Reem Finance records impressive AED 34.1mln net profit in Fiscal Year 2022

  • Historical new record on fresh deployment which has crossed AED 200 million
  • Faidi: Reem Finance is dedicated to improving the quality of core products, and we have taken significant steps towards digitizing our services to better serve our customers.
  • Faidi: We are fully committed to supporting the vision of our wise leadership to enhance the financial system of our country.
  • Faidi: Our top priority is to provide maximum value to our shareholders while meeting the needs of our customers in the most efficient and effective manner possible.
  • Reem Finance embarked discussions with key regulators and strategic partners in the UAE to strengthen our pioneer position in the finance sector.

UAE, Abu Dhabi: Reem Finance has released its audited financial results for the 2022 fiscal year, showcasing impressive figures. The company reported a net profit of AED 34.1 million for the financial year that ended in December of last year. This achievement was largely due to Reem Finance’s substantial revenue, which totalled AED 58.9 million and marked one of the highest in the company’s history.

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 FY 22 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 total revenue surpassed AED 58.9 million, 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 capitalization remained strong with a CAR of 56.3%, while total income-generating assets increased to AED 524.3 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 prioritizing the needs of our clients,” said Mr. Seraj Faidi, CEO of Reem Finance.