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Amlak CFO resigns following 2017 profit decline

It is unclear why Amlak's chief financial officer handed in his resignation

Amlak developed a 54-villa project in Mirdiff last year.
Amlak developed a 54-villa project in Mirdiff last year.

The chief financial officer of Amlak Finance PJSC, Muhammed Azam Razzak, has resigned three months after the firm reported a 52% drop in profit.

Razzak left the company on 30 June, bringing to an end a decade-long tenure with the Sharia-compliant real estate financier that has worked with developers such as Damac in the past.

In a update on the Dubai Financial Market, Amlak Finance's general consul and company secretary, Wasim Maghmoumeh said: "The resignation of Mr Muhammed Azam Razzak has been accepted, and he shall be relieved from his duties effective from 30 June, 2018."

READ: Amlak Finance to develop $79m mixed-use project in Dubai

A reason for the resignation of Amlak's chief financial officer was not disclosed.

However, Razzak's departure came three months after Amlak reported a 52% decline in 2017 profits, which tumbled from $29.1m (AED107m) in 2016 to $14m (AED51m) last year.

Amlak's chairman, Ali Ibrahim Mohammed, said at the time that a "challenging global economic environment" contributed to the drop. He added that the results reflected an "overall positive operational performance" that put the finance provider in a good position to create shareholder value moving forwards.

Amlak's profit, however, continued to decline. On 14 May, it reported $1.8m (AED6.8m) in Q1 2018 net profit, compared with the $2m (AED7.5m) in profit generated in the same period a year earlier.

While Amlak's profitability has declined in each of its last two financial statements, there is no indication from Amlak that the resignation of Razzak is in any way connected. 

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