Dubai – Mubasher: Al Ramz Corporation Investment and Development on Monday reported a profit increase of 24.1% in the first quarter of 2017, compared to the same period of the previous year.
Profits reached AED 15.28 million ($4.16 million) in Q1-17, versus AED 12.32 million ($3.35 million) in Q1-16, according to a filing to the Dubai Financial Market (DFM).
The company’s revenues grew on the back of net commission income, which rose by 32.1% year-on-year to AED 25.71 million from AED 19.47 million.
“The growth in our profits came side-by-side with the expansion in our asset base. Our total assets reached AED 1.14 billion, as of 31 March 2017, which are 17.25% higher compared with level seen as of 31 December 2016,” Al Ramz said in its statement.
Commenting on the company’s positive results, chairman Khalifa Mohammad Al Kindi stated that Al Ramz’s strong revenues and profits “solidifies our commitment to our shareholders of giving them the best possible return on their investments.”
He added that the company will continue to work on establishing “a one-stop investment company that focuses on the needs of both individual and institutional investors and offers a variety of investment products and services which will be announced in due course.”
In 2016, Al Ramz’s annual profits increased 21.5% to AED 58.69 million, compared to AED 48.31 million in 2015.
