Chairman’s Statement

CHAIRMAN’S STATEMENT

On behalf of the Board of Directors, I am pleased to present the Annual Report for the financial year ended 31 December 2022 of Finance House P.J.S.C and its subsidiaries (FH Group).

Overall economic activity in the UAE picked-up momentum in 2022 due to higher oil prices and supportive government policies. FH Group continued to focus its energies on strengthening Capital Ratios, shoring-up Liquidity buffers, improving asset quality and leveraging cloud technology for improved operational efficiencies.

For the year ended 31 December 2022, the FH Group has posted a Consolidated Net Profit of AED 20.79 million, compared to AED 22.76 million registered in the previous financial year ended 31 December 2021.

In line with continued albeit gradual improvements in private sector operating conditions across the UAE, we fine-tune our strategies and strategy execution capabilities on a regular basis to take advantage of improving market conditions. We remain confident that we will continue to spot and exploit profitable opportunities, adapt quickly to changing market conditions, manage risks prudently and maximize returns for our shareholders.