Amlak made more than $1.6 million in 1st quarter

Amlak Finance PJSC, a specialized real state financier in the Middle East, recently shared its 2015 first quarter financial results.

The company’s net group profit amounts to more than $1.6 million for the period ending on March 31. Approximately $1 million is attributed to the company’s equity holders, which is much less than the more than $4 million reported last year during the same period.

These results align with what the company’s leaders expected after they restructured their business process in November 2014.

“Amlak has just turned a very challenging corner given our recent restructuring, and we are now working hard toward rebuilding our business capacity and new originations, which has been absent from the market for many years,” Arif Alharmi, the managing director of Amlak, said. “Now that we have the restructuring behind us, we look forward to have the company’s shares re-admitted to the [Dubai Financial Market], paving the way for us to pursue our growth strategies over the coming years, creating value for our shareholders, whilst we of course adhere to our financial commitments and business plan agreed with our financiers under the restructuring terms.” 

Alharmi said the company would achieve its goals by offering "superior product and service differentiation as well as innovative funding solutions suitable for our business model and financing asset profile.”