Al Ramz logs net losses in H1-20

Consolidated interim financial results for the period ended on 30 June 2020

Dubai – Mubasher: Al Ramz Corporation Investment and Development has incurred net losses of AED 47.04 million in the first half (H1) of 2020, compared to net profits of AED 177 million in the same period of 2019.

The company's net finance income recorded AED 14.376 million in H1-20, down from AED 16.689 million in the corresponding half of the earlier year, according to the company's consolidated interim financial results for the period ended on 30 June 2020.

Losses per share settled at AED 0.086 during the first six months of 2020.

During the second quarter (Q2) of 2020, the company achieved net profits of AED 21.5 million, registering a 70% increase compared to Q2-19.

Commenting on the company's performance, Al Ramz's managing director, Mohamed Al Mortada Al Dandashi, said: "We delivered a solid second quarter performance following the measures we had taken that enhanced our robustness whilst preserving our revenue generation capacity and the recovery of capital markets which reflected on investments valuation."

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net losses surged by 450.5% year-on-year (YoY) to AED 68.548 million from AED 12.45 million in the same period of 2019.

Source: Mubasher

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