Dubai – Mubasher: Al Ramz Corporation Investment and Development (Al Ramz) announced turning to losses during the first quarter of 2019.
Al Ramz’s net losses reached AED 12.5 million in Q1-19, against a profit of AED 12.8 million in Q1-18, according to the company’s statement to the Dubai Financial market (DFM) on Sunday.
“With the perseverance of financial markets woes, we have a conservative approach towards the valuation of our investment portfolio. As a result, investment losses were reported for the quarter, which eclipsed achievements in the optimisation of our cost base,” Mohammad Al Mortada Al Dandashi, managing director of Al Ramz, commented.
He added that the group will launch its first fund as well as the acquisition of a Dubai-based securities brokerage firm in the second quarter in a bid to raise its revenues.
“We expect our results for the second quarter of 2019 to reflect a return to profitability following two consecutive quarters of underperformance,” Al Dandashi said.
Operating expenses fell 41% over the course of the first quarter of 2019, supported by the optimisation of channels as well as the absence of legal costs that the Group booked a year ago.
