Business | Banking
Amlak Finance first quarter profits soar by 425%
Middle East real estate financier Amlak Finance PJSC on Sunday said that its net profit for the first quarter of the year rose to Dh126 million or a 425 per cent jump from last year's Dh24 million.
- Staff Report
- Published: 16:24 April 6, 2008
Dubai: Amlak Finance on Sunday reported a 425 per cent growth in first quarter net profits to Dh126 million compared to only Dh24 million in the first quarter of 2007.
Amlak also reported an impressive 165 per cent rise in revenues to Dh270 million during the first quarter of 2008 compared to Dh102 million in the same period last year.
Nasser Bin Hassan Al Shaikh, chairman of Amlak Finance, said: "Once again Amlak surpassed all expectations and have created substantial shareholder value setting the tone for what is to be expected from it for the rest of the year."
"With an overall size of business surpassing Dh14 billion in value, Amlak has gained more solid footing as the uncontested leader in the real estate financing sector in the region," Al Shaikh said.
He said, "We continuously raise the bar not only of the industry but also within the Amlak team in order to bring more innovative and pioneering products and services to our increasing roster of valued stakeholders.
"It feels good to see a sector that we have single handedly established in the country since 2000 grow to where it is today, but it feels even better to disclose the financial results today that demonstrate that Amlak continues to lead the industry," he said.
January witnessed the launch of Amlak's free of charge "one-hour" approval service for new applicants.
The new process, which has been in place for more than three months before its official launch, underwent thorough examination to ensure it is in line with the company's quality assurance programme, and has received outstanding response from customers who require fast turn-around time to acquire their property.
The Extraordinary General Meeting mandated the board of directors with the issuance of convertible sukuk, up to Dh1.8 billion, in addition to non-convertible sukuk up to at Dh3 billion, for a total value of Dh4.8 billion.
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