Latest Threads on News from companies

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.

GFH Financial Group B.S.C. announced the purchase of 100,000 treasury shares, increasing its total treasury shares from 208,422,418 to 208,522,418, maintaining a 5.44% share of the total issued shares as of May 14, 2025. The board of directors decided on the purchase on March 24, 2024, and the approval was granted on February 16, 2025. The average purchase price was 0.3053 USD per share, representing 0.003% of the issued capital. There are 174,736,965 shares remaining available for purchase. The announcement was made by Mariam Jowhary, Head of Compliance & AML.

Emaar Development PJSC and its subsidiaries have released their unaudited interim condensed consolidated financial statements for the period ending March 31, 2025.

Emaar Development PJSC and its subsidiaries have released their unaudited interim condensed consolidated financial statements for the period ending March 31, 2025.

The Dubai Financial Market (PJSC) has announced that its Board of Directors is considering the approval of two resolutions by circulation. This decision process is scheduled to occur between May 14 and May 16, 2025.

The form is prepared according to the SCA Board of Directors’ Decision No. (32/R.M.) of 2019, which outlines procedures for listed companies with accumulated losses amounting to 20% or more of their paid-up capital. Companies must comply with the decision when losses reach 50% or more. As of May 14, 2025, Ithmaar Holding B.S.C. reported accumulated losses of USD 827.65 million, equating to 109% of its paid-up capital. The losses initially amounted to 68.8% in December 2016, primarily due to impairment provisions from non-core investments during financial crises. In 2018, early adoption of FAS30 led to increased provisions, raising the loss percentage to 98%. The accumulated losses rose by $87.5 million in 2020 due to COVID-19 impacts, decreased by $35 million in 2021 due to net income, increased by $29.9 million in 2022, and by $9.3 million in 2023 due to net losses. In 2024, losses decreased by $9.4 million, and in 2025, by $1 million, both due to net profits attributable to shareholders. The analysis of accumulated losses is required when they exceed 50% of the company's capital.