Al Ramz Q3 profit surges more than 5-fold to AED20.4 mn

Company closes nine-month period with AED26.6 mn loss

BBN Report

DUBAI/November 2-2020: Al Ramz Corporation Investment and Development (Al Ramz), a Dubai Financial Market (DFM)-listed company, reported a net profit AED20.4 million for the third quarter (Q3) compared with AED3.7 million for the same quarter of 2019.

At the same time, the group reported a net loss for the nine-month period of AED26.6 million compared with a net profit of AED3.9 million in 2019.

The Group has reported unrealised investment losses of AED33.7 million for the nine-month period reflecting an improvement of AED11.5 million over the last reporting date.

Commenting on the results, Mohamed Al Mortada Al Dandashi (seen in the picture), the Managing Director of Al Ramz, said the company’s current strategy has begun to bear fruit.

“Expanding our offering has contributed to a surge in earnings during the current reporting period. Swift government intervention has had a paramount impact on the recovery of the financial sector, and we look forward to the full economic recovery in the near term,” Al Mortada said.

Al Ramz that offers a variety of financial products and services including asset management, corporate finance, market making, liquidity providing, brokerage, IPO management and research, expanded in 2020 its capabilities in fixed income, equity derivatives, securities lending & borrowing, money markets and market making to further its resilience and expand its value proposition.

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