PRESS RELEASE BY: ALRAMZ ON NOV 06, 2023
Al Ramz Corporation PJSC Announces Strong Financial Results for Q3 2023
Dubai, UAE; November 6, 2023 – Al Ramz Corporation PJSC (UH: ALRAMZ), a prominent financial services provider in the UAE, has unveiled its financial performance for the third quarter of 2023, reporting a net profit of AED 21.6 million for the nine-month period ending on September 30, 2023.
During the first nine months of 2023, the Group’s revenues reached AED 81.3 million, demonstrating growth from AED 80.3 million in the same period last year. This increase was propelled by strong performances across various business units, reinforcing the Group’s position as a leader in the region’s financial services industry. Although there was a contraction in commission income due to reduced market volumes, it was offset by a rise in net interest income, highlighting the Group’s ability to adapt and capitalize on market opportunities.
Mortada Al Dandashi, Group Managing Director at Al Ramz Corporation, commented on the results, stating, “Our firm commitment to delivering exceptional services to our clients is evident in our financial performance. Despite facing challenges, we have achieved robust revenue growth, showcasing our resilience and strategic foresight. These results underscore our dedication to navigating market dynamics through prudent financial management and customer-centric strategies. We remain steadfast in our pursuit of excellence and are optimistic about our growth trajectory.”
Executing Strategic Initiatives
Al Ramz Corporation’s financial success is attributed to its strategic initiatives aimed at introducing innovative value propositions and expanding its regional footprint. The Group’s joint venture with Derayah in Saudi Arabia for market making and liquidity provision has significantly contributed to its operational model. Furthermore, investments in technology to develop cutting-edge trading platforms align with the Group’s commitment to enhancing client engagement and satisfaction through innovative solutions.
As Al Ramz Corporation continues to evolve in the financial landscape, it remains committed to pioneering financial innovation, delivering outstanding value to its clients, and creating enduring value for all stakeholders.
