The Founder’s Statement

THE FOUNDER’S STATEMENT

On behalf of the Board of Directors, I am pleased to welcome you to the 19th Annual Report of Finance House P.J.S.C and its subsidiaries (FH Group), and I am pleased to present the Annual Report for the financial year ended 31 December 2023.

In retrospect, 2023 was a year of growth, sustainability, and remarkable achievements for the UAE. The President HH Sheikh Mohammed Bin Zayed Al Nahyan declared 2023 as the “Year of Sustainability”, Foreign Direct Inflows into the UAE crossed US$ 25 billion, UAE successfully hosted the COP 28 Conference, Corporate Income Tax Law formally came into effect and a spate of successful IPOs both from the Public & Private sectors boosted market capitalization of ADX & DFM as well as investors’ wealth.

During 2023, the FH Group continued to focus its energies on strengthening Capital Ratios, maintaining Liquidity buffers, improving asset quality, leveraging cloud technology for improved operational efficiencies and in building digitally enabled Products & Services.

For the year ended 31 December 2023, the FH Group has posted a Consolidated Net Profit of AED 14.81 million, compared to a Loss AED 11.33 million registered in the previous financial year ended 31 December 2022.

In line with 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.