6.10%, after the company announced a board meeting later this week to discuss significant corporate actions, including asset sales and a potential exit from its real estate finance portfolio. Qatar's benchmark stock index (.QSI), opens new tab fell 0.29%, logging losses for a second straight session. Qatar National Bank ( opens new tab,the largest bank in the region by assets, was down 0.64%, and Qatar Fuel Company ( opens new tab retreated 0.67%.
Zawya
6 days ago
- Business
- Zawya
Mideast Stocks: Major Gulf markets mixed on Trump's tariff uncertainty
Gulf stock markets were mixed on Tuesday, with Saudi Arabia's main Tadawul index retreating 0.78% as investor sentiment remained fragile on the unpredictability of U.S. President Donald Trump's trade policies. Trump announced a postponement of his threatened 50% duties on the European Union on Sunday, providing a boost to futures markets. A deadline for July 9 has been set to allow for talks between Washington and the 27-nation bloc to produce a deal. Nasdaq futures rose 1.67% and S&P 500 futures climbed 1.49%. Oil prices - a catalyst for the markets in the Gulf - were little changed, with Brent crude futures up 11 cents, or 0.2%, by 0640 GMT, as markets await clarity on the OPEC+ group's next move at a meeting later this week. In Saudi Arabia, Saudi Arabian Refineries Company lost 3.44%, while Saudi Industrial Investment Group was down 3.38%. But markets in the United Arab Emirates traded higher, with Abu Dhabi's benchmark index up 0.11% and Dubai's main share index gaining 0.23%, and hitting its highest level since July 2008. Amlak Finance was Dubai's biggest gainer, up 6.10%, after the company announced a board meeting later this week to discuss significant corporate actions, including asset sales and a potential exit from its real estate finance portfolio. Qatar's benchmark stock index fell 0.29%, logging losses for a second straight session. Qatar National Bank ,the largest bank in the region by assets, was down 0.64%, and Qatar Fuel Company retreated 0.67%.
Al Bawaba
15-05-2025
- Business
- Al Bawaba
Amlak Finance announces financial results or Q1 2025
Amlak Finance PJSC today announced its quarterly financial results for the period ended 31 March 2025. The company focused on prudently managing its UAE operations and balance sheet. In Q1 2025, Amlak reported a net profit after income tax of AED 28 million, compared to a net profit after income tax of AED 27 million for Q1 2024, representing a 4% increase quarter on quarter. Amlak's total revenue for Q1 2025 increased by 15% to AED 76 million as compared to AED 66 million in Q1 2024. Meanwhile, revenues from financing and investing business activities for Q1 2025 decreased by 35% to AED 22 million as compared to AED 34 million in Q1 2024. Amlak achieved greater operational efficiency, with operating costs decreasing by 18% to AED 18 million in Q1 2025, compared to AED 22 million in the same period last year. Further, the company also recorded lower cost of distribution to financiers of AED 14 million in Q1 2025 compared to AED 16 million in Q1 2024 on investment deposits. The company remained committed to meeting its financial obligations, with a repayment of AED 35 million to financiers during the quarter. To date, Amlak has settled 91% of its Islamic deposit liabilities, including Mudaraba Instrument related to financiers. Notably, Amlak successfully secured the signature of all financiers on the restated Common Terms Agreement, which governs the new terms of the company's debt restructuring. The agreement became effective on 17 March 2025. Additionally, Amlak secured shareholder approval on the sale of the company's plots located in Ras Al Khor classified under investment properties. In the region, Amlak's investments contributed AED 3 million in income during the quarter.
