Amlak Finance : بيانات مالية للربع الثاني من عام 2022

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: [phone]

Fax:[phone]

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.

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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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