Reem Finance, a finance firm providing customised products, has posted a net profit of AED34.1 million ($9.28 million) for FY 2022 on the back of record revenue of AED58.9 million generated by the company.
Reem Finance attributed these positive financial results to the implementation of its strategic plan aimed at enhancing financial efficiency and adapting to changing circumstances.
The strategy has helped the company maintain its leading position in the finance sector, as evidenced by its strong financial performance indicators.
The company reaffirmed that its audited annual results for FY22 demonstrate its agility in pouncing at opportunities in a highly competitive market with multiple interest rate hikes at the global and local levels.
Strong growth
In FY 2022, Reem Finance's record total revenue is primarily attributed to interest and fees generated by core business activities. This strong revenue performance was achieved through strategic deployment of core business products and effective debt collection techniques, resulting in the reversal of provisions.
The company's capitalisation remained strong with a CAR of 56.3%, while total income-generating assets increased to AED524.3 million.
New records
"Despite the challenging financial landscape, I am pleased to announce that Reem Finance navigated 2022 with stability and vision, resulting in these fruitful results. Our dedicated team not only broke new records in disbursements but also maintained a healthy book with strong revenues. The company has embarked discussions with regulators and strategic partners in the country to enhance its position at on all orbits and strengthen its leadership in the finance sector. Alongside our core products, we have launched multiple digital transformation initiatives. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritising the needs of our clients," said Seraj Faidi, CEO of Reem Finance.-- TradeArabia News Service
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