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Tamweel reports Dh387.3 million first half net profit

Real estate finance company Tamweel PJSC on Monday announced that the company's net profits in the first half of 2008 reached Dh387.3 million, up 259 per cent compared to Dh108.03 million in the first half of 2007.

  • Agencies
  • Published: 19:28 July 21, 2008
  • Gulf News

Dubai: Real estate finance company Tamweel PJSC on Monday announced that the company's net profits in the first half of 2008 reached Dh387.3 million, up 259 per cent compared to Dh108.03 million in the first half of 2007.

Net profits for the second quarter of 2008 touched Dh210.95 million, an increase of 266 per cent from Dh57.56 million in the second quarter of last year.

Income from Islamic financing and investing assets in the first half of 2008 increased to Dh350.28 million, up 151 per cent compared to Dh139.72 million in the first half of 2007.

Income from Islamic financing and investing assets increased to Dh210.77 million in the second quarter of 2008, up 169 per cent compared to Dh 78.49 million in the corresponding period in 2007.

Islamic financing and investing assets in the first half of 2008 increased to Dh8.74 billion, an increase of 68 per cent compared to Dh5.22 billion at year end 2007.

“In the first half of this year, we have seen our book increase by 68 per cent. Furthermore, we managed to maintain a healthy pipeline of financing commitments at Dh4.43 billion. Our accumulated financing assets under service now stand in excess of Dh13.64 billion,'' said Wasim Saifi, Group Chief Executive Officer of Tamweel.

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