Amlak Finance P.J.S.C

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.

On March 24, 2025, Amlak Finance PJSC held a General Assembly meeting at Kempinski the Boulevard, chaired by Mr. Jamal Hamed Almarri. The meeting, attended by 59.8% of the capital, took place from 1:00 PM to 1:20 PM. During the meeting, it was resolved to appoint KPMG as the external auditors for the company's 2025 financial statements and approve their fees. Additionally, the assembly approved the sale of some of the company’s investment properties in Dubai at Ras Al Khor, authorizing the Board of Directors or their delegates to manage and finalize the sale, including negotiations and agreement on the sale terms. The authorized signatory for this meeting was Lama Takieddin, Head of Governance and Company Secretary.

On March 19, 2025, Amlak Finance P.J.S.C held a board meeting from 3:00 PM to 4:45 PM with all seven board members present, achieving full quorum. The board decided to call for the Annual General Meeting on April 21, 2025, pending approval from the Securities and Commodities Authority. They also discussed routine business matters. The meeting's authorized signatory was Lama Takieddin, Head of Corporate Governance and Company Secretary.

On 18 March 2025, a letter was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, regarding updates on negotiations with Amlak Finance PJSC's financiers about exiting a Common Terms Agreement for restructuring. Following a previous disclosure on 27 December 2024 about reaching an agreement on a repayment plan, it was confirmed that the governing documents for this agreement have been officially signed. Amlak will proceed with implementing the agreed terms and will keep the market informed of any further developments. The letter was signed by Lama Takieddin, Head of Corporate Governance and Company Secretary, and a copy was sent to the Securities & Commodities Authority.

A meeting for Amlak Finance PJSC is scheduled for Wednesday, 19 March 2025, at 3:00 PM. The agenda includes calling for the Annual General Meeting and discussions on the company's normal business activities and updates. The authorized signatory is Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.