It gives me great pleasure to present Siraj Finance Annual Report for 2020. With the market challenges witnessed during Year 2020 due to the unprecedented COVID-19 pandemic, the net profits from our business reached AED 16.7 Million mainly from revenue from financing assets and trade finance business. This would have not been achieved without the support of valued customers and the loyalty of our esteemed management and employees. Siraj Finance is focusing on seeking new opportunities to steer the company towards a brighter future.
Ahmed Bin Khalaf Al-Otaiba
Ahmed Bin Khalaf Al Otaiba
Rashed Khalaf Ahmed Khalaf Al Otaiba
Saad Al Junaibi
Bikash Ranjan Giri
Total asset recorded for the period ending December 31, 2020, is AED 413.9 Million. The cash and cash equivalents have jumped from AED 12.12 Million to AED 38 Million. The major earning assets of Siraj Finance; i.e. Islamic financing assets, has increased to AED 351.3 Million. The remaining assets mainly comprise of secured deposits, short term advances and prepayments totaling AED 20 Million along with AED 3.7 Million representing fixed assets.
Total liabilities recorded as of end of Year 2020 was 247 Million – consists mainly of depositors’ accounts of amount AED 227 Million as well as trade payables and other liabilities of amount AED 19.5 Million. The total shareholders’ equity has increased to AED 166 Million.
On the income statement, Total revenues recorded for Year 2020 is AED 62.9 Million – a slight increase from last year’s AED 61.4 Million; this was attributed by the increase in fees from trade finance business as well as the income from Islamic financing assets.
On the expenditure side, the administrative costs totaled AED 31.10 Million – compared to AED 25.24 Million from last year – due to increase in the staff costs and sales commission. Furthermore, the impairment allowances on Islamic financing assets decreased from AED 8.95 Million for Year 2019 to AED 8.2 Million for Year 2020. Total operating expenses have increase from AED 34.4 Million from last year to AED 39.5 Million.