Dubai – Mubasher: Al Ramz Corporation Investment and Development posted net profits standing at AED 21.62 million in the first nine months (9M) of 2023, an annual drop from AED 28.64 million.

Basic and diluted earnings per share (EPS) went down to AED 0.03 in 9M-23 from AED 0.05 a year earlier, according to the interim income statements.

The group’s revenues climbed to AED 81.30 million in January-September 2023 from AED 80.30 million during the same period in 2022, backed by strong performance across various business units.

Total assets amounted to AED 1.11 billion in 9M-23, versus AED 986.37 million as of 31 December 2022.

Financial Results for Q3-23

In the third quarter (Q3) of 2023, the company recorded a year-on-year (YoY) surge in net profit to AED 7.88 million, compared to AED 6.46 million.

Basic and diluted EPS edged up to AED 0.014 in Q3-23 from AED 0.012 in Q3-22.

Mortada Al Dandashi, Group Managing Director at Al Ramz, said: "Despite a period-on-period drop in profits, we have ensured to post robust financial figures and revenue growth.”

 “Al Ramz is dedicated to pioneering financial innovation, shaping the future of financial services, and continuing to deliver outstanding value to our clients in the years to come," Al Dandashi noted.

In the first half (H1) of 2023, Al Ramz witnessed lower net profits at AED 13.73 million, compared to AED 22.18 million in H1-22.