Page 27 - UNION PROPERTIES GENERAL - February 2024

2/16/24, 2:02 PM DFM-listed Union Properties turns in Dh812m net profit as comeback journey continues | Markets – Gulf News
future with more confidence, envisioning a new chapter
of growth

- Amer Khansaheb, board member and Managing Director of Union Properties

Amlak stays the course

The Dubai financial services company Amlak was another to provide its initial 2023
numbers, which show net profit down to Dh259.26 million against Dh476.14 million a

year ago. Revenues were fairly stable, at Dh3.24 billion compared to Dh3.43 billion.

While on the face of it, the net profit decline would be disappointing, the fact remains
that Amlak too is turning in a comeback. “The more pertinent point is that Amlak had

a second successive year of profitability, having cleaned up its books, sold non-core

assets, etc.,” said an analyst.

“Most tellingly, it is working towards an exit from the Common Terms Agreement,

which also shows confidence that a full turnaround is happening.”

It was in May last year that Amlak – at one time one of the bigger mortgage players in

the country – started talks with financiers to exit the Common Terms Agreement.

(Under the CMT, Amlak got the space to take on its legacy losses and pare them

down.)

In a statement, Amlak said: “These negotiations are ongoing.”

Amlak - whose stock is down 1.3 per cent after going through some major upswings in

the last 12 months - plans to call a general assembly shortly to update shareholders on

these talks with the financiers.

STATUS UPDATES ON GULF NAVIGATION, DRAKE & SCULL INTERNATIONAL, AMANAT

Gulf Navigation: The shipping company has seen a 410 per cent rise in net profit to

Dh23.8 million, thus making more progress in getting an operational and financial
turnaround. Revenue for 2023 came to Dh108.2 million, down from Dh137 million.

Drake & Scull International: 2023 revenues were at Dh93.8 million, from Dh81

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