Amlak posts AED 104 million Q3 profit as financing costs vanish

The latest:

Amlak Finance PJSC booked a net profit after income tax of AED 104 million in the third quarter of 2026, with revenue from financing and investing activities climbing to AED 79 million from AED 24 million a year earlier. The company said the gain came mainly from higher placement of Wakala deposits. Its cost of distribution to financiers stood at nil for the quarter.

Details:

• The bottom line: Amlak Finance PJSC reported net profit after income tax of AED 104 million for the three-month period ended 30 September 2026, according to the company’s results statement carried by Emirates News Agency (WAM). The company did not publish a comparable prior-year profit figure alongside the result.
• Revenue swing: Revenue from financing and investing activities reached AED 79 million in the third quarter of 2026, against AED 24 million in the same quarter of 2025, a more than threefold increase. Amlak attributed the jump primarily to a larger volume of Wakala deposits placed during the period.
• Where the income came from: Wakala deposits alone generated AED 75 million of income during the quarter, according to the company. That single line accounts for the overwhelming share of total financing and investing revenue, leaving the remainder of the quarter’s top line at a comparatively marginal AED 4 million.
• Funding cost at zero: The cost of distribution to financiers was nil in the third quarter of 2026, compared with AED 17 million a year earlier. Amlak linked the change directly to the full settlement of all its financial obligations, which it said was completed in July 2025.
• Payout to shareholders: Amlak said it distributed a dividend of AED 735 million during 2026, a figure far exceeding the quarter’s reported profit. The company framed the distribution as evidence of its commitment to delivering value to shareholders, without detailing the timing or structure of the payment.
• Management view: Arif Albastaki, Chief Executive Officer of Amlak Finance PJSC, said the results reflect a strong financial position supported by prudent liquidity management following the settlement of the company’s legacy obligations, adding that Amlak will continue to assess opportunities supporting long-term development.
• Operating focus: The company said it maintained its focus during the period on prudent management of its UAE operations and its overall balance sheet. It named no new markets, products or business lines under consideration, and set no timeline for the opportunities its chief executive referred to.
• No guidance: Albastaki said the company’s decisions are intended to create “enduring value for shareholders.” Beyond that framing, Amlak set no specific profit, revenue or distribution targets for coming quarters, and offered no indication of whether the current deposit-driven revenue mix is expected to persist.

Background:

Amlak Finance is a Dubai-based Islamic finance provider. The company said it completed the full settlement of all its financial obligations in July 2025, closing out what its chief executive described as legacy obligations. That settlement is the reference point for the funding-cost comparisons in its current quarterly results.

Between the lines:

The profit profile has shifted in composition, not just scale. With Wakala deposits supplying AED 75 million of AED 79 million in revenue, earnings now lean heavily on deposit placement rather than on the financing book. The drop in financier distribution costs from AED 17 million to zero means the same operating activity converts to profit far more efficiently than a year ago — a structural effect of the 2025 settlement rather than a trading improvement.

What’s next

Watch Amlak’s full-year 2026 results for whether Wakala deposit income holds at third-quarter levels, and for any disclosure on the opportunities its chief executive said the company would assess.