Dubai – Mubasher: Amlak Finance’s board of directors approved the proposal to sell the land plot owned by the company in Egypt for a total value of EGP 1.28 billion (AED 192.53 million).

The proceeds will be used for repayment of financing facilities and general corporate purposes, according to a stock exchange statement.

In 2007, the DFM-listed company purchased the land at EGP 527.51 million (AED 356.49 million) for development purposes.

In the first nine months (9M) of 2022, Amlak Finance recorded net profits worth AED 389.90 million, a plunge from AED 1.08 billion in 9M-21.

The total income reached AED 504.03 million during 9M-22, lower than AED 1.21 billion in the year-ago period.