Amlak Finance, a specialized Islamic real estate financier in the Middle East, on Wednesday reported a net profit of 197 million dirhams ($53.6 million) for the first half of 2021 compared to a net loss of 78 million dirhams in 2020.
Amlak’s H1 2021 revenues decreased by 19 percent to 117 million dirhams as compared to 145 million dirhams in H1 2020 excluding fair value losses on investment properties and a gain on debt settlement.
The real estate financier’s business activities slightly dipped during the first half of 2021 and stood at 85 million dirhams in 2021.
During that same period, rental income decreased by 48 percent to 13 million dirhams as compared to 25 million dirhams during the first half of 2020.
The company’s debt settlement arrangements, an initiative that began in 2020, remained successful this year and enabled four financiers to fully settle their exposure during first half of 2021.—Arab News