Amlak Finance records Dh51m nine-month loss

Amlak Finance, a Shariacompliant real estate financier in the Middle East, swung to a net loss of Dh51 million in its financial results for the nine months period ending September 30, compared with Dh30m net profit a year earlier. Revenues from core business activities increased 6 per cent compared with a year earlier. Overall revenues decreased 13 per cent, mainly due to unrealised fair value loss related to investment properties, a drop driven by the softening real estate market and a more conservative approach in valuing assets. Amlak recorded a 70 per cent increase in revenue from sale of properties under development compared to the same period in 2017. The increase was related to the development completion and sales of plots in its Nad Al Hamar joint venture.