Amlak Finance PJSC reported earnings results for the first half and second quarter ended 30 June 2016. For the first half, the company reported net group profit of AED 87.4 million compared to AED 14.6 million for the same period last year. For the period results were supported by strong revenue growth in first quarter generated from one-off sale of land plots. Total revenue reached AED 465 million compared to AED 214 million in the same period last year. The strong revenue performance was driven by income generated from the real estate investment business as the company registered AED 134 million from the partial sale of land projects in first quarter and AED 19.6 million in the second quarter totaling AED 153.7 million.

For the second quarter the company reported net loss of AED 35.5 million

The company recorded impairment charge of AED 24 for the second quarter ended 30 June 2016.

The anticipate making further sales and recording additional income in the remaining part of 2016.