Dubai-Mubasher: Amlak Finance saw a 1919% increase in its first-quarter profits, according to a bourse statement.
Net profits stood at AED 122.97 million ($33.5 million) in Q1-16, compared to AED 6.09 million ($1.66 million) in Q1-15.
The company generated AED 280.1 million ($76.25 million) from the real estate sales in Q1-16.
Revenues rose to AED 356.84 million ($97.15 million) in Q1-16, compared to AED 98.38 million ($26.78 million) in Q1-15.
Operating expenses declined by 12% to AED 30 million ($8,17 million) year-on-year (y-o-y) in Q1-16.
Amlak’s stock rose 4.14% to AED 1.51 after generating AED 30.83 million from the exchange of 20.53 million shares.
