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Amlak Finance, a Dubai-based real estate financier in the Middle East, recorded net profit attributable to its equity holders (after non-controlling interest) of AED59 million in 2014. The financial results announced were for the year ending on 31st December 2014, after six years of market absence. The last time the company published its financials was in 2008, when it recorded net profits attributable to equity holders of AED240 million.
According to WAM, total Revenue fell by two thirds since 2008 as no new assets were written during the six years of restructuring negotiations. Total operating expenses fell by 45% between 2008 and 2014 as a result of cuts in business related activities and staff headcount.
Ali Ibrahim Mohammed, Vice Chairman of Amlak Finance, said, “The year 2014 was a significant turning point for Amlak Finance. Firstly, we achieved profits for our shareholders, marking a positive turnaround in our business. We closed a long and complex financial restructuring amicably with our financiers under the guidance, and with the valuable support, of the UAE Government and the Steering Committee.