Amlak Finance P.J.S.C

The document outlines that Amlak Finance PJSC has prepared a report in compliance with the SCA Board of Directors' Decision No. (32/R.M.) of 2019, which requires listed companies with accumulated losses of 20% or more of their paid-up capital to disclose relevant information. As of Q1 2025, Amlak's accumulated losses amount to AED 513 million, representing 34% of its paid-up capital. These losses primarily stem from the fair value loss of investment properties, which have been reduced from AED 2.3 billion in 2020 to AED 258 million in 2023. In 2024 and early 2025, losses from foreign currency translation reserves were reclassified to accumulated losses due to repatriation of funds from its Egyptian subsidiary to the UAE. Amlak is negotiating with financiers to exit the Common Terms Agreement to enhance operational flexibility and pursue growth opportunities. A repayment agreement has been reached, aiming to settle outstanding obligations by 2026 through asset sales. Shareholders approved this strategy in March and April 2025, allowing the sale of certain investment properties and investments outside the UAE. These actions are intended to address accumulated losses and strengthen Amlak's financial position.

Amlak Finance announced its financial results for Q1 2025, reporting a net profit after income tax of AED 28 million, a 4% increase from the previous year. The company's total assets are AED 2.42 billion, and it completed debt restructuring in March 2025. Total revenue increased by 15% to AED 76 million, while revenue from financing and investing activities decreased by 35% to AED 22 million. Operating costs decreased by 18% to AED 18 million, and the cost of distribution to financiers was reduced to AED 14 million. Amlak repaid AED 35 million to financiers and has settled 91% of its Islamic deposit liabilities. The company secured financier approval for a restated Common Terms Agreement and shareholder approval for the sale of plots in Ras Al Khor. Investments contributed AED 3 million in income during the quarter.

Amlak Finance PJSC and its subsidiaries have released a review report and condensed consolidated interim financial information for the three-month period ending on March 31, 2025. This report is unaudited.

On 7th May 2025, the Board of Directors of Amlak Finance PJSC made a decision by circulation regarding routine internal matters. This resolution was passed at 3 PM. The communication was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, with a copy sent to the Securities & Commodities Authority. The letter was signed by Lama Takieddin, Head of Corporate Governance and Company Secretary.

The letter is a notification from Lama Takieddin, Head of Corporate Governance and Board Secretary, to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market. It informs him that the Board of Directors of Amlak Finance PJSC is set to make a decision by circulation on Wednesday, May 7, 2025, at 3 PM regarding routine internal matters. The letter is also copied to the Securities & Commodities Authority.

On April 21, 2025, Amlak Finance PJSC held a General Assembly Meeting from 3:00 PM to 4:00 PM at Kempinski the Boulevard, chaired by Mr. Jamal Hamed Almarri. The meeting had a quorum of 60.47% of the total capital. The assembly resolved to approve several reports and financial statements for the year ending December 31, 2024, including the Board of Directors’ Report, Auditors’ Report, Internal Sharia Supervisory Committee Report, Balance Sheet, and Profit and Loss Account. The remuneration for the Board of Directors for the fiscal year was also approved. The assembly endorsed the recommendation not to distribute dividends to shareholders and absolved both the Board of Directors and the Auditors from liability for the year 2024.

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The Board of Directors of Amlak Finance PJSC invites shareholders to the Annual General Meeting on Monday, April 21, 2025, at 3:00 pm. The meeting will be held remotely or in person at Kempinski the Boulevard, Downtown Dubai. The agenda includes reviewing and ratifying reports from the Board of Directors, External Auditors, and Internal Sharia Supervisory Committee for the fiscal year ending December 31, 2024. Shareholders will also discuss and approve the company's balance sheet, profit and loss account, and the remuneration of Directors. The Board recommends not distributing dividends based on specified justifications. The meeting will also address absolving the Board and External Auditors from liability for 2024. Special resolutions include considering voluntary contributions for 2025 not exceeding 0.2% of the 2024 net profit and approving the sale of the company’s investments outside the UAE in compliance with UAE Central Bank regulations.

Amlak Finance announced its financial results for the year ending December 31, 2024. The company reported a net profit of AED 52 million, a decrease from AED 259 million in 2023. Total assets stood at AED 2.6 billion. Revenues from financing and investing activities increased by 10% to AED 135 million, while total revenue decreased by 23% to AED 347 million. Operating costs were reduced by 20% to AED 119 million. Amlak successfully reduced financiers' debt exposure by AED 757 million through debt settlement arrangements, resulting in a net gain of AED 45 million. An agreement was reached with six financiers on a repayment plan for an outstanding balance of AED 971 million. The company settled 91% of its Islamic deposit liabilities. In Egypt, the devaluation of the Egyptian Pound affected the financial position, while investments in Saudi Arabia generated an income of AED 9 million.

Amlak Finance PJSC and its subsidiaries have released their consolidated financial statements for the year ending December 31, 2024.