The net profits of Al Ramz Corporation Investment and Development increased to AED 28.64 million in the first nine months (9M) of 2022, compared to AED 27.57 million in 9M-21.

The basic and diluted earnings per share (EPS) stood at AED 0.052 in the January-September 2022 period, unchanged from 9M-22, according to the income statements.

Additionally, the net finance income amounted to AED 22.32 million in 9M-22, up from AED 16.14 million during the same period in the previous year.

In the third quarter (Q3) of 2022, the company’s net profits plummeted to AED 6.46 million from AED 7.55 million in Q3-21, while the basic and diluted EPS declined to AED 0.012 from AED0.014.

During the July-September 2022 period, the UAE-based company registered net finance income worth AED 7.45 million, higher than AED 5.82 million in Q3-21.

Mohammad Mortada Al Dandashi, Group Managing Director of Al Ramz, said: “We are pleased of the group performance where we preserved momentum across service lines as revenues surged in 2022 to reach AED 82.70 million propelled by lending activities, commissions and the successful conclusion of landmark deals.”

Al Dandashi noted: “The group reported a net profit of AED 28.70 million in 9M-22 at the backdrop of the macro-outlook of slowing global growth and our continuous investment in infrastructure development.”

In 6M-22, Al Ramz witnessed an annual growth in net profit to AED 22.18 million, versus AED 20.01 million.