Dubai-listed mortgage firm, Amlak Finance, on Tuesday said it has been awarded Dh780 million in an arbitration case, pushing its shares up by nearly 15 percent. The company said the impact of the ruling on its financial statements will not materialise this year. “Amlak Finance has been awarded Dh780 million in an arbitration administered by the Dubai International Arbitration Centre since 2013. The ruling has also awarded Amlak Finance its legal costs and additional compensation,” it said in a statement posted on Dubai Financial Market, where it is listed. Its shares jumped 14.7 per cent or Dh0.044, becoming the biggest gainer of the day to close at Dh0.454 on Tuesday.
It was the most active stock as its counter recorded 36.39 million shares worth Dh12.18 million. The, company, however, didn’t disclose name of the other party in the arbitration case. “Amlak will proceed with the legal proceeding to execute the ruling and recover the amounts due according to judgement. The impact of the ruling on the financial statements of Amlak will not be in 2019. It will depend on the speed of the execution of the ruling,” said the statement. The company reported a net profit of Dh4 million in H1 2019 compared to Dh11 million net profit during H1 2018, a drop of 63 per cent. Total revenues for H1 2019 amounted to Dh215 million, an increase of six per cent.
© Pakistan Press International, source Asianet-Pakistan