Amlak Finance PJSC and its Subsidiaries
REVIEW REPORT AND CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2022 (UNAUDITED)
Amlak Finance PJSC and its Subsidiaries
Table of contents | Pages |
Report on review of condensed consolidated interim financial information | 1 |
Condensed consolidated interim statement of income (Unaudited) | 2 |
Condensed consolidated interim statement of comprehensive income (Unaudited) | 3 |
Condensed consolidated interim statement of financial position | 4 |
Condensed consolidated interim statement of cash flows (Unaudited) | 5 |
Condensed consolidated interim statement of changes in equity (Unaudited) | 6 - 7 |
Notes to the condensed consolidated interim financial statements | 8 - 23 |
Deloitte & Touche (M.E.)
Building 3, Level 6
Emaar Square
Downtown Dubai
P.O. Box 4254
Dubai
United Arab Emirates
Tel: +971 (0) 4 376 8888
Fax:+971 (0) 4 376 8899
www.deloitte.com
REPORT ON REVIEW OF CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
The Board of Directors
Amlak Finance PJSC
Dubai
United Arab Emirates
Introduction
We have reviewed the accompanying condensed consolidated interim statement of financial position of Amlak PJSC, Dubai, United Arab Emirates (the "Company") and its Subsidiaries (together referred to as the "Group") as at 30 June 2022, and the related condensed consolidated interim statements of income, comprehensive income, changes in equity and cash flows for the six month period then ended,. Management is responsible for the preparation and fair presentation of this interim financial information in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34). Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.
Deloitte & Touche (M.E.)
Musa Ramahi
Registration No. 872
2 August 2022
Dubai
United Arab Emirates
Akbar Ahmad (1141), Cynthia Corby (995), Georges Najem (809), Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Obada Alkowatly (1056), Rama Padmanabha Acharya (701) and Samir Madbak (386) are registered practicing auditors with the UAE Ministry of Economy.
Amlak Finance PJSC and its Subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME
For the period ended 30 June 2022 (Unaudited)
Three months | Six months | ||||
ended 30 June | ended 30 June | ||||
────────────────── | ────────────────── | ||||
2022 | 2021 | 2022 | 2021 | ||
Notes | AED'000 | AED'000 | AED'000 | AED'000 | |
Income from Islamic financing | |||||
and investing assets | 32,728 | 41,210 | 67,223 | 82,056 | |
Fee income | 919 | 1,067 | 2,211 | 3,259 | |
Income on deposits | 274 | 315 | 576 | 645 | |
Rental income | 8 | 3,608 | 6,110 | 6,122 | 12,818 |
Fair value loss on | |||||
investment properties | 8 | (3,170) | (1,932) | (2,440) | (2,022) |
Gain / (loss) on sale of investment properties | (45) | 488 | 494 | (1,350) | |
Gain on debt settlement | 199,788 | 204,889 | 225,407 | 236,157 | |
Other income | 8,860 | 1,692 | 10,492 | 10,431 | |
─────── | ─────── | ─────── | ─────── | ||
242,962 | 253,839 | 310,085 | 341,994 | ||
Release of impairment / (impairment) on: | |||||
- Islamic financing and investing assets | 5 | 24,448 | 18,337 | 25,041 | 3,689 |
- Other assets | 278 | (392) | 864 | (992) | |
- Investment property | 8 | 23,017 | 9,542 | 23,017 | 17,348 |
- Advances for investment properties | 7 | 50,000 | - | 50,000 | - |
Amortisation of fair value gain on | |||||
investment deposits | 10 | (52,187) | (53,451) | (72,774) | (85,311) |
Operating expenses | (20,033) | (19,679) | (40,675) | (43,472) | |
Share of results of an associate | 9 | 4,282 | 4,552 | 9,370 | 9,126 |
─────── | ─────── | ─────── | ─────── | ||
PROFIT BEFORE DISTRIBUTION | |||||
TO FINANCIERS / INVESTORS | 272,767 | 212,748 | 304,928 | 242,382 | |
Distribution to financiers / investors | (19,513) | (22,541) | (38,588) | (45,795) | |
─────── | ─────── | ─────── | ─────── | ||
PROFIT FOR THE PERIOD | 253,254 | 190,207 | 266,340 | 196,587 | |
═══════ | ═══════ | ═══════ | ═══════ | ||
Profit per share attributable to | |||||
equity holders: | |||||
Basic profit per share (AED) | 3 | 0.168 | 0.127 | 0.177 | 0.131 |
Diluted profit per share (AED) | 3 | 0.099 | 0.067 | 0.104 | 0.070 |
═══════ | ═══════ | ═══════ | ═══════ |
The attached notes 1 to 15 form part of these condensed consolidated interim financial information.
2
Amlak Finance PJSC and its Subsidiaries
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 June 2022 (Unaudited)
Three months | Six months | |||
ended 30 June | ended 30 June | |||
────────────────── | ────────────────── | |||
2022 | 2021 | 2022 | 2021 | |
AED'000 | AED'000 | AED'000 | AED'000 | |
Profit for the period | 253,254 | 190,207 | 266,340 | 196,587 |
Other comprehensive income | ||||
Item that will be reclassified subsequently to | ||||
profit or loss: | ||||
Exchange differences on translation of | ||||
foreign operations | (5,389) | (2,033) | (36,613) | (1,810) |
Share of other comprehensive income in associates | 3,356 | - | 3,356 | - |
─────── | ─────── | ─────── | ─────── | |
Other comprehensive (loss) | ||||
for the period | (2,033) | (2,033) | (33,257) | (1,810) |
─────── | ─────── | ─────── | ─────── | |
Total comprehensive income | ||||
for the period | 251,221 | 188,174 | 233,083 | 194,777 |
═══════ | ═══════ | ═══════ | ═══════ |
The attached notes 1 to 15 form part of these condensed consolidated interim financial information.
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Amlak Finance PJSC published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 05:01:05 UTC.