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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.'
The National
07-02-2025
- Automotive
- The National
Video: New Dubai Exhibition Centre ready in January 2026
Engine: Direct injection 4-cylinder 1.4-litre Power: 150hp Torque: 250Nm Price: From Dh139,000 On sale: Now Engine: 2.0-litre 4-cylinder turbo Power: 240hp at 5,500rpm Torque: 390Nm at 3,000rpm Transmission: eight-speed auto Price: from Dh122,745 On sale: now 1) Beware of cheques presented late on Thursday 2) Visit an RTA centre to change registration only after receiving payment 3) Be aware of people asking to test drive the car alone 4) Try not to close the sale at night 5) Don't be rushed into a sale 6) Call 901 if you see any suspicious behaviour Director: Magizh Thirumeni Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra Rating: 4/5 Individuals must register on UAE Drone app or website using their UAE Pass Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number Upload the training certificate from a centre accredited by the GCAA Submit their request Fly it within visual line of sight Never over populated areas Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed Users must avoid flying over restricted areas listed on the UAE Drone app Only fly the drone during the day, and never at night Should have a live feed of the drone flight Drones must weigh 5 kg or less Dubai Rugby Sevens November 30-December 2, at The Sevens, Dubai Gulf Under 19 Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2 Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School Engine: 2.0-litre 4-cyl turbo Power: 247hp at 6,500rpm Torque: 370Nm from 1,500-3,500rpm Transmission: 10-speed auto Fuel consumption: 7.8L/100km Price: from Dh94,900 On sale: now Founder: Abdulla Almoayed Based: UAE Founded: 2017 Number of employees: 35 Sector: FinTech Raised: $13 million Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad'a Investment. Manchester United 1 (Rashford 36') Liverpool 1 (Lallana 84') Man of the match: Marcus Rashford (Manchester United) %3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A Engine: 3-litre twin-turbo V6 Power: 400hp Torque: 475Nm Transmission: 9-speed automatic Price: From Dh215,900 On sale: Now The UAE government announced a retirement savings plan for private and free zone sector employees in 2023. Dubai's savings retirement scheme for foreign employees working in the emirate's government and public sector came into effect in 2022. National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning. In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement. Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits. %3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERajesh%20A%20Krishnan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ETabu%2C%20Kareena%20Kapoor%20Khan%2C%20Kriti%20Sanon%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A Everton 0 Leicester City 1 Vardy 58' Director: Kangana Ranaut Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry Rating: 2/5 Install an air filter in your home. Close your windows and turn on the AC. Shower or bath after being outside. Wear a face mask. Stay indoors when conditions are particularly poor. If driving, turn your engine off when stationary. %3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A Toss: Nepal, chose to field UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23 Nepal 132-7: Jora 53 not out; Zahoor 2-17 Result: UAE won by 21 runs Series: UAE lead 1-0 Engine: 4.0-litre flat-six Torque: 450Nm at 6,100rpm Transmission: 7-speed PDK auto or 6-speed manual Fuel economy, combined: 13.8L/100km On sale: Available to order now Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed Rating: 1/5 Barcelona 2 Suarez (10'), Messi (52') Real Madrid 2 Ronaldo (14'), Bale (72') Where to stay : Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor. When to go : Florida is best experienced during the winter months, from November to May, before the humidity kicks in. How to get there : Emirates currently flies from Dubai to Orlando five times a week. 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 Source: Federal Office for the Protection of the Constitution Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi Total funding: Self funded Director: Shankar Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram Rating: 2/5 UAE coins Dh5 note Dh10 note Dh20 note Dh50 note Updated: February 07, 2025, 6:02 PM
