Al Ramz Profit For The First Half Of 2022 Rises By 11%| MENAFN.COM

Thursday, 29 September 2022 05:22 GMT

Al Ramz Profit For The First Half Of 2022 Rises By 11%


(MENAFN- Mid-East.Info)

Dubai: Al Ramz Corporation Investment and Development PJSC, a Dubai Financial Market listed company offering a variety of financial solutions including asset management, corporate finance, market making, prime brokerage, public offering management and research, reported a 11% rise period-on-period in net profit for the first half of 2022.

Key financial highlights for the first half of 2022
The first half of 2022 results reflected improvement in key balance sheet and income statement captions compared to the same period last year and are summarized as follows:
period on period

+40%

commissions

period on period

+44%

interest income

period on period

+25%

revenues

for the period

9.3%

return on equity

 

Delivering on strategic priorities

Al Ramz continues to progress its strategic priorities; namely balance sheet optimization, revenue sources diversification and digital offering development. In 2022, we accelerated on all fronts with significant strides made on balance sheet optimization marked by the divestment of a significant prosperity position and the channelling of proceeds towards lending activities.

Managing Director comments

Commenting on the results, Mr. Mohammad Mortada Al Dandashi Group Managing Director said:“Al Ramz made significant strides during the current period towards its balance sheet optimization targets resulting in a surge in interest revenues during the period. We have also maintained momentum towards our ambitious business development targets as revenue trajectory improved across service lines. We are also pleased with progress made on digitalization transformation whilst restricting cost growth and maintaining cost to income ratio.”

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