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Reem Finance, a finance company that offers bespoke products, posted a net profit of AED 34.1 million (US$ 9.28 million) for the 2022 fiscal year, after the company recorded a record revenue of AED 58.9 million.
Reem Finance attributed these positive financial results to the implementation of its strategic plan to improve financial efficiency and adapt to the changing environment.
This strategy has helped the company maintain its leading position in the financial sector, as evidenced by its strong financial performance metrics.
The company reiterated that its audited FY22 annual results demonstrate its agility to seize opportunities in a competitive market with multiple rate hikes at the global and local levels.
strong growth
In fiscal 2022, Reem Finance’s record total revenue was primarily attributable to interest and fees incurred from core business activities. This strong revenue performance was achieved through the strategic deployment of core business products and effective debt collection techniques, resulting in a reversal in reserves.
The company’s capital adequacy ratio remained strong at 56.3 percent, while total revenue-generating assets increased to AED524.3 million.
new record
“Despite the challenging financial situation, I am delighted to announce that Reem Finance has passed 2022 with stability and foresight to deliver fruitful results. Our dedicated team not only broke new records for payouts, but also maintained a strong revenue. The company has started discussions with the country’s regulators and strategic partners to enhance its presence in various sectors and strengthen its leadership in the financial sector. In addition to our core products, we have launched several digital A transformational plan. We are committed to playing a major role in it Seraj Faidi, Chief Executive Officer of Reem Finance said: “Elevating the UAE’s financial system, creating value for our shareholders and prioritizing the needs of our clients. ” trade arab news agency
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