AED 26.5 million in net profit for the financial year 2019 recorded by Reem Finance | Business dayofdubai - News (2024)

Reem Finance, the private joint inventory company mounted in Abu Dhabi in 2007 and regulated by the UAE Central Bank, and centered on innovative business financing, revealed its consolidated audited monetary consequences for the fiscal year ending 31 December 2019.

Reem Finances audited annual outcomes for 2019 highlighted the companys solid performance. The annual monetary statements confirmed the companys potential to realize ongoing increase in revenues and net profits and supply a strong balance sheet in spite of market uncertainty and difficult conditions.

Profitability and cost efficiency

Reem Finance mentioned a net profit for fiscal year 2019 of AED 26.5 million, a considerable increase compared with 2018s AED three million, while its net operating profit before impairment grew to AED 35 million. The companys net operating revenues multiplied 217% year-on-year to AED 50.7 million (AED 15.9 million in 2018), while whole profits surpassed AED 78.6 million, up 82% compared with 2018.

Strong capital ratios

Capital ratios additionally remained strong, with Reems robust capital adequacy ratio of 53.2% aggressively surpassing the minimum regulatory requirement of 15%.

Seraj Faidi, General Manager of Reem Finance, said: We showcased exceptional ability to force operational excellence and considerably enhance our activities and monetary performance in 2019. Driven by our solid balance sheet, high profitability and unique agility, we will proceed to aid our customers in accomplishing their monetary desires and make a contribution to financial growth. Our focus on developing sustainable value and excessive returns for our diversified client base and distinguished shareholders makes us confident in our potential to construct more innovative products & tie-ups to add value to our clients while retaining profitability and attain our growth targets, in spite of these difficult times.